The subprime primer

Thanks to AMERICAblog readers John W. and Meredith H. for sending this over. It's a long slide show and parts are NSFW due to language but this is an excellent summary of everything that's wrong about the subprime fiasco. There were obvious conflicts of interest at each and every step along the way and people heard what they wanted to hear. Deep commissions helped pave the way and our traditional oversight and regulations were MIA, because they didn't want to get in the way of the money train.

Think about that as we see Bernanke and the Fed recklessly throw more money at the banks at the expense of everyone else. It's shocking that Democrats had stood by and not challenged these actions. Unless everyone is happy with windfall profits (and then losses followed by bailouts) on Wall Street, we need a radical change in oversight policies. The Federal Reserve in it's current form has failed and continues to fail the American public.