Monday, March 10, 2008

UBS Triggers Financial Earthquake

UBS dumped its $24Bn. "Alt-A" portfolio last week--at 70 cents on the dollar.

THAT caused the Carlyle Group's 15%-held mortgage-investment fund to get into trouble.

And that will make mortgage financing even more difficult over the next 12 months or so, pushing home-improvement-related sales down a bit more.

And THAT, along with the associated economic negatives, will make November '08, a big challenge for the Republicans--both in Congress and at the White House level.

The RedState writer names one of the troublemakers: Al Greenspan.

Not that we haven't mentioned him before...

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