The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold. (Michael Lewis (author))

The CDO was, in effect, a credit laundering service for the residents of Lower Middle Class America. For Wall Street it was a machine that turned lead into gold.

Michael Lewis (author)

Related topics

credit gold lead lower middle service street wall

Related quotes

Wall Street is the only place that people ride to in a Rolls Royce to get advice from those who take the subway. View quote
Warren Buffett
In economic panics throughout history, the wiping out of the savings accounts of lower earners and the middle class has often led to social revolution, sometimes violent upheavals. View quote
Nick Clooney
The union movement has been the best middle class job creating program that America has ever had, and it doesn't cost the government a dime. View quote
Andy Stern
After World War I the resentment of the working class against all that it had to suffer was directed more against Morgan, Wall Street and private capital than the government. View quote
C. L. R. James
We need a positive economic agenda that invests in the innovation and growth that will create jobs for middle class families and ensure that America remains the world leader. View quote
Rick Larsen