This would be even more hysterical if it were so very close to the truth.
ched macquigg | Homepage | 10.17.08 - 7:25 am | #

I have not seen a better explanation than this.
Mike | 10.17.08 - 3:08 pm | #

I'm... surprised.

You offered an explanation for the financial meltdown that is, er, accurate. I was expecting to hear blame laid at the feet of minorities, the CRA, Acorn, et al, but instead we learn about the unregulated, bubble-dependent market in mortgage-backed securities. This market, with a putative value that dwarfs both the NYSE and the face value of every single American mortgage combined was nothing more than a Ponzi scheme.

Throw in the repeal of Glass-Steagall and the exemption for all 5 Wall St. broker-dealers from net capital rules limiting the extent to which they could leverage themselves and it's surprising it took almost 7 years to implode.

Credit when it's due.
East Ghost | 10.19.08 - 5:34 am | #

obama mania goes mad
THESE VIDEOS JUST HIT THE NET CHECKEM OUT THIS WILL MAKE YOU THINK BEFORE YOU VOTE

http://www.youtube.com/watch?v=_...h? v=_tVMAUPXrUc

http://www.youtube.com/watch?v=J...h?v=JS- AL4MjTaA
joe | 10.19.08 - 9:02 pm | #