Yum! It's Ben Bernanke Credit Crunch for Breakfast Again! Free helicopter included!

Note to the MSM: We are not having a SUBPRIME PROBLEM. We are having a CREDIT PROBLEM as the smart people in the room and many on this blog point out.

SUBPRIME was just the start. Now we move into Alt-A, Option ARMs, Piggybacks, Prime loans, credit card loans, student loans, auto loans, commercial loans and every other credit instrument known to man.

Get those helicopters ready. And say goodbye to the American Dollar, thank you Alan Greenspan and Ben Bernanke.

There's something you don't see everyday... American Home Mortgage (AHM) falls 85% after trading resumes

Wow.

HousingPANIC Stupid Question of the Day

The buyers of "prime" debt these past few years (hedge funds, China, etc) thought they were buying stable well-researched loans, because they were 80/20 (or so they thought).

The problem (as the bag holders will now find out) is that they homedebtor who took out the loan actually put 0% down. He got a second or piggyback loan from another lender for the other 20%.

So Prime actually equals Subprime in many cases. Maybe the majority of cases.

My question is, why isn't this being reported, and why do "analysts" state that they don't expect the Subprime meltdown to spill over to Prime, when we all know that they're one and the same?