An asshole famous psychologist

is quoted as saying: "people cannot stand too much reality..." Well this probably fits the "reasons" for the current credit crunch in which mountains of bad loans were packaged and repackaged, securitized like they were prime loans, and then sold to other people who in turn repackaged the shit until there was no stink at all, thus masking "reality" from us poor slobs. In an essay appropriately sub-titled: "the stunning failure of responsibility" written by an obvious socialistic Left Wing prick, a scenario is laid out:

...it (this fiasco) is like taking all the winos in downtown Los Angeles, putting them in Prada suits, and passing them off as the faculty of the Harvard Business School......It's really hard to account for the stunning failure of responsibility. What you had was a whole industry that surrendered the standards and norms that brought it into being and enabled it to function in the first place. Mortgage lenders stopped requiring house-buyers to qualify for loans; bankers stopped caring what stood behind the paper they issued; dubious loans were bundled and resold like barrels of rotten anchovies -- in such numbers that no individual stinking minnow would stand out -- and the barrels were traded up the line, leveraged, hedged, fudged, fobbed, and fiddled until they were transformed into so many Tribeca lofts, Hampton villas, Piaget wristwatches, million-dollar birthday parties, and Gulfstream jets.

Balance of a very good essay is HERE.....