Everyone knew the bubble would burst - was the bubble intentionally 'popped' by the Fed believing that they could 'control' the meltdown. All it would have taken is Greenspan, Bernanke and Paulson to whisper closed main lending switches at BofA, Wells Fargo and Goldman. That would start the chain reaction. So - where and exactly how did the chain reaction start? The impact, right at the end of the administration would poison the Obama Presidency and ensure a pendulum swing for 2012 and refund the bankers their lost loot at the expense of the taxpayers.

Michael - after 25 years observing Wall Street and it's participants, what are and how would you prioritize the traits, skills, charateritics, background, etc of successful professional investors.

Did Dr. Burry talk Goldman Sachs into creating CDS's on mortgage bonds, and how did they convince AIG or whomever else to sell such mispriced insurance

Lets be very clear, CDS are not insurance they are bets without anything backing them up. There is credit default insurance, where and capital is held in reserve to cover the obligations.

Have the financial markets been cleansed or are there more hidden problems we do not know about still imbedded in the system? How will these problems play out over the next year?

All I want to know is...how do I play this newfangled market & MAKE MONEY?

So the way I see it is that Wall Street is only gonna get smarter, making new toys to make money, and hide responsibility, and banning CDS is going to do nothing about it, so how do we change the culture, or are the quants going to keep coming, and keep inventing until they cause the next one?

I would like to know at what point Michael believes the U.S. debt level will become unsustainable and how he expects the Global markets to react to default? In addition, how is this default likely to occur (i.e. technical default or debt deflation).

If AIG failed would Goldman Sachs have failed? If the bailout of AIG was directly related to saving GS then why didn't the government become more demanding of GS and limit the excessive bonuses paid in 2009.

Once the fog of war has lifted after events like these and apparent victors emerge, do you truly believe that those that profited so handsomely, despite the convictions of their self assuredness, really saw the whole story play out from start to finish, and could do it again and again? Or is it just a case of it being their turn to win at the table this time?

Lewis says that most people working at credit rating agencies would "rather be working at Goldman Sachs."

"All of the people who succeeded in my book were oddballs." Isn't that why you chose them?

Follow up to his "financially incontinent society" quote: What is the equivalent of adult diapers?

"A lot of people say they are contrarian, not a lot of people actually are," says Lewis.

"I used to think that investing is purely an intellectual activity. What I learned is that people who are so successful...they preserved their detachment from greater society," says Lewis.

we are not out of this yet... I am from Detroit and there are a large number of homeowners who are still under water a great deal. I believe there is still a moral obligation, neighbor to neighbor, to continue to pay your mortgage. However, is there a moral obligation to pay the bank? The only reason to continue to pay on a home that is 50% of the value you purchased is to not "screw your neighbor". Otherwise, why pay? Is it because you don't want to ruin your credit? Try getting credit from a bank when your house is under water. The bank made the same bet you did when they signed the mortgage. They got bailed out, you didn't. Unless inflation increases a great deal, aren't the banks still in serious trouble?