The US housing downturn may have major financial repercussions, experts have warned, as Wall Street faces up to the crisis in the sub-prime lending market.
Bear Stearns, a leading US finance firm, is trying to prevent the collapse of two hedge funds with major exposure to the high-risk mortgage sector.
Should it sell off investments cheaply, it is feared similar funds will follow suit, causing a crisis in confidence.
Regulators are ...
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When an industry is based upon preying on the financially ignorant in order to 'securitize' debt, there is bound to be a very elastic rebound to reality after they have significantly plundered their parasitic host. I am not surprised by this at all, having worked for a subprime mortgage company myself.
Perhaps one day the fastest-growing industries in the US will not revolve around sucking the marrow of life from those too poor and uninformed to realize how badly they are being drained. Until then, financial and medical industries will continue to perform their usurious 'services.'
