In this 60 Minutes report, you’ll learn about a handful of Wall Street outsiders who realized the subprime mortgage business was a house of cards and found a way to bet against it. Michael Lewis talks about the current situation on Wall Street, the large bonuses still being paid and his predictions for the future of the industry.
Michael Lewis was also interviewed on Charlie Rose on March 16th. To see that video, please see this link.
The second video details the tactics employed by Lehman Brothers to effectively hide their crumbling financial status.
I’d like to note that the 60 Minutes report was sponsored by Pfizer, and features a prominent ad for Lipitor off to the side of the Web page. Isn’t it interesting that one of the largest industries responsible for the collapse of the economy is sponsoring this?
This is the company that has distorted and manipulated the truth so that people will pay hundreds of dollars for worthless and dangerous drugs that in no way, shape or form address their health issue, yet they are hoodwinked into believing that if they don’t take them their life is at stake.
So they have to sacrifice, in many cases, being able to purchase wholesome foods and even pay their mortgage, as they believe they will suffer if they fail to take their drugs.
The ad claims that “when diet and exercise are not enough, adding Lipitor can help lower cholesterol.” Of course, adding Lipitor also doubles your risk of a deadly stroke.
I’ll stick with diet and exercise, thanks.