Sunday, April 4, 2010
Mortgage meltdown wasn't a surprise to everyone
Michael J. Burry, who ran hedge fund Scion Capital from 2000 until 2008, writes that while former Federal Reserve Chairman Alan Greenspan argues that "everybody missed" the housing bubble, that's not how he remembers it. "Back in 2005 and 2006, I argued as forcefully as I could, in letters to clients of my investment firm, Scion Capital, that the mortgage market would melt down in the second half of 2007, causing substantial damage to the economy," Burry writes.
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