The fun just keeps getting better -- all those sophisticated investors sitting on collaterilized debt obligations (CDOs) that have lost 30-40 percent of their value, the bond rating agencies finally realizing they blew it big time (again), and the regulators doing the Keystone cops routine. As house prices fall further, there will be even more fun. Too bad so many innocent people had to get hurt -- we should crucify the bastards who should have known better but either didn't or just lied.
Read about it in Krugman's column.
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