Well, I saw it coming too as I am sure did a healthy percentage of you dear readers. But in this NYT Op/Ed, Michael Burry outlines the details of the mortgage market gaming very well. All the people rising up against Obama and Bernanke should also remember the bad old days of Bush and Greenspan. You know, just for non-partisan, non-agenda perspective?
I Saw the Crisis Coming. Why Didn't the Fed?
Thank you Larry for sending me the link.
"Instead, our leaders in Washington either willfully or ignorantly aided and abetted the bubble. And even when the full extent of the financial crisis became painfully clear early in 2007, the Federal Reserve chairman, the Treasury secretary, the president and senior members of Congress repeatedly underestimated the severity of the problem, ultimately leaving themselves with only one policy tool — the epic and unfair taxpayer-financed bailouts. Now, in exchange for that extra year or two of consumer bliss we all enjoyed, our children and our children’s children will suffer terrible financial consequences."
