America, O America...

Lawyers have showed up faster than a fly-by-night mortgage broker would approve a 2% teaser ARM with a balloon payment.

"It's a three-part business cycle now," said Don Lampe, a partner with the law firm Womble Carlyle, whose specialty is mortgage matters. "Boom, bust and recrimination..."

No fan of the bar, I must acknowledge that Mr. Lampe deserves a niche in the historical record for that.