Botching the Coverage of a Bank Run / Dean Baker
This Is Hell!
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The Second and Third Largest Bank Failures in US History
There's literally no comparison between mortgages, mortgage backsecurities and more complex derivative instruments that have lost much or all of their value. So if you had a mortgage at a house that lost 70% of its value it's basically worthless because the cost that foreclosing is likely going to eat up whatever might be remaining on that mortgage. That part of the story I think has been very badly misrepresented. The idea that that was going to shut down the tech economy that was nonsense. It was total, total nonsense but they created this fear in large part because again I haven't seen this mentioned certainly not in the New York Times.
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