Everybody knew so how come nobody knew? A quick chronicle of the sub prime lending mess that started back in '05. Nobody listened because everyone was making too big a score lending to flakes......good piece in the WaPo this AM...... via Big Picture

This article is Part II of III and is really interesting if you are a nerd on the subject of the economy. Part I is HERE. Every once in a while one or two of us will offer an explanation that is too good to be true. Today's Ridholtz commentary on just about everything is one that is posted today. Read it all if you're a nerd.