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Originally Posted by wowitsdark  kvmj, can I ask where you got your information? It really sounds slanted and I'm honestly looking for straight-up answers.
ETA: kvmj, I see now that your information is from a letter representatives of Barney Frank wrote to the Wall Street Journal in refutation of a piece they wrote. Here is a clip of the assertions in the WSJ piece: |
Barney Frank's record supports his assertions.
To bring you up to speed here's an article from today's WSJ which has a bit of history of the last year's unraveling.
http://finance.yahoo.com/banking-bud...d-Yet-in-Sight
There is not going to be any free market solution. Washington Mutual, Wachovia, Goldman-Sachs, and even Citi are on the brink. Citi, like AIG, is too big to fail.
Here's an article from Wikipedia on CDOs:
Collateralized debt obligation - Wikipedia, the free encyclopedia
If you have a subscription, you can read the WSJ, Financial Times has some good info, Washington Post and NYT have good info., and Bloomberg also.