Unfortunately, I bank with Washington Mutual.

Just a note, I didn't say it was illegal, only that it was irresponsible. I am very careful about bandying the term "illegal" about, as I am a lawyer and it means a whole lot to me to be accurate. There was some illegality going on, however, when the lenders colluded with borrowers to misrepresent the underlying basis for the loan. If someone claims an income and the lender knows it is false, they have committed a fraud upon whomever buys the loan.

You are absolutely right about the percentage of loans that are actually defaulting, too. It is the overleveraging - the same problem that led to the collapse of the system in the 1930s - that created the "crisis." The end result, however, is that the house of cards falls down - and we are the ones it falls upon.

A well reasoned argument is like a diamond: impervious to corruption and crystal clear - and infinitely rarer.

Here, as elsewhere, people are outraged at what feels like a rigged game -- an economy that won't respond, a democracy that won't listen, and a financial sector that holds all the cards. - Robert Reich