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The Greatest Depression | 12/08/2008 8:30 am

Four Financial Horsewomen Who Warned of the Apocalypse

How Sheila Bair, Brooksley Born, Meredith Whitney and a pseudonymous blogger named Tanta tried to warn the Big Boyz that economic doom was on the way
By Deborah Barrow, Editor-in-Chief
Horsewoman #4: Tanta, the screen name for the prescient commentator Doris Dungey, on Bill McBride’s influential financial blog, Calculated Risk

What she said: In December 2006, Tanta, with no prior journalistic experience and having just quit her 20-year career in the mortgage business after being diagnosed with ovarian cancer, began her bitingly humorous and exquisitely literate blog postings that presaged the sub-prime mortgage debacle and the crashing housing and equities markets. In her first post, she gained wide notice by sharply criticizing a Citibank report that predicted that the mortgage market would improve in 2007 to the benefit of highly leveraged banks such as Citi. Tanta was one of the first to suggest that Citibank, the country’s largest bank, was at fundamental risk because of mortgage-backed derivatives.

The result: Tanta became one of the most influential financial writers online and off, and one of the first to see the impending financial storm. While banks continued to make risky loans and Wall Street continued to trade derivatives, and politicians such as George Bush and regulators such as Henry Paulson continued to say the economy was "fundamentally sound," Tanta fearlessly used her deep understanding of mortgages, a fearless turn of phrase and the power of new media to warn others of the coming storm.

Condé Nast Portfolio called her "one of the best financial writers in the world." She was quoted by Nobel Laureate Paul Krugman in his New York Times blog. According to The Wall Street Journal, hers was "one of the smartest and most influential blogs on the mortgage meltdown and resulting financial crisis."

Quote to set your teeth on edge: "You must understand that someday, quite possibly sooner than you’d expect, you will just not get an answer from an e-mail to me, and that might mean I’m in the hospital, it might mean I’m in the hospice and it might mean that God is my mail drop from now on."

Doris Dungey, Tanta, succumbed to ovarian cancer on November 30, 2008 at the age of 47. 

63 Reader Comments (so far…) Sign In or Register to comment

Diana T
Ah, well, do they ever listen to us? I used to say to Bill, “How many times did I tell you?” Reminds me of this Holiday saying that you can get on plaques: The Three Wise Women: They would have Asked Directions Arrived on time to help deliver the baby. And…they would have cleaned the stable.
By Diana T on 12/08/2008 9:30 am
phyllis Doyle Pepe
Diana: your guy and mine, Richard Holbrook, has come out with his book, “The Doves Were Right”–––it’s right up our alley.
By phyllis Doyle Pepe on 12/08/2008 10:13 am
Diana T
Thank you so much, Phyllis! I did not know he had a new book. I will look for it immediately. That means he will probably be on Charlie Rose to promote it…
By Diana T on 12/08/2008 10:55 am
f p
Thanks Phyllis—need to get that one.
By f p on 12/08/2008 5:38 pm
Dutch 163
thanks for the info I am a fan of Richard Holbrooke too
By Dutch 163 on 12/09/2008 6:30 am
HA BIBI
One more time and reason, that perhaps women be given the opportunity to run this country. Women have been running the financial end of homes and buisness’ for quite some time. We are masters of finance, banking and balancing a checkbook. It’s such an apparent shame that once again, the voice of reason is overlooked and financial disasters such as the likes of sub prime mortgages, alongside a lack of Governmental oversight, was indeed a sunami waiting to happen.
By HA BIBI on 12/08/2008 9:39 am
James the Game
You could coach the 0-13 Detroit Lions better than the men have been, Elaine.
By James the Game on 12/08/2008 3:51 pm
HA BIBI
Hey my friend, Where’s the compliment in that? LOL. Ha! If I coached your Saints they’d be the winningest team in Pro ball. I saw my boys whup your boys, I could say I was sorry but then if they are playing against my Vikes I can’t possibly root for them. :(
By HA BIBI on 12/08/2008 4:46 pm
James the Game
To be honest, the Vikes were a bit lucky. The refs ruled Calvin Johnson trapped the ball on that one catch, when the replays clearly showed he did not. Even the TV commentators said so. That took away a vital Lions first down. But just as well, as we Michiganders wants the Lions to go 0-16, and owner William Clay Ford to turn the reins of the team over to his son, Bill Ford Jr. Speaking of Ford Jr., did you notice how he’s got Ford doing reasonably well financially, compared to Chrysler and G.M.? Ford CEO Allan Mulalley told Congress last week that Ford doesn’t urgently need the bailout money, so much as a line of credit in case GM goes belly-up.
By James the Game on 12/08/2008 7:00 pm
Suzanne Frazier
Oops here we go again. Men talking football, sports. A fine example why we are in all this financial mess. Lack of concentration. I thought this section was about our present financial concerns and what we are doing about it. When did football sneak in? Oh that’s right. James wrote something.
By Suzanne Frazier on 12/08/2008 7:10 pm
James the Game
Lighten up, Suzanne.
By James the Game on 12/08/2008 8:38 pm
HA BIBI
You know james, I thought the very same thing and that being that if the Lions go 0-16, they may have the grounds at that point, to bring in the talent that would provide a non repeat of this season. I’m glad that Ford is doing the better of the big 3, after all my new SUV is the highly fuel efficient decked out Ford escape, LOL :)
By HA BIBI on 12/08/2008 7:31 pm
Susan B
Happy Monday, James. I’m off-topic for this thread — well, not completely off-topic — but I wondered if you caught this discussion today on NPR’s Talk of the Nation. It’s about the US auto industry … As I was listening, I thought of you. www.npr.org/templates/story/story.php?storyId=97960766
By Susan B on 12/08/2008 5:08 pm
James the Game
Thanks, Susan. Some informative material. It appears that a $15 billion stop-gap bailout will be approved this week, eh?
By James the Game on 12/08/2008 6:47 pm
Susan B
Elaine, don’t forget our famous gut instincts. I’m no financial expert, but I knew there’d be a terrible day of reckoning when anyone who could sign their name, could buy a house. I kept saying to myself, this is going to end badly …
By Susan B on 12/08/2008 5:00 pm