Big profits for subprime prophets

Book Review: 'The Big Short: Inside the Doomsday Machine'

The saying "hindsight is 20/20" has never been truer than when applied to explanations of the recent real estate bubble and burst and the subprime mortgage market debacle.

Every other person you talk to decries the "obvious" destiny-for-failure of every element of the crisis, from Fannie and Freddie to interest-only ARMs, to ever-escalating home values.

The unanimity of backward-looking "I coulda told you so’s" is so overwhelming it belies the reality that hundreds of banks, tens of thousands of professionals and millions of homeowners participated in, and had their own role to play in, creating the problem. Otherwise, there would be no problem, right?