Karl Denninger is brilliant, if not a bit whackadoo. I love his blog for a unique perspective.
Election Predictions..... Tickerguy's Take in [Market-Ticker]
"Putbacks" and Foreclosuregate in general are not going away. There has been an awful lot of "hopium" related to the premise that this is all a big "overblown" nothing. Uh, no. The hosed here aren't a handful of people, and the amount of money at issue is well north of $1 trillion. There are at least three class-action lawsuits on the homeowner side already in process, and any of them could detonate in the banks' face. Note carefully that pension managers do not have discretion in this matter - if they believe they can recover they are required as fiduciaries for the pensioners to sue. This is a gigantic hairball folks, and it's not over."
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