Calling it Right: Excerpts from Niall Ferguson’s Pre-Crisis Journalism

REASONS TO WORRY (NEW YORK TIMES MAGAZINE) “According to calculations published by Barron's in February, over the next two years the monthly payments on about $600 billion of mortgages taken out by borrowers in the so-called subprime market (those with checkered or nonexistent credit histories) will increase by as much as 50 percent. This is because many A.R.M.'s have two-...