John McCain for President Message Board

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Politics : John McCain for President

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To: Jim S who wrote (5813)	11/7/2008 6:00:54 PM
From: Don Hurst	Read Replies (3) of 6579

>>" Wait a minute. Are you trying to tell us that subprime mortgages didn't precipitate the current financial mess? "<< Yeah, there are $5 to $6 Tr of mortgage debt but $55+ Tr of swaps that no one understands and no one can value and they have nothing to do with the sub prime mortgage market. When housing prices stopped going to infinity this whole financial, unregulated charade was exposed and the house of cards imploded. The sub prime mortgages did not create ("precipitate?") the $55+ Tr of swaps that are the reason for the "current financial mess" .

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