My take on the CFR

Music by Metallica. First song: And Justice for All. Second song: Orion. It is my belief that the ’sour mortgages’ are not the only reason that Wall Street is begging for a bailout. There were a multitude of reasons for the current economic circumstances. One of them I believe are due to all the leverage buyouts in the last 10 years, it sucked the liquidity out of the market. Another are credit swaps and the ‘mark to market’ issues, yet another are derivatives. On the legislative side I believe the Sarbanes Oxley act was instrumental in preventing accountablility. The SO act was a response to the Enron scandal, the SO act would have not prevented Enron from collapsing. It was a total lack of oversight that caused Enron to collapse. I am not trying to absolve the bad bets on bad mortgages, but it wasnt the only thing that caused this.