That subprime mess just won't go away. It keeps coming back like an unwanted relative at Christmas. Today, S&P announced that it may cut the ratings on $12 billion of bonds collatoralized with subprime mortgages.
What will that do for all those hedge funds and securities firms stupid enougth to buy this toxic crap in the first place. Nothing good, that is for sure. Anyone holding anything even vaguely connected with the subprime market will be taking a one way trip to Loserville.
but wait !! there's so much to do and see in Loserville !!!
ReplyDeleteoh wait. that's Hooterville.
never mind.
Great post thank you.
ReplyDelete