“Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.”

Source: The Big Short (2010), Chapter Three, " How Can A Guy Who Can't Speak English Lie?", p. 80

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Michael Lewis40

American writer 1960

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“Reckless people have deluded themselves that this was a subprime crisis. But we have problems with credit-card debt, student-loan debt, auto loans, commercial real estate loans, home-equity loans, corporate debt and loans that financed leveraged buyouts… We have a subprime financial system, not a subprime mortgage market.”

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“I was aware that the loosening of mortgage credit terms for subprime borrowers increased financial risk. But I believed then, as now, that the benefits of broadened home ownership are worth the risk.”

Alan Greenspan (1926) 13th Chairman of the Federal Reserve in the United States

September 2007 http://www.startribune.com/nation/12598281.html, Greenspan's memoir The Age of Turbulence: Adventures in the New World. <br class="br">2000s

“So I am skeptical about the argument that the subprime mortgage problem will contaminate the whole mortgage market, that housing construction will come to a halt, and that the economy will slip into a recession. Every step in this chain is questionable and none has been quantified. If we have learned anything from the past 20 years it is that there is a lot of stability built into the real economy.”

Robert Lucas Jr. (1937) American economist

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“Read books are far less valuable than unread ones. The library should contain as much of what you do not know as your financial means, mortgage rates, and the currently tight real-estate market alow you to put there.”

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“The reason why people starve is because of poverty … not because of a shortage of food … but because the only way to access the food is through the market”

Raj Patel (1972) British academic

About global food economy http://www.youtube.com/watch?v=RU5zT1r5Fk8 Marquette University <br class="br">Context: When you introduce markets in food, then you introduce two very simple rules. The first rule is this: if you have money you can get the food from wherever around the world. The other rule markets impose is this: if you do not have money, you will starve. This is an important point … The reason why people starve is because of poverty … not because of a shortage of food … but because the only way to access the food is through the market.

“Superstition has caused so much confusion, darkness, and deception. Dogma has been used to tyrannize over the lives of the people. So, this is the time for change and of some transformation based on reason, science, critical thinking, and humanity. People are yearning for freedom and emancipation. Humanism is critical in delivering that change and in the realization of social renewal.”

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“Che Guevara is an incredible individual. He had so much, but sacrificed it all for the benefit of other people.”

Mike Tyson (1966) American boxer

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“The more money to be made gaming the financial markets, the more people would decide they were put on earth to game the financial markets – and create romantic narratives to explain to themselves why a life spent gaming the financial markets is a purposeful life.”

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“So much of what we do is ephemeral and quickly forgotten, even by ourselves, so it's gratifying to have something you have done linger in people's memories.”

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“Never in the history of this country have so few people done so much for so many without acknowledgement by the international community.”

P. W. Botha (1916–2006) South African prime minister

As state president, referring to the ruling National Party House of Assembly, 17 August 1987, as cited in PW Botha in his own words, Pieter-Dirk Uys, 1987, p. 28

“Incredibly, at this critical juncture in financial history, after which so much changed so quickly, the only constraint in the subprime mortgage market was a shortage of people willing to bet against it.”

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Michael Lewis40

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