Economics

Those Dangled Carrots

 The Big Short is Michael Lewis’s incredible retelling of the meltdown of the American financial system. What happened, who was responsible and what to do now have been major matters since the subprime disaster. Lewis tells the story from the perspective of those who ended up raking in the millions (and millions) by “shorting” the market for subprime mortgage-backed bonds. The astonishing merit of the book is that I now know much more about the intricacies of what happened but am less sure than ever about exactly what anyone could ever have done about it before the fact. While you…

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