Economic Meltdown

Appreciate comments on my thoughts on the Economic Meltdown. It is quite clear that the harbinger of the economic collapsewas initiated by the forced lending of collossal numbers of subprime loans to persons who could not afford them. This could be layed at the doorstep of the likes of Chris Dodd, Barney Franks, Franklin Raines, Fannie Mae, Freddie Mac, Country Wide and a sundry of other willing or unwilling participants, including Republican party members, who saw the storm coming, but refused to engage the American public, when the likes of the aboved named individuals refused to address the coming avalanche.

What befuddles me, is supposedly "genius" financial gurus of Wall Street from such outfits as Bear Stearns, Lehman Brothers, Merrill Lynch, City Corp, Goldman Sachs, AIG, etc., cold have participated in the packaging and repackaging of these various types oc Collateral Debt Obligations, Derivatives and Credit Default Swaps without knowing aforehand that they would be participating in the demise of not only our economy but the global economy as well. I firmly believe, that to some degree, maybe much more than I would care to dwell on, they knew well the potential effect of their malevolent endeavors. If that be the case, then we are at the very beginning of being the misfortunate benefactors of their conspiratorial machinations. When one considers the hodgepodge of political porridge that Nancy Pelosi and her trumpeters have managed to put together, which has little or no chance of turning the situation around, and when one further considers that our average bank has 3% or less coverage for monies on hand for monies lent out, and when a real "run" on the banks occurs, it is not inconceivable that we could have an international catastrophe, the likes of which has never been seen. I like to consider myself an optimist, but it profoundly takes concentrated thought and the divine intervention of the Almighty himself to believe that this can be either fully addressed or circumvented. Time is not necessarily on our side.