I thought this was quite interesting, albeit exaggerated and overly polemic. It’s an example of what can happen when securities buyers threaten to rebel against a high level of background fraud (which is otherwise just priced into average values). And here is Jim Surowiecki’s column on the subprime crisis, which I liked very much.
Elsewhere on Mark Thoma’s site, I learn that Jim Glassman has a new job.
Addendum: Here is Felix Salmon on the topic.