The Sub-Prime Crisis — A Laff Riot!

First there was Clarke and Dawe, from the Australian Broadcasting Corporation, explaining the sub-prime crisis. (Don’t be deceived by the photo of John Clarke — he’s not an economist, he just plays one on TV.)

My favorite bit:

– If the property prices did go down, the sub-prime lenders would lose money, wouldn’t they?

– Only if they still held the loans, Brian.

– Well where have the loans gone?

– Well let’s say they sold them off.

– Well how do you sell loans that aren’t worth anything? They’re just rubbish, aren’t they?

– Well they’re gift-wrapped, Brian, they’re rather beautifully presented, a sort of vellum cover.  You get your name embossed on the front of it. They make a bit of fuss of you.

Then today, a Powerpoint SubPrime Primer … I know, you’d sooner count sheets of toilet paper, but think of it as if South Park explained the sub-prime mess, making it very understandable by using a lot of swear words:

John McCain blamed the meltdown on “unbridled corruption and greed,” and called for a commission to find out what happened and propose solutions. A commission?! Hell, I think this video and powerpoint explain it about as clearly as can be. And as for solutions, may I humbly suggest not letting the inmates run the asylum?

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