Friday, April 11, 2008

Spitzer, The Fed, Banks and Bush

Greg Palast is always good fun. In this article he talks about the sub-prime crisis and the massive bailout given to the banks (but not the home-buyers) hit by it. Makes me really glad I don't live over there but it's not like anyone's immune to the goings on.

I wonder did all of the ratings agencies rate the sub-prime junk as AAA or just a select few. Are they now out of business? Do their customers have a right to sue for negligence. It's not that AAA rated stocks must never go boom but an unafforable loan to someone who can't pay it back is exactly the opposite of AAA.

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