Or so says this editorial piece in today’s WSJ. I don’t pretend to know anything about collateralized debt obligations or whatever is being flung around the canyons of Wall Street these days, but the writer makes a persuasive case, to me, that it’s the housing collapse and the junk mortgages that collapse exposed that are causing our current difficulties.
Of course, if I did know anything about this stuff I could read with a more critical eye and perhaps find flaws in the argument. But since I don’t. I’ll leave that task to you financial wizards.