Double Dip in Housing, Could Double Dip Recession Be Next?

Double Dip in Housing, Could Double Dip Recession Be Next?

Excellent illustration of Buyer Power.


Forbes

House of Junk

Junk Mortgages under the Microscope

A close-up of one deal shows how subprime mortgages went bad, says Fortune's Allan Sloan.

http://money.cnn.com/2007/10/15/markets/junk_mortgages.fortune/index.htm

Michael Lewis on "the seers who see 'debt' people" interview on Fresh Air with Terry Gross on NPR

"Everybody [on Wall Street] was working with the same set of facts about subprime mortgage lending — about how subprime mortgage loans were turned into bonds and repackaged and turned into CDOs and so on and so forth," Lewis tells Terry Gross. "[And] the vast majority of the people in the markets took those facts and painted one kind of picture with it; it was a very pleasant picture. And a very small handful of people took the same facts and painted a completely different kind of picture with it. [I wanted to find out] 'What is it that enables [the people who bet against the market] to paint that picture?' and 'Why do these people look at the world differently?' "

Read an Excerpt 

The Big Short: Inside the Doomsday Machine
By Michael Lewis
Hardcover, 288 pages
W. W. Norton & Co.
List price: $27.95