The name of this early Tool song came to mind today, because it summed up my reaction to the page-one story in the Wall Street Journal (sorry, it's behind their subscription wall) about how Wall Street got its fingers into the mortgage market, creating the subprime meltdown, the Bear Stearns debacle, etc.

It's good reading, but it breaks no new ground.  All of this could have been reported months ago, probably years ago, and perhaps public awareness might have helped stave off the worst effects.  But the worthless financial media doesn't bother reporting things like this until the excrement hits the cooling device.  And of course, even this article doesn't get into the root cause — the Fed's ceaseless expansion of the money supply.

And to think I had qualms about Rupert Murdoch taking over the Wall Street Journal.  Won't make a dime's bit of difference.

The Daily Reckoning