Like many, I’m looking forward to seeing The Big Short. Based on the book of the same name by Michael Lewis it tells the story of a few brave souls who foresaw the US housing bust and made millions. One of Lewis’s heroes is former hedge fund manager Dr Michael Burry and he was recently interviewed by New York Magazine. In my view, along with the Federal Reserve keeping interest rates too low for too long after the early 2000s recession – and thus helping ignite the US housing boom – lack of personal responsibility was also a major cause of the financial crisis. So it was interesting to read Burry’s comments on this very point: If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense. I couldn’t agree more. Read full article here: (VIEW LINK)
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