Lingering hopes that the damage could be contained to a handful of financial institutions that made bad bets on mortgages have evaporated. New fault lines are emerging beyond the original problem -- troubled subprime mortgages -- in areas like credit-default swaps, the credit insurance contracts sold by American International Group Inc. and others. Full Story »
Posted by Derek Hawkins
I think this article lacks real depth. It talks about the problems, provides a thin explanation, but does not point to historical decisions, like de-regulation, lack of oversight by the SEC and other agencies as well as some cases no regulation at all that may have lead to the problems in the first place. More it fails to call a spade a spade....the socialization of Wall Street....only when it is in trouble. Wall Street shares it woes but rarely its rewards with the average taxpayer which is very true with the Bush Tax cuts for the wealthiest. Well written, but more insight to the problem needed.
