eeb
The world, made giddy by new found prosperity clambered for dollar denominated investment products ....... they wanted a piece of the rock, the super robust American real estate market. When the investment bankers ran out of quality real estate products they invented them. Sub prime loans were invented to give credibility to bogus investment grade paper to be sold world wide ..... and the Credit Swaps was invented to give the insurance industry a taste ....... and all they needed to get it rolling was a signature on a loan application from some poor SOB who wanted a nibble of the American Dream Cheese ....... They got their little bite .... it didn't last long ........ And the Rats got fat on the rest. And now it's our turn to buy some more cheese for the rats from our tax money. To make it look good I'm sure the rind will be served to the starving mice to make things look good.
Al
