Steve Kroft: "It sounds complicated but it's really very simple. Banks lent hundreds of billions of dollars to homebuyers that can't pay them back. Wall Street took the risky debt, dressed it up as fancy securities and sold them round the world as safe investments. If it sounds a little bit like a shell game or a ponzi scheme, in some ways it was".
It took a long time for the mainstream media to clue in but they are all finally "getting it". Now that the bursting bubble has entered mainstream consciousness, the problems will only get worse as consumer psychology takes over and emotions rule the day.
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