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Ok - but the crash was not political and I would argue that securitisations are not Tory economics. They are just debt instruments repackaged into bankruptcy remote vehicles. I absolutely agree, the big problem was a lack of regulation but this had nothing to do with politics. It was just...

I totally agree with you - and it doesn't help they are so divorced from the markets into which they are rating some of this stuff. AAA ratings on sovereign and corporates are minimal, so how so much structured garbage is still rated there is ridiculous. Some investment mandates give you no...

Not that many... I'm genuinely interested to know what you saw at the time which made you think it wasn't right....

I agree with this to a point, but the big issue for me is that the bulk of the problems were in the synthetic market where no cash changed hands until the losses were crystallised. I think we knew where exposure was a lot of the time but it didn't need to be reported as a liability. Synthetic...

Fair enough - but no one was complaining when all that stuff was bringing more and more GDP growth into the economy. It absolutely got out of hand but it wasn't in anyone's interest to stop it until it was too late. The FCA would've been massively lent on by whoever was in power to not regulate...

I worked (and still do) in the markets which crashed so massively during those times. I love Michael Lewis and it’s a great film, but I think it loses some of its edge by presenting the Steve Carell character as some kind of moral crusader. This guy was shorting the shit out of the sub prime...