Michael Lewis: A Story Of Mass Delusion

Author Michael Lewis on the Wall St collapse and how Wall Street's finest minds managed to destroy $1.75 trillion of wealth in the subprime mortgage markets. Clips from 60 Minutes:

"The incentives for people on Wall Street got so screwed up, that the people who worked there became blinded to their own long term interests. And because the short term interests were so overpowering. And so they behaved in ways that were antithetical to their own long term interests."

Like all great men or women, hubris unchecked destroys not just what your predecessors have built but what you think you are building.

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