Imagine if the Super Bowl were played with no referees on the field----is how The Big Picture sees the current whatever it is in real estate. First go here and listen to a couple of Australian comics discuss it. Then go here to read what Ritholtz himself has to say. Those of us who oppose regulation are reaping what we refused to sow and all you have to do is look at what all these derivatives are not, which is transparent. Subprime equals:

You don't loan money to people who don't need it, you loan it to people that do...