The subprime primer

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I funny cartoon depiction of how we got into the financial mess this country is in!

Published in: Economy & Finance, Business
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The subprime primer

  1. 1. Sure, no problem. Umm, there’s one otherthing…my employer despises me and might not bewilling to verify my employment. Don’t worry. We can get you a special “Liar’s Loan” and you can verify your own employment and income.
  2. 2. Phew!!! We’d better get rid of these crappymortgages before they start attracting flies.
  3. 3. The bureaucrats at the SEC won’t let ussell this stuff to widows and orphans, sowe’ll sell it to our sophisticatedinstitutional clients.
  4. 4. Bite me.
  5. 5. Hey man, what gives? We’re notreceiving our monthly payments?
  6. 6. Yeah, I meant to call you but it’s been reallycrazy around there. It seems that theborrowers who took out the mortgages backingyour CDO aren’t able to pay them off.
  7. 7. Yeah, that was a bad assumption.We screwed up. Sorry.
  8. 8. Bad assumption my frigid Norwegian*?&%@. What about the AAA ratingfrom the agencies?
  9. 9. They screwed up too.
  10. 10. Are you kidding? There’s no way they haveenough money set aside to cover this mess. Theyscrewed up.
  11. 11. Well that’s just great. Whatam I supposed to tell myvillagers?
  12. 12. Tell them you screwed up. It is what it is.

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