next time someone tries to sell you that crap about how the financial crisis was caused by fannie and freddie making loans to people who did not warrant those loans, explain that bad mortgages account for no more than 30% of the problem and that the rest was caused by derivative trading and credit default swaps.
the amount of money my ira lost in october of this year alone has me so angry...yet all i can do is blog about it. what else can i do? call the cops on aig? write a letter to lehman? find someone who has been involved in credit default swaps and derivatives and scold them or hold them responsible for my personal losses? engage in all manner of class warfare? (hmm, actually that last one makes some sense.)
in addition to linking to massacio's post at oxdown in the header, i also "borrowed," the picture used in that post. it is just so appropriate.
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