Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
matter, and is not the point.  

The loans exploding in the US are not subprime (those exploded last year)--they are superficially legitimate.  And their vast scale--greater than subprime--is gradually swamping the entire system.  

The key point is the teaser rates:  These are loans designed IN FACT to fail (after they have been unloaded onto someone else) to the detriment of borrower and note-holder alike.  

The Fates are kind.

by Gaianne on Tue Jul 15th, 2008 at 03:56:35 AM EST
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