How did we get to this point? We know that sub-prime lending played a key role. We know that decling home prices struck a match to the sub-prime powder keg. But how do you make the leap from a $14,000 a year strawberry picker buying a million dollar house to the collapse of Lehman Brothers? This article helps explain a lot.
The End of Wall Street Article
The ignominous cameo by Lomas Financial was particularly amusing. My own dear dad worked for Lomas back in the day. Le brilliant!
‘The Lomas Financial Corp. is a perfectly hedged financial institution: It
loses money in every conceivable interest-rate environment.’