Stupid, stupid, stupid, stupid.
In Rush’s part of Florida , Palm Beach County , 67% of the county money invested for benefits and such for retiring city workers is invested in derivatives such as Mortgage Backed Securities , CDO’s and such ... The “morgage crisis” is no such thing ... it is a Wall Street Crisis that is being pushed down on all of us to pay ,, they committed fraud to the tune of $$TRILLIONS$$ with derivatives that ultimately are not secured ,, with ratings that were bought not earned and they created the bubble that is killing us by pouring money down on local banks , relieved of any worries about repayment because they were in actuality just originators collecting a fat fee.