talknet, It is gracious that you are attempting to summarize a long 4 page article for all for us here on ET. However, after reading the 4 pages of Michael Lewis' article, an author I find highly amusing and respectable, it does NOT match your summary. Please kindly reread the article rather than extrapolate from the title. 99
any moron can burn down the house or destroy economies. but it taks a leader or genius to build companies and create wealth. all these gloom talk is telling us that it's raining now. recessions and even depressions are part of the business cycle come and they go as always.
China and India are responsible for "global financial crisis 2008" which includes "Food crisis + Oil crisis + Metals crisis + Commodity crisis + Real estate crisis + all products crisis" Food, Oil & Commodity prices have been highest-ever in 2008 because of China & India with 2.5 billion people developing rapidly & getting rich. So demand for all the products was highest in 2008 which led to sky-high prices of all Worldly products. Remember the basic worldly rule-: Demand and Supply. "Mortgage crisis" was results of sky-high real estate prices which further led to "Banking crisis" and now "Car-makers crisis"
You're not a fan of insurance right? Good thing you weren't living in New Orleans. You'd probably have scoffed at the notion the levees were susceptible to being broken and stayed there.