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Michael Lewis: California and Bust


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michael lewis writes well & has a gift for putting his finger on the pulse of the important financial themes du jour & its effects on the collective psyche. but he probably doesnt have the best grasp of finance itself. again, here's a rebuttal from 'munilass':


"Michael Lewis’ latest piece in Vanity Fair, “California and Bust,” begins with a lengthy defense of Meredith Whitney’s prediction that there would be a wave of defaults in the municipal bond market.  I was not planning on writing a response to his article – frankly, defending Whitney’s call at this point is very much like defending Harold Camping’s prophesy on May 22nd, after even the most gullible people have realized that they euthanized their pets for nothing.  Who really cares about the intransigent believers that remain, for whom a forceful narrative has always been more relevant than facts? "


the rest here:







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