The Wall Street Meltdown

A Tragedy in Three Acts

John W. Weiser June 15, 2009 - 11:17am

The catastrophic collapse in our financial system was a morality play in three acts. It reminds us why the Bible begins with the story of Adam and Eve.

Act I: In order to buy a home, most American families require a mortgage. For years, mortgages were issued by a local bank and held until they were repaid. Then banks found investors wanted to buy mortgages because “securitization” and mortgage-based “derivatives” made them...

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Topics: 
Economy

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About the Author

John W. Weiser, a graduate of Harvard Law School, worked for many years in corporate and finance law at Sherman and Sterling, and for the Bechtel Group. He is the former chair of the board of trustees of the Graduate Theological Union, Berkeley.