Open Forum (6/5- )

Posted by Dave Fratello on Friday, June 5th, 2009 at 5:30am.

It's hard to count all of the wild actions of recent years as the government – and quasi-governmental overlords of the economy – have attempted to wrangle the beast that was the housing bubble and all its far-flung impacts worldwide.

What's the bigger news?

AIG? (Only now leaving the jerseys of Manchester United.)

Bear Stearns? ("Kids, there used to be this giant investment bank called... oh, well, never mind.")

Chrysler & GM? (Fiat and Obama Motors.)

Fannie & Freddie? (Public entities, after all.)

Eliot Spitzer? (Anti-corruption crusaders need girlfriends, too!)

Oh, we're definitely missing plenty here – help us fill in the list.

What's the most consequential action of the gov't, the Treasury, the Fed, and/or Warren Buffett during this crisis?

The headline today is that they have finally put someone in the stockade.

It's the Orange Man, Angelo Mozilo, formerly of something called Countrywide – a name now strangely tied to both Enron and B of A.

(B of A – that's the one headed by Ken Lewis, er, no, well, kinda.)

It's impossible to ignore the Countrywide news because that name pops up all over bad loans across America, including right here in MB. Perhaps only WaMu (er, Chase) even provides good competition.

Everyone knew the loans were bad and everyone knew they would be someone else's problem later. So they kept going, and going. Until they couldn't.

So what's the biggest news of this unwinding period?

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