The big short

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When the U.S. stock market crash became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year in bizarre feeder markets where the sun doesn't shine and the SEC doesn't tread: bond and real estate derivative markets where geeks invent impenetrable securities to profit from the misery of Americans who can't pay their debts. The crucial question is this: Who got it right? Who saw the real estate market for the black hole it would become, and made billions? Book jacket.