Great read on the Toro's Running of the Bulls blog on "sub(merging) prime". Get ready for some real fireworks this time. Apparently, the ratings agencies are the ones who will emerge as the real villains in this whole mess. They have been using Monte Carlo simulations to rate those toxic CDOs and as any reader of Nassim Taleb will tell you, Monte Carlo lulls you into forgetting the possibility of a Black Swan-type of event.