Financial Tsunami

Financial Tsunami struck USA and swallowed some big giants. Summary of it goes like this:

Epic Center: USA
When: First sighted in Oct 2007, came back with vengence in Sep 2008
Aftershocks: All over the world
Who created it: Greedy, qualified MBAs
Who nurtured it: Rogue CEOs
Who monitored it: SEC without understanding what the hell was going on
Who lost heavily: Investors, Taxpayers, 401(k)
Irony 1: Hedging instruments no longer hedged risk
Irony 2: AIG insurance didnt insure itself
Irony 3: Short Sellers were blamed as "raiders"
US Fed: Ended up buying trillions of bad assets (read as bull shit) with tax payer's money expecting it to become a great Italian Dish in near future

Outlook: Live and get used to problems for next 12 months for sure. No immediate solution in sight