An article on Wall St's long boom and its end

This article by someone who was involved in the boom years of the 1980s and wrote the book Liar's Poker looks at the long boom in Wall Street that preceded the current crisis. It seems that people were bundling up loans and playing pass-the-parcel with them. People chose not to make contingency plans for what their organisations would do if house prices fell and/or default rates rose. The bosses often had little grasp of what their traders were up to. It all leads to the conclusion that the long boom had eroded people's natural faculties of common sense and caution and had fed insatiable greed.

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