Worthy of everyone's attention

http://calculatedrisk.blogspot.com/2007/04/bagholder-bondholder-liability-cant.html

For once politicians are asking the right questions and understand the issues. The sub prime issue has bigger ramfications for finance and wall street in general. Securitization has been a gold mine for wall street and HFs for years and now we have the first shot across the bow. Who really is on the hook for all this crappy debt that keeps building in the financial system? Subprime isnt the only area. The junk bond market, cdo's, PE etc. When shit hits the fan who is responsible? Its the ability to securitize coupled with CA recycling that contributing to the biggest debt orgy on the planet and now there is no going back. Its boom until we bust and yes this the first shot across the bow because it is a threat to the wall street securitization fee orgy.