The End of Wall Street

Unbelievable. From Portfolio’s “The End of Wall Street” article: “In Bakersfield, California, a Mexican strawberry picker with an income of $14,000 and no English was lent every penny he needed to buy a house for $720,000.”

One Response to “The End of Wall Street”

  1. mjg Says:

    This is shocking, and glaringly incompetent:

    “He called Standard & Poor’s and asked what would happen to default rates if real estate prices fell. The man at S&P couldn’t say; its model for home prices had no ability to accept a negative number. “They were just assuming home prices would keep going up,” Eisman says.”

    Shame.

    ps Still love the tree.

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