So the Patriots win big to remain in the playoff hunt but (of course) 60 Minutes has to come on next with a piece about foreclosures to ruin my weekend. Now, you can always count on 60 Minutes to blow a story out of proportion (like only looking into the local scene in Miami), but some of this information is truly scary:
A Second Mortgage Disaster On The Horizon?
When it comes to bailouts of American business, Barney Frank and the Congress may be just getting started. Nearly two trillion tax dollars have been shoveled into the hole that Wall Street dug and people wonder where the bottom is.
As correspondent Scott Pelley reports, it turns out the abyss is deeper than most people think because there is a second mortgage shock heading for the economy. In the executive suites of Wall Street and Washington, you're beginning to hear alarm about a new wave of mortgages with strange names that are about to become all too familiar. If you thought sub-primes were insanely reckless wait until you hear what's coming:
just delightful.....