Excellent article: “Wall Street Lays Another Egg”
This month’s Vanity Fair has an excellent article on the market meltdown this year, which explains the history and the roles played by Fannie and Freddie, the Fed, hedge funds, and banks, and delves into the nature of fiat money, derivatives, and the other financial instruments that were the tools of our undoing. Fascinating article, very well done, highly recommended!
“Either way, Planet Finance has now returned to Planet Earth with a bang. The key figures of the Age of Leverage—the lax central bankers, the reckless investment bankers, the hubristic quants—are now feeling the full force of this planet’s gravity.”
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