How A Few Made Millions Betting Against The Market

Terry Gross interviews Michael Lewis on his new book: The Big Short which documents how some people realized what was happening to the US economy and made money betting against markets.

This interview is one of the clearest discussions of the US financial meltdown since NPR did The Giant Pool of Money.

It’s both fascinating and frustrating to listen to this stuff. The sad piece is that to this day, Congress and Obama have done absolutely nothing to change the scenario that produced the meltdown. The credit rating agencies that rated mortgage backed securities AAA are still doing exactly the same thing.