We are a commune of inquiring, skeptical, politically centrist, capitalist, anglophile, traditionalist New England Yankee humans, humanoids, and animals with many interests beyond and above politics. Each of us has had a high-school education (or GED), but all had ADD so didn't pay attention very well, especially the dogs. Each one of us does "try my best to be just like I am," and none of us enjoys working for others, including for Maggie, from whom we receive neither a nickel nor a dime. Freedom from nags, cranks, government, do-gooders, control-freaks and idiots is all that we ask for.
I've been watching all these shows as you've been posting them. My favorite has been "The Big Short," the only version that concentrated on the people who accurately predicted what was going to happen. They were smart guys, but not preternaturally so. They looked at the same data everyone had. They were just more honestly with themselves about what they saw.
There's always a lot of talk about how impenetrable CDOs were. I don't agree. When securitization was a hot thing and my own legal specialty was lagging within my firm, that was a new area the firm's leadership tried to steer some of us into. I can still remember the securitization people trying to explain to me how the overall risk of a pool of debt could be altered by slicing it into layers and selling the layers separately. It was obvious from the first moment that all you could do was lessen the risk for the top slices and concentrate it all at the bottom. After that, it's just a question of finding some agency unprincipled enough to rate the bottom slice of debt higher than it deserved, and investors reckless enough to believe the rating agency.
One of my favorite parts of "The Big Short" was the decision to short the rating agencies. The other good short would have been any buyer willing to risk its own money on a rating. Fortunately for the sellers, there were lots of buyers who were in a position to risk other people's money on a rating, such as anyone complying with a government mandate to do so.
The crash of Lehman was preventable. All triggered by Democrat politics in a election year. Senator Schumer himself crashed IndyBank and that lead to Lehman. It was all a sham. The Democrats protected and enlarged Freddie Mac and Mae, and then played games. Gop is not blameless, but this was a political stunt that knocked the whole house of cards down... just to help ensure Obama would win. And yes, I'm still angry about it.