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Subject:  The Mortgage Mess Date:  3/7/2009  4:35 PM
Author:  junkman02 Number:  26238 of 35909

The following is just a portion of John Mauldin's weekly newsletter, “Thought from the Front Line.” To read his entire newsletter, you'll have to register at his website ( linked following). Registration is free, and the whole letter is worth reading. In fact, the snippets I quote are probably even misleading, because they've been taken out of context. My reason for quoting them is to engage your interest enough to want to follow up.

In the beginning there were ratings agencies, and they rated corporate bonds from the very highest of credit quality (AAA) down to junk (CCC).
Now AAA means that the chances of losing money are very, very low. With each level of increased incre