The Current Economic Trouble Explained

The mortgage based security crisis has confounded me because I keep thinking, “So what if the mortgages fail, that’s what the underlying asset is for. Why is this thing so intractable?”

One gentleman in particular seems to have it laid out in a sensible and understandable fashion. I give you the thoughts of a fella named Uncle Bud. Here’s a taste:

As is the case with most scams, this one involves greed, deception, illegality, collusion, intrigue and gullibility. There are plenty of guilty parties including politicians, bankers, brokers, Wall Street executives, corporate executives, sales people and yes, house buyers.

Uncle Bud goes on to break the problem down into comprehensible chunks. Check it out.