The truth about the current financial crisis…

As ever, Paul Kedrosky has a way with words:

The trouble is with an over-levered financial system built on a house of cards comprised of under-collateralized toxic paper that was applauded all the way up by “housing is the American dream” nutters who couldn’t see that vast expansions in thinly-traded credit are a path to economic ruin. Focusing on the short-sellers will lead to completely wrong and counter-productive non-solutions to the current crisis.

This is certainly not my area of expertise, but I agree with Paul 100%.  If only he were in charge.