No one saw it coming. In April 2005, former Federal Reserve Board Chairman Alan Greenspan spoke glowingly of the burgeoning subprime mortgage industry. At his Senate confirmation hearings a few months later, current Chairman Ben Bernanke similarly disavowed any danger of a housing bubble. Policymakers, financiers, and captains of industry have spoken in near-unanimous chorus: no one saw it coming. Michael Lewis's The Big Short is the story of some of those who not only anticipated the collapse but made a fortune betting on it. Clearer and more comprehensive accounts of the tumult have been written, but none delivers with such force its human particulars.
Nathan Barczi is an economist, and an elder at Christ the King Presbyterian Church in Cambridge, Massachusetts, where he lives with his wife and son.
Issue: "Sola Scriptura" Nov./Dec. 2010 Vol. 19 No. 6 Page number(s): 54-55
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