How bad are things for banks? Pretty much anyone who played in the sub-prime mortgage game is in really bad shape. Triple A rated CDOs are worth anywhere from 32% of their face value to 5% of their face value based on their tranch. This is not even taking into consideration their obligations on credit default swaps. The great thing is that us taxpayers will more or less be absorbing all of these losses.
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Asides
The Uniqueness of Humans: Find 40 minutes to watch this. It's great.
Interesting new theory on the speedup of the expansion of the universe.
What's driving up healthcare costs? Big Surprise here: greedy doctors.
Forum post by republican toughguy who tried out waterboarding. Turns out it's torture!
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