There are a whole number of folks who for almost a decade have been talking about lax loan standards, excessive leveraging, and the danger of betting on loan defaults.
Until maybe a year ago, they were derided as "permabears" and "contrarians" who just wanted to throw a big smelly wet blanket on the great party everyone else was having.
Notice that none of them were ever appointed to run the Treasury. Or the Fed. Or made partner at Morgan or Goldman. You get the picture??
Well....since Dodd, Schumer, Bernanke and Paulson were all MAJOR party-hearty guys back then, it's no surprise that they're a little bit shy about telling the public what the REAL problems are.
It's going to get nasty...