Saturday, November 15, 2008

Meltdown in English

For those of you that would like to understand, think you understand, or really do understand the sup-prime mortgage meltdown, I highly recommend reading this piece by Michael Lewis:

He wrote Liars Poker back at the end of the 80's, the bible of the excesses and failures of Wall Street that tore it to pieces in the late 80's, and he captures some truly poignant stories about how the great castle of mortgages, bonds, CDO's and CDS's all fell in a climactic mushroom cloud.

The article is only about 9 web pages, but it reads like a fictional account, plain english and good storytelling.

Check it out.

-Marco Mascioli

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