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Burry discovered that many lending institutions had lowered their standards in order to maintain a high volume of loans, which they sold to financial institutions who "packaged them into bonds and sold them off." (Lewis 32) These bonds ultimately ended up in ordinary people's retirement accounts which suffered greatly when the bond market ultimately collapsed. Burry was one of the first who suspected that the system of sub-prime mortgage bonds was an unstable one and as early as 2005 began to hedge his investments against the market. By the time the sub-prime mortgage bond market collapsed, Burry had set himself up to make a great deal of money.
The first two chapters of Lewis book detail the creation of the sub-prime mortgage bond market and how unscrupulous people used these knowingly worthless bonds to make themselves incredibly wealthy as well as one person who recognized the instability of the market and set himself up to...
What is really amazing about these chapters is the pure capitalistic attitude of everyone involved in the financial debacle. Many understood that the system could not be maintained but instead of trying to protect average people and the American economy from an economic disaster, these people simply used a system they knew was wrong in order to enrich themselves. While some made money from creating a flawed system, others did it by manipulating the system when it collapsed and nobody tried to either fix or stop the approaching catastrophe. In the end it was the average American who paid the price for the greed of a few Wall Street financial giants as many were bailed out by the government while ordinary people's retirement accounts suffered.
Works Cited
Lewis, Michael. The Big Short: Inside the Doomsday Machine. New York; W.W. Norton,
2010. Print.
Works Cited
Lewis, Michael. The Big Short: Inside the Doomsday Machine. New York; W.W. Norton,
2010. Print.
Big Black Good Man is a story by Richard Wright which was published in 1958, three years before his death. The story is a part of Eight Men which is a collection of stories. It has themes of alienation, fear and suspense which is fiction of Wright. This story is well-known in all parts of the world and is also included in The Art of the Tale: An International Anthology
Meanwhile in the journal Du Bois Review (Parker, et al., 2009, p. 194) the authors point to racism and patriotism as key themes for the 2008 Democratic primary election. "Race was a consistent narrative" used by those opposed to Obama, Parker explains (p. 194). Both Clinton and the Republicans "used racial references" to attack Obama, including the attacks on Obama "for his perceived inability to connect to 'real working
Big to Fail by Andrew Ross Sorkin Andrew Ross Sorkin's book Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System -- and Themselves (Viking, 2009) presents a dramatic and informative account of the disastrous collapse of some of the nation's largest, wealthiest, and oldest financial firms on Wall Street. The book details the complex negotiations involving the heads of Lehman
5 billion overhaul over the same period" (44). Moreover, Kuwaiti women are gaining access to governmental leadership positions in ways that will undoubtedly affect the overall acceptance of females in the workplace in the future. For instance, four women were recently elected to the Kuwaiti National Assembly in May 2009, an event that was deemed historic by U.S. government analysts (Kuwait 5-6). Annotated Works Cited Cordesman, Anthony H. Energy Developments in the
AIG and the Impact of the "Insurance" Gambit In the marketplace leading up to the 2008 economic crisis, lenders, ratings agencies and insurance companies were working together to create wealth from bad debts (loans given to homeowners unlikely to pay). These debts most likely to default were bundled and sold in tranches to investors, who believed or at least allowed themselves to think (or did not even care to question) that
So far, it has been nothing short of corporate welfare free-for-all mentality with billions of taxpayer dollars being around. Today, on the news, President Obama was instructing Congress that he wanted to see budget cuts (CNN, February, 2009). He has not even implemented one of the costly campaign pledges that he ran on, assuring Americans there would be a national healthcare program, that American would close the terrorist prison