From Newyork Times

One of the remarkable things about the report is the absence of evildoers, even though the cumulative effect of their behavior is now threatening to upend our nation. Early in the broadcast, we hear from Mike Francis, an executive director at the residential mortgage trading desk of Morgan Stanley. “From our standpoint it’s like, there’s a guy out there with a lot of money. We’ve got to find a way to be his sole provider of bonds to fill his appetite. And his appetite’s massive.”

The story then turns to another Mike, Mike Garner, a bartender in Nevada turned mortgage bundler. Mr. Garner said that market appetites for anything that resembled a mortgage pushed loan standards down: “No income, no asset. You don’t have to state anything. Just have a credit score and a pulse.” (Mr. Blumberg pointed out that the pulse thing was optional: 23 dead people in Ohio were also approved.)

When can we expect the next derivative based on the netherworld recovery ratios?

Though there is a big question – who is the “You”?

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