Thursday, December 4, 2008

The end of Wall Street

A friend forwarded this link to me with an article describing some of the Wall Street practices and people who took note early on of how messed up things were.

The article reminded me of a very good podcast that NPR had sent out on the global pool of money called: The Global Pool of Money Got Hungry which described some of the practices in mortgage sub-prime lending that resulted in that collapse last year - the beginning of the economic crisis.

Of course I am feeling this quite dramatically both at work and at home. We had been waiting for a few years for the value of our newly bought house to get high enough to refinance for a more attractive rate and I am seeing the value drop (this month it lost $30 000 and is close to what we originally paid for it 4 years ago). No doubt it is going to go down more.

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