All eyes are on the drama being played out on Wall Street today. But the cause of all the bloodshed was the downturn in the US housing market. This left banks and financial institutions with exposure to toxic subprime loans with a load of worthless securities on their books. This led to writedowns and losses. And the rest is history. Shockingly, given the scale of the crisis, John Maudlin says the housing crisis has a ways to run yet. Alt-A mortgages may the next to fall…

Man, oh man! ‘Nothing is off the table’! Wow! How come I never have anyone covering my Mogambo Incompetent Butt (MIB) like that, saying, ‘Let’s protect Mogambo from the results of his own stupidity and stick somebody else with the bill?’