On Thu, 09 Oct 2008 11:16:01 -0500, Dave wrote:

Generally accurate, but with two exceptions.

Really? Please quote the clause in the Community Reinvestment Act that
told investment banks to leverage their position in subprime CD0s to
suicidal heights. This mess isn't because of the CRA, it's because of
greed, and Wall Street group-think. Subprime mortgage defaults are only
the visible cause. A healthy bank can withstand a 25% default rate in
the subprime sector, leverage that risk to 33-1, as one bank did, and
it's bye-bye. Greed and bad business practices brought on this mess.