I used to laugh at the idea of the 2008 financial crisis being planned, but a book I read last year changed my mind

I picked up 'The Big Short' by Michael Lewis on a whim, and the detailed breakdown of how the housing market was rigged with subprime mortgages was eye opening. The part about credit default swaps and how specific banks like Lehman Brothers knew the system would fail got me digging deeper. Now I'm not sure what to believe about how much was just greed versus actual conspiracy. Has anyone else had a book or documentary shift their view on a major event like that?

3 comments

3 Comments

rubysingh7h ago

Totally get that shift in thinking. Reading "The Devil's Casino" about Lehman Brothers did the same thing for me, showing how much was known behind closed doors. It really blurs the line between reckless greed and something more planned.

elliot_patel3h ago

But ignoring clear warnings for profit sure looks like a plan.

jordanblack6h ago

Look at it this way, the system was definitely broken but calling it a planned conspiracy gives those bankers way too much credit. The books show a bunch of people chasing bonuses and ignoring warnings, not some secret meeting to crash the economy. It was more like a giant game of hot potato where everyone thought they'd be the one to get out before it blew up.