http://www.huffingtonpost.com/2009/12/14/banks-failure-shows-lapse_n_391...

Even by the distorted standards of the national housing bubble, north central Florida was a hot market. Between 2004 and 2006 new houses and property markers spread across cow pastures and horse farms, their values soaring so fast that bankers and builders could hardly believe their good timing, or keep up with the workload.

Readers: It's about time. Now given that Bair is a female and the boyz in the Wall Street hood are still working on rebooting their casino, given the hashing that was done to Brooksley Born back when these problems first came to notice, and that the FDIC is close to bancruptcy itself in cleaning up the boyz messes, even though Helicopter Ben has not been approved for a return engagement, and... and I'll give her about a one in ten of this happening in the next year. But she is doing what needs to be done, and that is good. Admin

Readers: This is a very basic and very clear description of the securitization process, why it is a major problem, and why the efforts to re-establish the process as it was by Bernake and the mogouls of Wall Street is a very bad idea. Unfortunately, it will be this effort which will continue the collapse of the global economy. This a perfect example of the fallacy of wealth supposedly making a person or persons smart.

Oct 10, 2009 - 05:56 AM