Wednesday, December 19, 2007

Quick Takes: The biggest crisis of the last half century?

We can thank the mortgage industry and the wizards on Wall Street for brewing the huge subprime credit crisis. Smug in their beliefs that real estate values always rise nationwide, people always pay their mortgages, and that generating new finanical vehicles will eliminate risk, a catastrophe has been created. One that will be with us for years probably causing $6T or more in housing wealth to evaporate.

The Wall Street Journal provides their perspective:

U.S. Mortgage Crisis Rivals S&L Meltdown