Worse Than It Seems

At first it seemed like America's most major financial pitfall of immediate concern was subprime mortgages, and how the structure of such debt (and the staggering multitudes of people saddled with it) would ultimately affect the economy.

Today the New York Times has coverage of how credit problems are spreading into prime mortgage territory as well as other industries. I am sure it is no coincidence that such coverage comes on the same day that the Treasury and HUD announce a new federal plan to aid homeowners in delaying foreclosures.