Complicit: How Greed and Collusion Made the Credit Crisis Unstoppable

1 Bubbles Are For Bathtubs.

The Real Estate Boom.

2 Unsafe at Any Rating.

CDOs and the Companies that Judged Them.

3 Priced For Perfection.

The Financial Gene Pool Economic Darwinism Couldn't Improve.

4 Bubbles, Bubbles Everywhere.

Global Liquidity's Search for a Profitable Home.

5 Judgment or Luck.

The Profits Banks Couldn't Understand—or Protect Against.

6 Knight in Rusty Armor.

An Ill-Advised Rescue Helps Show Banks Just How Much Value Their Collateralized Debt Has Lost.

7 The Noose Tightens.

Frozen Money Markets Confound Central Bankers, Hurt Consumers, and Drive Imploding Investments Back onto Bankers' Books.

8 Central Banks, Unbalanced.

Caught Off Guard, the Financial Authorities Make Up the Rules as They Go Along.

9 Et Tu, Money Markets and Municipals?

The Crunch Catches Vanilla Investments.

10 Giants Fall.

The Credit Crisis Reaches Its Climax.

11 Conclusions and Policy Prescriptions.

Index.