James King sends this, from Portfolio: "The End of Wall Street's Boom." It's a fascinating article, written by Michael Lewis of Liar's Poker fame, about a few of the guys who actually saw this financial disaster coming and bet on everything falling apart, Steve Eisman and his colleagues at the hedge fund FrontPoint. Head trader Danny Moses describes the feeling of realizing they were right:
As we sat there, we were weirdly calm," Moses says. "We felt insulated from the whole market reality. It was an out-of-body experience. We just sat and watched the people pass and talked about what might happen next. How many of these people were going to lose their jobs. Who was going to rent these buildings after all the Wall Street firms collapsed." Eisman was appalled. "Look," he said. "I'm short. I don't want the country to go into a depression. I just want it to ******* deleverage." He had tried a thousand times in a thousand ways to explain how screwed up the business was, and no one wanted to hear it.