By Daniel Gross
In his new e-book, 'Dumb Money: How Our Greatest Financial Minds Bankrupted the Nation,' NEWSWEEK columnist Daniel Gross delves into the origins of the credit debacle. While vast forces like globalization, the development of a shadow banking system and the widespread use of securitization helped create a climate in which a credit bubble thrived, he concludes that the debacle was a man-made event. In the last several years, pretty much everyone—rich, middle class, poor, banker, hedge-fund manager, corporate executive—made stupid decisions when it came to borrowing, lending and spending. But in the pervasive culture of Dumb Money, several actors stood out for the scale of their miscalculations that led to the current crisis. Amid an outstanding field, these seven big shots turned in outstandingly poor performances. The Dummy Awards go to:
