“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 $724,000.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“A thought crossed his mind: How do you make poor people feel wealthy when wages are stagnant? You give them cheap loans.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“A Home without Equity Is Just a Rental with Debt,”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“What are the odds that people will make smart decisions about money if they don’t need to make smart decisions–if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they’re still all wrong.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
“When you’re a conservative Republican, you never think people are making money by ripping other people off,” he said. His mind was now fully open to the possibility. “I now realized there was an entire industry, called consumer finance, that basically existed to rip people off.”
Michael Lewis, The Big Short: Inside the Doomsday Machine
