Kathleen Day has a great post – Villains in the Mortgage Mess? Start at Wall Street. Keep Going
This is the best overview of the sub-prime meltdown mess I have read.
If you have an interest in how the sub-prime mess started, the inevitability of the meltdown and the major players and scoundrels in the whole affair – jump over and read the entire story.
And once again, the government is bailing out those responsible for the mess and passing the cost on to the American taxpayer.












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[...] Dr. Bajaj believes that subprime instruments are here to stay and will actually increase in use in the future. Noting that 14% of first time (7.5 million) mortgages were subprime mortgages, Dr. Bajaj said that though there were certainly a few rogues in the lending industry, he does not feel that there were any big players with bad intent. This may not be at odds with Kathleen Day’s article if you consider her villains to be the rogues. [...]