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US
Edited Date/Time
1/16/2012 5:54am
the financial crisis?
I'm particularly interested in the questions surrounding the foreseeability of this clusterfuck. Most of the Wall St. and government apologists hang on to the "nobody saw it coming" theory but some actually did see it coming. Did they actually see it? Which means it clearly was foreseeable or were they just typical naysayers who happened to be naysaying at the right time? Like earthquake predictors.
I know this is the Marxist view but it will probably take a few different books to get a more clear picture. This book seemed to review fairly well though:
The Great Financial Crisis: Causes and Consequences"
John Bellamy Foster
The Big Short may be my next one and then maybe some more right wing works from Paulson and Gasparino.
I'm not sure I want jump into Sorkin's book just yet until the movie is about to be released.
I'm particularly interested in the questions surrounding the foreseeability of this clusterfuck. Most of the Wall St. and government apologists hang on to the "nobody saw it coming" theory but some actually did see it coming. Did they actually see it? Which means it clearly was foreseeable or were they just typical naysayers who happened to be naysaying at the right time? Like earthquake predictors.
I know this is the Marxist view but it will probably take a few different books to get a more clear picture. This book seemed to review fairly well though:
The Great Financial Crisis: Causes and Consequences"
John Bellamy Foster
The Big Short may be my next one and then maybe some more right wing works from Paulson and Gasparino.
I'm not sure I want jump into Sorkin's book just yet until the movie is about to be released.
https://youtu.be/2I0QN-FYkpw
I don't know. In the book "The Big Short" it tells the story of some traders that did. That's more impressive to me than the words of just doomsayers. Schiff really nailed it but did he have the courage of his convictions like some others did? If he did, then it's hats off to him.
But, nobody wants the party to end when you are making a shit pot of money--we are all guilty of that. Stay in until the last possible minute then get out with all the gold!
I am no financial genius, but, go back to ~1998. Red Hat (Linux) goes public and is selling for +$140/share??? Based on what I asked back then. They distribute a product that they don't own and will be free for anyone to pass on. It dropped to $5 after that and has steadily gone to ~$45 now.
I was shopping for a house in 2004 and was asking how the heck they could justify the prices they were asking. Who could pay the amount asked? Average income in the US at about $45k for a family of 3 and a house costs $100k? Or, tons of houses cost upwards of $200k in the DFW area?
I didn't know all that is known now, but I think there's a lot of obvious signs shit is going to go bad.
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