Industry NewsMarkets & Economy

Read between the lines in Wall Street’s script

Commentary: Financial song and dance borrows from 'The Producers'

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Long-term rates -- the ones guaranteed to rise -- fell again. The 10-year Treasury note made it briefly to 3.73 percent, with the 30-year-fixed mortgage rate holding steady at just above 5 percent for the week. The action was largely due to Greek default, the possibility of a failed bailout (see "'Bazooka Backstop' targets mortgage mess" -- the dud in summer '08) and contagion to the rest of the Europe's "Club Med" nations (see "The debt is a real threat"). Today's Euro-zone assistance is holding, for the moment. On the letter of the law, The U.S. Securities and Exchange Commission's fraud lawsuit against Goldman is weak. However, the light shed by the filing is already a help to pros and civilians alike. For three years Wall Street has tried to sell the idea that it was tricked by mortgage brokers into buying bad mortgages. Now everybody understands the suction machine that ran out of control on the Street, hungry for bad loans in volume so i...