HOW DID WE GET HERE?

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)

CDO Powerpoint SubPrime Primer - Upload a Document to Scribd

Read this document on Scribd: CDO Powerpoint SubPrime Primer

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.

UPDATE -MCCAIN IS WORSE

Apparently I'm not the only one who thinks "more of the same" isn't a strong enough message for Obama to campaign on -Frank Rich of the NYT agrees:

"This election is still about the fierce urgency of change before it’s too late. But in framing this debate, it isn’t enough for Obama to keep presenting McCain as simply a third Bush term. Any invocation of the despised president — like Iraq — invites voters to stop listening. Meanwhile, before our eyes, McCain is turning over the keys to his administration to ideologues and a running mate to Bush’s right.

As Republicans know best, fear does work. If Obama is to convey just what’s at stake, he must slice through the campaign’s lipstick jungle and show Americans the real perils that lie around the bend."

(OP attempts to break arm by patting self on back).