The saga of the subprime meltdown continues

And everyone who's anyone is saying that the markets have quieted; that we've turned a corner, and yes, we have in a way, but there's no light at the end of the subprime nightmare. Yesterday [3 June 2008] the dow jones average climbed out of a steeper fall to a loss of some 134 points. If you listened to the endless news chatter on radio or television the reason why wasn't apparent until you heard that the US 4 largest bank Wachovia ousted its CEO. And why? because the bank is deep in the dodo of subprime mortgages. WaMu is in trouble too, and am sure Jaime Dimon is lighting candles to his saints, that the Gang of 4 [Bernanke, Cox, the fool from commerce, and Paulson] threw him the sop of Bear Stearns, when he was thinking of buying WaMu. But the meltdown is also drowning British banks, particularly Bradford & Bigley. And what's more the ratings agencies who worked hand in glove with the banks in givings the suspect CDO's, Abs's, and other tricky financial instruments, based on wishful thinking top grades...AAA or A3, and who are part of the scandal and the problem affecting the financial markets, downgraded the big bracket bank debt to a level skirting junk! George Soros is raising the alarm that owing to more tricky financial wizardry he forsees the bursting of the oil bubble, and should that happen, well, we might have a replay of the krash of 1987 when the dow dropped 500 points, trading stopped, and everyone went into a panic mode. As we all know privatisation and the serious weakening of government regulation has sown mischief among the big thieves in the financial community and robbed they did. The bill is here to be paid but the big boys will get away with hardly a scratch, even though they deserve long prison terms or worse, and the little people who sweat blood to make a living will get it in the neck!