Not Again!!

I admit, I understood very little about how the Subprime Mortgage debacle until I saw the very funny “cartoon via powerpoint” I posted in September that depicts the basic, somewhat horrifying process. However, that cartoon only scratched the surface on what was really going on. The guys at “this American Life” have taken a very capable stab at digging deeper into the Mortgage problem and all the other very scary issues facing the big businesses and financial markets today.

If you do not know what the “Commercial Paper Market” is, what “Breaking the Buck” means or what a “CDS” entails this hour long podcast will be very educational and should clarify a lot of the problems facing our economy today. At its simplest, these issues all stem from one very powerful desire – greed. But how greed was implemented in this case is astounding, and while no single political party is entirely responsible, it is clear that one man (Republican Phil Gramm ) had a strong and a little underhanded influence on getting the process started. The really frightening thing to consider is that Senator McCain has Phil Gramm on his economic advisory team and on his campaign team…WOW!!!. You decide.