Point of Contact: "The Big Short: Inside the Doomsday Machine" by Michael Lewis

Monday, 01 Nov 2010

No one saw it coming. In April 2005, former Federal Reserve Board Chairman Alan Greenspan spoke glowingly of the burgeoning subprime mortgage industry. At his Senate confirmation hearings a few months later, current Chairman Ben Bernanke similarly disavowed any danger of a housing bubble. Policymakers, financiers, and captains of industry have spoken in near-unanimous chorus: no one saw it coming. Michael Lewis's The Big Short is the story of some of those who not only anticipated the collapse but made a fortune betting on it. Clearer and more comprehensive accounts of the tumult have been written, but ...

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