1. What Happened? -- 2. Understanding the Slime: U. S. Residential Mortgages -- 3. Financial Assets and Their Prices -- 4. Liquidity and Central Banks -- 5. The Crash of 1929 and its Legacy -- 6. Securitisation, Tranching, and Financial Modelling -- 7. The Legacy Fails: Fannie, Freddie and the Broker/Dealers in 2008 -- 8. Structured Finance -- 9. Municipal Finance and the Monolines -- 10. The Rules of the Game: Accounting and Regulation -- 11. Changes and Consequences