Over at twofish’s blog we see an interesting note that discusses why Congress won’t be rushing into subprime reform anytime soon.  He tends to think that the Fed will continue to take control (and the blame) of this problem.

Many of the public banks are havin a real tough time figuring out what exactly their ‘book’ is.  That’s why whenever you hear anyone talking about the price-to-book value of these companies chuckle to yourself, because what they are taking about means next to nothing in this environment. Now institutional investors are starting to cry [...]

Thank you Brad Warthen for calling out some of the inanity on Capital Hill and among US bankers. This subprime problem has been caused by shear economic madness and greediness among all parties. But when will the madness end? It seems not likely at time soon. In his blog post today [...]