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Masters of the Universe, past & present
A story of deriviatives, Wall Street bubbles and king-size hubris: "To put it bluntly, the Nobel Prize winners knew plenty of mathematics but not enough history..." Niall Ferguson explains how theory collided with reality to create the great financial catastrophe.
The credit crunch must be even worse than I thought, as it's weeks since American Express last sent me an invitation to spend money I haven't got. Oddly enough, the only time I ever actually applied for a card, back in the Roaring Eighties, they very wisely turned me down. In those days, as Rowan Atkinson & Co so famously demonstrated, the little piece of plastic was imbued with all sorts of magical powers.
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