If I was to say the single biggest thing that made me the bear I am to the degree I am it can be summarized in one word "leverage."
Being a person with exceptionally strong math sense I have just looked at what "they" have done with leverage in utter disbelief. And then what makes it even worse is you have layers of leverage built on each other, and that is the making of this disaster.
Well, Big Picture has a good piece on SEC regulations that gave exemptions to allow not a marginal increase in leverage, but a massive increase in leverage and these companies are at the root of the crisis right now.
What is this? Legal fraud?