Tuesday, July 29, 2008
Busy, busy, busy. While awaiting my next entry, you might find this post about the slow motion collapse of West Coast savings and loan Washington Mutual, by the inestimable Mr. Mortgage to be of interest. Washington Mutual was notorious for its reliance upon subprime mortgages, Alt-A mortgages and home equity lines of credit, otherwise known as HELOCS, for its illusory profits and dividends. For some of the broader implications, you can read my comment, number 72 of 74, as well as those of others who frequently comment there. I'm sure that you also have the ability to draw your own compelling conclusions. Feel free to share them here.
Labels: Credit Crunch, Housing Bubble, Neoliberalism
