Sausage making among the banksters
Best and simplest explanation yet of "How securitized lending collapsed the financial system which now exists on life support." It's a slide show with cute drawings -- and more to the point, Yves calls it a "must read."
I'd like to expand just a little on the life support metaphor:
Typically, at least on the teebee, you'll see the patient on a hospital bed, and an IV line where one end is inserted into a vein in patient's arm through a needle or catheter, and at the other end there's a bag of the IV fluid hung up on a pole. Gravity then causes fluid to drip through from the bag, through the line, into the patient's vein. And that's all part of the fun of being on life support!
However, in financial life support, where the patient on the hospital bed is a bankster, we've dispensed with the IV pole. We've "cut out the middle bag," as it were. Instead, one of us is wheeled into the room, a needle is stuck in our arm, and our blood is then pumped directly out of our veins into the bankster's veins.
In this procedure, the legacy parties act as nurses: They insert the needles, they boost our morale by making sure that we "understand" that we're giving blood for the good of the country, that we don't actually bleed out (at least not too often), but, above all, that the banksters get plenty of the rosy red blood that will keep them alive.
And they also make sure that the teebee in the hospital is turned on loud, and that the channel does not change.