Wednesday, October 27, 2010

Remember the Mortgage Crisis on Election Day


By Lynn Evans

For anyone planning to vote in the November elections, “The Big Short” by Michael Lewis should be required reading.

Author of “The Blind Side,” on which the Oscar-winning film was based, Lewis went to Wall Street to try to understand the causes of the great Subprime Mortgage Meltdown of 2007-2008 and the resulting government bail-out that has so angered the American public.

As Lewis makes clear, there were few people who understood what was happening inside the world of mortgage investments, but they were not the people in charge of either the investments themselves or the government and ratings oversight agencies that were supposed to protect ordinary consumers.

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