Seattle Bubble Forum Archive

I too think that it was an excellent peice. The link below is to a written transcript



My favorite quote:

.....It sounds complicated, but it's really fairly simple. Banks lent hundreds of billions of dollars to homebuyers who can't pay them back. Wall Street took the risky debt, dressed it up as fancy securities, and sold it around the world as safe investments. It sounds like a shell game or Ponzi scheme; in some ways, it was a house of cards rife with corruption, greed, and negligence.....

What else do you need to say?
..

Sixty Minutes reran this story again last nite, supposedly an updated version. Comments to the linked site are also an interesting read IMO, even though regular Seattle Bubble readers have seen / heard much of it all before: