Subprime Meltdown...Continued

More bad news for the housing market. This shouldn't surprise anyone. The Wall Street banks were taking positions in housing and leveraging it with incredible amounts of debt, and we are beginning to see that their assessment of the risk on these exotic lending instruments was inappropriate. It made the banks huge amounts of money, but when the wheels come off, as they are starting to, the banks will walk away with their money, and the rest of us will pay for the inevitable bail out! Unbelievable.