The problem was pronounced “contained,” by then-US Treasury Secretary Hank Paulson on April 7th, 2007. And then, on July 20th, Fed chairman Ben Bernanke admitted that the crisis could bring losses up to $100 billion. But there was no container large enough to hold the subprime losses. Each time one was set out, it quickly overflowed. The latest reports tell us that the bilge is now 500 times deeper than the Fed head forecast…and still rising. And this comes after $11.7 trillion has been committed in the US alone to pumping it out. Whether the plumbers are plain idiots or … Continue reading Let the Bad Times Roll!