While a money-economic downturn would have happened anyway, it need not have hit with the precipitousness it did. That has to be blamed quite substantially on the combination of cupidity and stupidity of the elite bankers. Here’s why. The sub-prime mortgage meltdown began months ago. As more foreclosures are instigated, the adjacent homes lost value, helping lead to still further foreclosures — thus lowering the value of the collateralized debt obligations that include “tranches” of […]
Oct 022008