Best Subprime Piece I've Read

This piece by Gary Gorton, published around August 2008, is great. Interestingly, he argues that the creation of the ABX.HE index (subprime credit default swap index) helped burst the bubble quicker. Others (Ingo Fender and Peter Hördahl at the BIS) have argued it has exagerated the credit decline in that sector.

Also interesting, Gorton advised AIG for the past 10 years, I hear.