Prophets interest me, much like profits interest Wall Street. Charles Morris published a book at the first of the year called The Trillion Dollar Meltdown. After watching all the congressional shenanigans this week, I thought I should at least read his book to see just how right he was. He was pretty much right on. If you want to have a fun little romp through the acrimonious acronymity of CDO, SIV, CMO, MBS and CLO, I can't help but say you should read Mr. Morris's dead on predictions of the crash that was September 2008. (OK, he said the crash would happen mid-2008 and it was closer to the last quarter, but future gazing is a tough business.)
As an anecdote to Morris, I'd recommend Robert Shiller's The Subprime Solution. Shiller actually sounds the cry of hope about of the September rubble of our financial industry. Yes, everything collapsed, so Shiller recommends building something better and more Utopian. Three cheers for the democratization of finance.
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