[Pearls Before Swine]

Karl Denninger has been all over this and has explained it inside out. This is all about fraud, unsecuritized trading and govenment officials not doing their jobs. The subprime is a problem but the Alt-A loans, Option ARMS, etc is where everything is blowing up now.

Karl's been great... except for his endorsement of Obama during the heat of the election. He has the big view.

Another site worth checking out for more detail on Alt-A and Option ARMS with emphasis on California is http://www.doctorhousingbubble.com.

[misterrob]

He went with Obama simply due to the fact that the Repubs had done such a bad job. He was very quick point out that Obama had lied, embraced socialism and screwed up just about everything he’s touched.