Brilliant strategy and timing to insure an economic meltdown and landslide for Clinton II.
Pflr
I don’t think that anyone could have predicted the synergistic combination of loose credit standards, the repackaging of sub-prime debt into CDO/CMO/SIV’s, mark-to-model valuations, the co-opting of the three debt rating agencies and leverage greater than 10:1 on these instruments.
In all fairness to Clinton, his administration was responsible for only the first rung on the ladder. The financial industry did the rest to themselves.
The news coming out this morning from the finance industry shows a general climate of malfeasance on the part of bank/finance CEO’s all across the financial sector. I’ve never seen such a contagious case of the stupids in my life.