This is the most straight forward explanation of the subprime mortgage crisis and its ramifications and implications that I've seen yet. It's pretty funny too -or would be if it weren't true. Whoever wrote this has my eternal gratitude!
Without any further ado we present: The Subprime Primer! (press the "plus" sign under the "down-arrow" menu on the right if you can't read the text)
So tell me that this doesn't need to be regulated?
It always floors me when you hear some (inevitably republican or "independent") jagoff criticize government practices or the administration of government programs by saying some tripe like "you wouldn't see that in the business world -a company like that (the government) would be drummed out of the market! harumph harumph."
Now we're (i.e. the taxpayers via the cavalry actions of the govt.) on the hook for the incompetence and thievery in the corporate world anyway -so what's the goddamn difference?!?!?!
Can we finally put that canard to rest as pure unadulterated horsesh*t? If anything it's WORSE in the corporate world. There are few enough regulations on competency and fewer all the time. Sarbanes-Oxley was a start -but it's easily gamed (BTW check McCain's record of voting on regulation -and please tell your relatives not to sue me if you then jump out the window given his latest "stance"), and the entire corporate sphere is ruled by the "take your piece and CYA" golden rule. Of course the markets are melting down -it's not like you couldn't see it coming.
Next time one of your "independent" or "libertarian" (i.e. republican who wants to keep his porn collection) friends loads this line of crap on you, tell em to STFU.
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