Against the Rules

On the 250th anniversary of the United States, Michael Lewis presents a special episode from Malcolm Gladwell's Revisionist History, revisiting the largest secession movement in the U.S. since the Civil War. Through the prism of Staten Island, the episode explores the political chaos of early 1990s New York City — the rise of Rudy Giuliani, the peak homicide rate, and the city's first Black mayor, David Dinkins. The secession push is framed as an early example of the politics of resentment that now dominates American politics, raising the question of how democracies cope when they feel like they are coming apart.

Michael Lewis returns to discuss his upcoming book BLOCKERS, releasing October 2026. The book examines the fate of federal employees branded as 'blockers' during the early days of Trump's second term and the Department of Government Efficiency. Lewis shares vignettes of seven public servants who thought they were essential but were fired or pushed out. The episode serves as a preview, raising the question of what these purges mean for the future of non-partisan government. Pre-order available at blockers.fm.

This episode recounts the Vietnam War rescue mission of Air Force pilot James Fleming, who refused to turn back despite low fuel and heavy enemy fire to save a pinned-down Green Beret team. A split-second decision in the dense jungle earned him the nation’s highest military honor. The story is presented as part of the Medal of Honor podcast series, highlighting moments of extraordinary valor.

Sir David Attenborough turns 100 this year—and no one has done more to shape how humanity sees our planet.

Here's an episode from Slate Money: Money Talks. Host Felix Salmon is joined by journalist Mariana van Zeller, who has spent years reporting on black and gray markets around the world and has a new podcast, The Hidden Third, that delves into these powerful underground economies.

Recently, Michael Lewis spoke with Nicolle Wallace, host of the podcast The Best People, at Symphony Space in New York. They discussed what it was like re-visiting the Big Short 15 years on. And we hear the actor Zach Grenier dramatize a portion of The Big Short.

Michael Lewis spoke with Nicolle Wallace at Symphony Space in New York about revisiting The Big Short 15 years after its publication. The live event included actor Zach Grenier dramatizing a portion of The Big Short. The conversation touched on the experience of looking back at the book's themes.

Of all the characters in The Big Short, fund manager Michael Burry (depicted by Christian Bale in the movie version) seemed the least likely to grant Michael Lewis a follow-up interview.

Michael Lewis speaks with Michael Burry, the fund manager immortalized in *The Big Short* for his prescient bet against the subprime mortgage market. They discuss Burry's recent short positions against Nvidia and Palantir, and his new newsletter *Cassandra Unchained*.

In the final episode of The Big Short series, Michael Lewis speaks with Elizabeth Warren and Steve Bannon to explore how the 2008 financial crisis launched two very different political trajectories. Warren, a bankruptcy law expert, moved from advising the Obama White House to running for Senate in Massachusetts, while Bannon describes how the same crisis radicalized him and fueled his path to becoming a top Trump advisor and populist podcaster.

To wrap up our series on The Big Short, Michael Lewis speaks with two people who represent two very different responses to the financial crisis of 2008: US Senator Elizabeth Warren, an expert in bankruptcy law who became an advisor to the Obama White House before running for higher office in Massach

To make sense of Wall Street’s hangover from the crash described in The Big Short, Michael Lewis calls up Matt Levine. Levine is author of the Money Stuff newsletter for Bloomberg Opinion and co-host of a podcast by the same name.

Michael Lewis calls up Matt Levine, former Goldman Sachs banker and Bloomberg columnist, to discuss the aftermath of the 2008 financial crisis. They explore how Bitcoin, bank regulation, and new forms of risk-taking have reshaped Wall Street since the crash described in The Big Short.

Andrew Ross Sorkin, author of the new book 1929, sits down with Michael Lewis to compare the Wall Street crash that sparked the Great Depression with the 2008 financial crisis. They explore why the two crashes unfolded so differently and what the 1930s can teach us about the limits and possibilities of financial regulation. The conversation examines how the scale of the 1929 collapse and the government’s delayed response shattered an entire nation, while the swift interventions of 2008—though messy—averted a total depression. Sorkin’s historical lens offers a fresh perspective on why we still haven’t fully learned the lessons of the past.

Andrew Ross Sorkin writes the business and policy newsletter DealBook for the New York Times and is co-anchor of Squawk Box on CNBC. He also has a historical bent, and has a new book out about the causes and consequences of the Great Depression in the 1930s.

Michael Lewis speaks with UC Berkeley economist Emi Nakamura to revisit the Federal Reserve's role in the 2008 financial crisis, the subject of his book The Big Short. Nakamura explains how the Fed acted as lender of last resort, buying bad debt to prevent a banking collapse, and offers a clear explanation of what gives currency its value. They also discuss why the Fed still holds physical gold in its vaults. The conversation is a lucid tour through monetary policy and crisis management.

When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms.

The Big Short is centered around the story of investment advisors who noticed something was seriously wrong with the subprime housing market starting in the early 2000s.

Michael Lewis catches up with the traders from FrontPoint Partners who famously bet against the subprime housing market—the characters immortalized in The Big Short. They discuss how they spotted the bubble early, the personal and professional risks they took by betting against the herd, and what being right did to their lives after the crash. The conversation reveals the lasting impact of their prescient, contrarian trade.

Michael Lewis speaks with Greg Lippmann, formerly a bond trader at Deutsche Bank, made famous when he was portrayed by Ryan Gosling in the movie version of The Big Short. And Lewis catches up with Steve Eisman, the Wall Street investor who was played by actor Steve Carell.

Michael Lewis sits down with Greg Lippmann and Steve Eisman, the investors made famous by The Big Short, to trace the origins of their suspicion about the subprime mortgage market. They recount the specific data points and anomalies that set off alarm bells, how they perceived one another in the uncertain months before the crash, and what it felt like to be right while everyone else was wrong. The conversation reveals the behind-the-scenes dynamic between two of the key figures who bet against the housing bubble, exploring the loneliness of the contrarian trade and the psychological grit required to hold an unpopular position.

Against the Rules producer Lidia Jean Kott is the host of a new podcast series called The Chinatown Sting. It’s about a group of unlikely suspects at the center of a massive drug bust that took place in 1980s New York.

Michael Lewis turns the tables on his longtime producer, Lidia Jean Kott, interviewing her about her new podcast series, 'The Chinatown Sting.' The series examines a massive drug bust in 1980s New York involving a group of unlikely suspects. Their conversation, recorded at a Brooklyn coffee shop, offers a behind-the-scenes look at the making of a narrative podcast.

Michael Lewis talks with director Adam McKay about the making of The Big Short a decade later, the challenges of adapting complex financial material for the screen, and why McKay continues to make films about systemic collapse in society.

When Adam McKay decided to make a movie based on The Big Short, he was mainly known for his comedies.

A brief companion episode promoting the new audiobook edition of Michael Lewis's The Big Short, narrated by Lewis himself, and teasing a companion series revisiting the book and Oscar-winning film.

Back in 2008, Michael Lewis started paying attention to Wall Street again, as banks and investment funds started to announce massive losses. Fifteen years ago, he published The Big Short, about a group of traders and investors who bet against a market that refused to see what was coming.

Is anyone trying to regulate sports gambling on the federal level in the US? In the fall of 2024, Connecticut Democratic Senator Richard Blumenthal introduced a bill with New York Congressman Paul Tonko.

Senator Richard Blumenthal joins Michael Lewis to discuss the SAFE Bet Act, a bill he introduced to restrict sports gambling ads and fund addiction treatment. Blumenthal argues that the rapid expansion of sports betting since legalization is a public health disaster in the making, and that federal regulation is needed to curb advertising and provide treatment resources.

Michael Lewis invites over Yale psychology professor Dr. Laurie Santos, host of The Happiness Lab at Pushkin, for a chat about what scientific research has to tell us about sports fandom, teenagers, and gambling. You can sign up for The Happiness Lab newsletter here.

Michael Lewis sits down with Yale psychologist Laurie Santos to explore the science behind sports fandom, the teenage brain, and the psychology of gambling. They discuss why sports fans form such strong allegiances, the evolutionary reasons adolescents are wired for social learning and risk, and how gambling apps exploit the brain's reward system. The conversation draws on Santos's expertise in happiness research to illuminate how group dynamics and modern technologies shape our behavior.

Michael Lewis talks with anthropologist Natasha Schüll about her decade of fieldwork among slot machine addicts in Las Vegas. She explains why many addicts actually hate winning—it interrupts the immersive flow they seek. Schüll also discusses how the digitization of gambling, including sports betting, is making every form of betting more like a slot machine. The conversation draws on her book Addiction by Design.

As an anthropologist, Natasha Schüll spent more than a decade doing field work in Vegas casinos, especially among the slot machine addicts. She tells Michael Lewis why many of those who play slots actually hate to win.

Michael Lewis discovers his teenage son is tempted by sports betting, so he designs an experiment to inoculate him against its dangers. Drawing on books about probability, rationality, and the hidden costs of algorithms, he crafts a master class aimed at dissuading would-be gamblers. Through their father-son dynamic, the episode explores how to protect young people from a system designed to exploit them, with the sobering truth that while anyone can win a bet, the math ensures everyone eventually loses.

Perhaps you have someone in your life who’s prone to sports gambling. Michael Lewis has someone. So he comes up with a scheme to “inoculate” his 17-year-old son against the lure of placing bets online.

Michael Lewis looks at the future of sports gambling by speaking with writers in the UK and Australia, where it's more entrenched. He draws parallels to the US's pattern of blaming users for addiction to products like tobacco and opioids, while industries pay scientists to manufacture doubt and delay regulation. The episode uses the framework of 'Merchants of Doubt' to argue that sports betting is on the same path.

Michael Lewis gets a glimpse of sports gambling's future by talking with writers in Great Britain and Australia, where the industry is even more entrenched. But the US has its own peculiar history of failing to regulate dangerously addictive new products, and blaming the users instead.

Michael Lewis investigates whether legal sports betting has curbed insider betting in the US. He finds it hasn't, but what has increased is the harassment of athletes. Atlanta Hawks forward Larry Nance Jr. describes the rage, threats, and wheedling that pro athletes now face, and NCAA president Charlie Baker is working to protect college athletes whose peers bet on them underage. The overall 'integrity landscape' for American sports is becoming more fraught.

Has betting based on inside intel on games gone down since sports gambling was legalized in the US? Not really, as Michael Lewis finds out. But what's gone up is misery for athletes. We hear from Atlanta Hawks forward Larry Nance, Jr.

Just recently, Michael Lewis was a guest on the "Prof G" podcast with Scott Galloway. He talks about the rise of sports betting and why the consequences might be a "disaster" for US society.

Michael Lewis appeared on the 'Prof G' podcast with Scott Galloway to discuss the alarming rise of sports betting and its potentially disastrous societal consequences. They also talked about Lewis's latest book, 'Going Infinite.'

Michael Lewis sits down with three veteran Las Vegas bookies—Chris Andrews, Jimmy Vaccaro, and Vinny Magliulo—to explore the old-school world of sports betting. They share personal stories from their early days in Vegas, trace the evolution of the prop bet, and argue against the common practice of limiting smart bettors, which they see as detrimental to the business.

On a visit to Las Vegas, Michael Lewis meets three old-school sports bookies. Chris Andrews, Jimmy Vaccaro, and Vinny Magliulo book bets and set odds at the South Point Hotel Casino.

Michael Lewis sits down with Billy Walters, one of the most famous sports bettors of all time.

Michael Lewis interviews legendary sports bettor Billy Walters about his journey from Kentucky poverty to high‑stakes gambling in Las Vegas. They cover his early days as an auto dealer, his transition to professional poker, and how he became a sobered‑up millionaire despite being indicted five times. Walters shares stories from his new memoir, 'Gambler: Secrets from a Life at Risk.'

Michael Lewis investigates why online sports betting remains illegal in California, a state where he himself can't place a bet. The episode examines a fierce $400 million lobbying battle pitting well-funded sports-betting companies against a strange-bedfellows coalition of pastors, Native American tribes, and short sellers. Lewis suggests that California's holdout is likely doomed despite the resistance.

As a resident of California, Michael Lewis cannot place bets on any of the online sports books at the center of this season. They’re not allowed to operate in the state. But why?

Season 4 finale. Lewis examines the political and social consequences of legalized sports betting. The title comes from a professional gambler who explains that while any individual bet can win, the system guarantees that gamblers as a class will lose.

Michael Lewis explores what it means to be a “very important person” in online sports betting, revealing that VIP status often marks high-value bettors who lose money rather than high rollers. Recovering gambling addicts and state regulators share frustrations about the perverse incentives designed to keep people betting even when they’re on a losing streak. The episode touches on the broader debate over the legalization of sports gambling, referencing an argument that it was a mistake. Meanwhile, the show’s own producers discover that VIP perks at a concert are far removed from the casino version.

What does it mean to be a “very important person” in the world of online sports betting? Not necessarily what you think. We hear from recovering gambling addicts and state regulators frustrated with some of the perverse incentives to keep people on a losing streak.

The role has many names: “Runner,” “mover,” “betting partner,” and “mule.” As skilled sports gamblers find themselves limited on apps, they turn to these affiliates to place their bets in return for a piece of the proceeds.

This episode investigates the underground world of sports betting 'mules'—proxies used by skilled gamblers who've been restricted by betting apps. Michael Lewis and his team go undercover as a mule for a top bettor, exploring the logistics, risks, and informal economy that has emerged as apps systematically ban winning players. The episode reveals a hidden infrastructure of trust and exploitation, where sharp bettors must outsource their wagers to stay active.

A previously unreleased conversation between Michael Lewis and the late constitutional lawyer Ted Olson. The episode focuses on Olson's successful representation of New Jersey in the landmark case that overturned a federal ban on sports gambling. The wide-ranging interview also touches on other moments from Olson's distinguished legal career.

Constitutional lawyer and former US Solicitor Ted Olson recently died at the age of 84. Olson represented the state of New Jersey in its efforts to overturn a federal ban on sports gambling.

Michael Lewis heads to Las Vegas to explore the way sports betting used to work, up until the day it was rapidly legalized by states around the country. We meet the betting sharps who figured out what others couldn’t and set the odds for other bookies.

Michael Lewis goes to Las Vegas to explore how sports betting used to work before its rapid legalization across the U.S. He talks with the sharp bettors who once set the odds that bookies relied on, until the arrival of mobile apps put a casino in everyone’s pocket. A key difference between the new online platforms and the old bookmaking model is that the apps don’t accept all bets, changing the risk dynamics of sports gambling.

Lewis follows a professional sports bettor known as a 'mule' — someone who places bets on behalf of sharps (professional gamblers) who have been banned by sportsbooks for winning too often.

Michael Lewis interviews statistician and writer Nate Silver about the psychology of risk, exploring why people bet on elections, the challenges facing sports bettors in the United States, and themes from Silver's book On the Edge: The Art of Risking Everything.

As the US election nears, Michael Lewis sits down with Nate Silver, co-host of the Pushkin podcast Risky Business (along with the writer, psychologist and professional poker player Maria Konnikova).

Lewis interviews Nate Silver about probability, risk, and the psychology of gambling. Silver brings his statistical expertise to analyze why most people are terrible at assessing risk.

Is there a difference between fandom and religion? In Pittsburgh, it can be hard to tell.

Michael Lewis talks with sociologist Marci Cottingham about the intense, near-religious devotion of Pittsburgh Steelers fans. Cottingham explains how Steeler Nation exhibits cradle-to-grave loyalty, shared rituals, and symbols like the Terrible Towel that function as sacred relics. Her research highlights that fandom can provide meaning, community, and emotional resources comparable to religion, an aspect often neglected by scholars focused on negative fandom. The episode explores what makes Pittsburgh’s fandom uniquely passionate and what it says about the human need for belonging.

Lewis explores professional sports betting — people who make their living by finding edges against bookmakers. The title quote comes from a professional bettor describing why most gamblers lose.

Michael Lewis speaks with legal historian Alison LaCroix about the long, winding road to the 2018 Supreme Court decision that struck down the Professional and Amateur Sports Protection Act and opened the door to legalized sports gambling. The conversation reveals how the ruling wasn't a sudden shift but the culmination of decades of lobbying, evolving legal arguments, and a historical ebb and flow in the Court's approach to states' rights. LaCroix draws on her research into the "interbellum" period of the Constitution to show how the struggle between state and federal power has shaped American law since the nation's founding.

It may seem like sports gambling got legalized overnight in the US. But it was in fact a winding road to get there. Michael Lewis speaks with legal historian and University of Chicago professor Alison L.

How did we get from fantasy sports to legalized sports betting? The path is convoluted, but most of it winds through New Jersey. Michael Lewis speaks with former governor Chris Christie, among other Jersey politicians, as well as lobbyists for the gaming industry.

Michael Lewis traces the convoluted path from fantasy sports to today's legal sports betting market, focusing on New Jersey's pivotal role. He interviews former governor Chris Christie, who led the state's challenge to the federal ban, and Ted Olson, the Supreme Court litigator who argued the case. The episode explores the influence of gaming industry lobbyists and the constitutional arguments that ultimately overturned the law.

Bill Bradley was already famous in college as the epitome of certain American virtues: integrity, honesty, and athleticism. As an NBA star, he took those virtues to the big leagues. As a US Senator, he had a chance to codify some of them into law and prevent the rise of sports betting.

Bill Bradley’s journey from Princeton basketball star to NBA icon and US Senator embodies a tension between personal virtue and systemic vice. He attempted to outlaw sports betting with the Professional and Amateur Sports Protection Act, while illegal gambling thrived in his home state. This episode explores the limits of legislating morality in sports.

Michael Lewis explores the understudied psychology of sports fandom: why fans experience such intense emotional highs and lows, spend loads of money, and have no control over the product. He looks at new academic research, including the work of Murray State's Daniel Wann and Eric Simons' book 'The Secret Lives of Sports Fans,' and notes how technology companies are beginning to exploit these insights to extract even more from fans.

Season 4 opener on The Big Short. Lewis revisits the 2008 financial crisis 15 years later. The episode title refers to the six levels of securitization that separated mortgage borrowers from the investors who owned their debt.

Against the Rules is going to Vegas (by way of New Jersey!). Host Michael Lewis bets high and low to find out how Americans, and their state governments, got addicted to a new form of legalized gambling. This season, we’ll meet bookies, lobbyists, lawyers and professional sharps.

Host Michael Lewis previews a new season of Against the Rules, traveling to Las Vegas and New Jersey to investigate how Americans and their state governments became addicted to legalized sports gambling. The season will feature bookies, lobbyists, lawyers, and professional gamblers, all trying to understand why fans might wager their life savings on sports outcomes.

Michael Lewis and Lidia Jean Kott attend Sam Bankman-Fried’s sentencing, where he receives 25 years in prison for fraud and conspiracy. They recount the courtroom atmosphere and share firsthand observations. The episode features legal analysis from Rebecca Mermelstein, a former federal prosecutor, who unpacks the sentencing decision and its broader implications for white-collar crime.

Michael Lewis talks with Temple law professor Jonathan Lipson, whose forthcoming Stanford Law Review paper argues that the FTX bankruptcy proceedings exposed structural problems in the US bankruptcy system, particularly around conflicting public and private interests during Chapter 11.

In this brief update, Michael Lewis announces that 'Against the Rules' will return to cover the sentencing of Sam Bankman-Fried, the convicted founder of FTX. The series previously covered his trial last fall, where he was found guilty of fraud and conspiracy. New episodes on the sentencing will begin the week of March 25, 2024.

Michael Lewis discusses his book Going Infinite about Sam Bankman-Fried's FTX fraud. He defends his portrayal against critics who say he went too easy on S.B.F. Lewis explains how his unprecedented access allowed him to understand S.B.F.'s psychology and motivations. He also reflects on the strange experience of watching his book become a courtroom drama.

In this cross-post from Talk Easy, Michael Lewis discusses his book Going Infinite with host Sam Fragoso. He recounts his early walk with Sam Bankman-Fried that sparked the project, the crypto billionaire's Manhattan trial, and the philosophies that drove him, including effective altruism and probabilistic trading. The conversation also covers the ten-day collapse of FTX, the surreal scene in the Bahamas during bankruptcy, and how Lewis confronted personal tragedy while writing the book.

Lidia Jean Kott interviews journalist Elizabeth Lopatto about covering the Sam Bankman-Fried trial. They discuss the similarities between this trial and Elizabeth Holmes', including the media attention and public fascination with both cases. The conversation turns to what these frauds say about millennials, the culture of hype in tech, and the industry's future.

Sam Bankman-Fried's trial starts today in the formidable Southern District of New York, with Judge Lewis A. Kaplan presiding. If convicted, the former multi-billionaire and CEO of crypto exchange FTX could spend the rest of his life behind bars.

For the past year and a half, journalist Michael Lewis has been following crypto entrepreneur and former CEO of FTX Sam Bankman-Fried. The resulting book, "Going Infinite: The Rise and Fall of a New Tycoon", is out October 3.

Lewis examines how the coaching boom creates inequality: wealthy families hire college admissions coaches, executive coaches, and performance coaches, giving their children advantages that compound over generations.

Season 2 opener on the rise of coaching in America. Lewis explores how personal coaches — for everything from executive presence to sleep habits — have proliferated, and what this says about our society.

Lewis investigates the Salvator Mundi painting, sold for $450M as a Leonardo da Vinci original. But was it really painted by Leonardo? The story reveals how art authentication experts — the referees of the art world — can be compromised.

Season 1 opener. Lewis examines how rage at referees in professional sports reflects a broader decline in our tolerance for neutral authorities. When did we start hating the ref?