The Big Short is recommended reading for every judge, attorney, politician, homeowner, investor …generally every Person that deals with or has contact with Wall Street… Directly or indirectly – that means if you have a pension or mutual fund investments – READ THE BOOK and don’t miss the movie.
Nearly a decade ago, I wrote an article about how workers in a peculiar American industry were beginning to worry about subprime home loans. They were Wall Street lawyers who specialized in a dark financial art called securitization — bundling up assets, such as home mortgages, into bonds for sale to investors.
The financial pipeline supplying the loans was beginning to dry up as more and more people fell behind on their mortgages, the lawyers told me.
It was the beginning of a two-year slide that culminated in the failure of Lehman Brothers and brought the American economy to the brink of collapse.
Like most people, and most journalists, I didn’t see it coming. I wrote my story, then unwisely turned to other topics. I had no idea that the entire mortgage industry was wormed through with rot and disease and fraud, that the mortgage bonds that had…
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Deadly Clear 