[Moseley]

yea. My math sucked there. The reason Bush/Congress is addressing the issue is because the crisis is being felt around the world.
Funds and banks around the world have taken hits because they purchased bonds, or risk related to bond, back by bad home loan, often bundled into financial instruments called collateralized debt obligations, or C.D.O.'s.

There are even combinations, that were further removed from the original asset, called CDO's-Squared and CDOs-cubed.

A lot of the top 1% richest, are losing a lot of money, having bet the wrong way. Take Merrill Lynch who bought First Franklin, a leading subrpime mortgage originator, for 1.3 billion in the fall of 2006, when the subprime business was at its peak. Oops!

The rich kids are gonna take a big hit, and the media (owned by 5 corporations) is spinning it off as helping those less fortunate people who were duped into these home loans.

You see, corporations are like doctors, they protect each other.