The Inimitable Tiff

I’m sure I’ve noted it before, but a conversation today sent me back to reread it. (It was also on someone’s list of the top pieces of journalism of 2008, too.)

The funny thing, looking back on it, is how long it took for even someone who predicted the disaster to grasp its root causes. They were learning about this on the fly, shorting the bonds and then trying to figure out what they had done. Eisman knew subprime lenders could be scumbags. What he underestimated was the total unabashed complicity of the upper class of American capitalism.