Maybe this guy should be on TV instead of this guy (thanks to Percy for the tip).

Kyle Bass, July 30: "To understand the massive ripple effects of the Subprime problem, you have to look deeply into who owns the eventual risk and furthermore, how it will affect their behavior going forward."

More: "How do BBB and BBB-tranches become AAA? Through the alchemy of Mezzanine-CDOs."

Conclusion: "[W]e are short credit in the US (both Subprime RMBS and corporate credit) and long non-US equities and debt. We are short US consumer based equities, preferreds, and debt."