Finally, cutting through the bullshit

about bonds, interest rates, and the current horror of the bond and lending market. The Big Picture has an overview and links to a super insider, Joe Gasparino, who lays bare the fake ratings that have been deliberately placed on high risk bonds.

The jig might soon be up for the credit-rating agencies, among the most conflicted industries ever concocted.

More and more very smart and usually positive guys are scared shitless. We have an entire risk structure that has been deliberately valued far too high. What does this mean? It means this; a bond that is rated AAA is one that cannot fail unless Armageddon happens, and even then you could get out in time, while D means that it is so risky that a moth fart could destroy it. Well, bonds that were actually D and that everyone inside the rating agencies knew was D were rated AAA because the bond agencies could make money that way. Once again, one of our trusted institutions has failed us, and failed us so badly that we are almost sure to plunge into a serious recession. Merry Christmas

Friday add: several emails point out to me that some major chains sell the computer games. Several more tell me that most larger outlets hate the "popular" consumer games because they tend to limit shoppers to a single item. Botom Line: at least half of these sales happen outside the main stream stores.