Attention Chris Cox, John McCain, and Other Knee-Jerk Automatons
THIS is why financial stocks were dropping like rocks. The shorting you blame is the after effect. And yes, we know why you want to stick Americans with all the mortgage debt. It's because no one in their right mind would pay for debt while the following is happening:
The mortgage problems behind the havoc in financial markets climbed back last month, as delinquencies jumped at the fastest pace since last year for many loan categories.
Overall, 6.6% of mortgages were at least 30 days past due at the end of August, up from 5.8% at the end of June and 4.51% a year earlier, according to an analysis prepared for The Wall Street Journal by Applied Analytics, a unit of Lender Processing Services Inc.
"The disturbing thing is that mortgage quality is bad and getting worse," said Mark Zandi, chief economist of Moody's Economy.com,
This is exactly the right time for an uninformed, uncritical, poorly-supervised, panicked bailout of mortgage-backed debt, no? Get it onto the taxpayer balance sheet before it gets worse. Otherwise, the folks holding it might have to pay the real price for their idiocy.