Thursday, February 05, 2009

Rep. Brad Miller on the financial crisis

Are We Going to Buy the Bezzle, is a well-written piece on dailykos by Rep. Brad Miller, which explains some things about the current financial crisis. Recommended read.

PS: Bezzle

PPS: I mentioned previously that I'm reading James Grant's "Mr Market Miscalculates". There are some essays in there from September-October 2006, which elucidate the rather rotten structure of CDOs (Collateralized Debt Obligations) based on subprime mortgages. The financial industry really indulged in free market malfeasance.