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BuzzChart: Helter Shelter...The sub-prime problem never had to do with the default rates among sub-prime borrowers. As I (and Larry Kudlow and Ben Stein and Neil Cavuto) have been saying over and over, that market just isn’t big enough.The problem is fear of backlash. Whether the issue is “managed earnings,” as in the case of Enron, or backdating options, as in the case of Apple, there is a pattern. A market corrects, people who are long on that market get hurt, the media blows the issue vastly out of proportion, politicians grandstand, Congress over-regulates, and a cloud of lawyers comes swarming across the plain laying waste to everything in sight... To read the entire article, click here |