On Sunday night, the TV program '60 Minutes' had an interview with a guy called Jim Grant who to say the least was less than impressed with Wall Street and the cronies that make it.

Now we have the whole story.
The poorly setup mortgages that involved the selling of housing to high risk individuals, were packaged together and sold as a kind of bulk deal to insider banks. The paperwork that was generated as the main documentation for these bulk deals was written by mathematicians and computer geeks, and was telephone book in size, and not clearly understandable.

So, the stupid thieving morons at the top who were dealing with this documentation, presumably did want to reveal that:
A They do little or nothing to earn their income.
B They did not understand the documentation
C As long as it made money in the short term all was well with it as far as they were concerned.

So, the bulk loans were sold, then, GET THIS! guaranteed by the same banks that were selling them, by means of insurances that were given another name, 'Credit Default Swaps',  to make them seem legitimate, yet allow them to avoid meeting legal standards for insurance products, namely, that the insurance company must have assets sufficient to pay claims when they occur.

It would be like me brokering the buying of a house for $100 grand, and getting my bank to give a mortgage to a jobless person for the purchase, because I guarantee the mortgage, even though I have only about $100 bucks to my name. Commonsense dictates that the jobless guy has a large risk of defaulting, and the guarantee I gave is obviously worthless.

Like the famous house of straw, those little Piggies on Wall Street built it so weak that it could be huffed, and puffed, and blown down. What a bunch of Di**heads.

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