Hilarious analysis of the subprime crisis from Bird and Fortune. Two of my favourite quotes (I’m spelling rumor and favorite the British way since it’s a Brit speaking):

• “Experts have to decided whether or not to Buy on the rumour and sell on the news, do the opposite, do both, do nothing based on whichever way the wind is blowing”.
• Yes, and this is the kind of rigorous analysis that the “Best minds in the business” are using in their handling of mortgage securities.

What’s not funny about this bit? It was done over a year ago in August 2007.

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