Sub Prime Explained: You must read this : Greg Laden's Blog

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Sub Prime Explained: You must read this

Category: People
Posted on: September 30, 2008 10:20 AM, by Greg Laden

It is a cartoon power point-like thingie about the current financial crisis. Click the picture.

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A must read for everyone, but it has been for the best part of a year now.
Maybe more people will take their fingers out their ears now. There's also an in-depth tutorial on the stock market, tranching and short selling available, done in the same style. But I have mislaid the URL.

Posted by: eddie | September 30, 2008 12:25 PM

Tender spot hurting a lot? Other side too? Bruises on your face and body throbbing? Is that blood running out your nose, skirt above your head in the wind, panties torn and soiled, titties swelling and turning blue by the minute, lost on the roadside, hoping not to die? Did you recognize the tail lights of the limo that threw you off? Was it the same limo that picked you up at election time, promising a good, decent, clean, ride? Will you ever learn? Last time these guys did this to you, your babies were killed in Iraq and your retirement fund spent to do it, your taxes went up, you did not get destroyed by the weapons of mass destruction, they were never found. Poor little America. Our heart-felt prayers from Canada go out to you!

Posted by: Uncle B | September 30, 2008 12:47 PM

Here's a link to a New York Times article from September 30, 1999. It plainly states that the subprime mortgage mess was caused by Clinton. This from the liberal's own propaganda rag.

http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1

Hey canook! go pound a moose then learn to read you dweeb.

Posted by: Capt Video | September 30, 2008 1:28 PM

Go easy Capt Video,

You are forgetting that financial institutions (not just Fanny and Freddie) had financial interest in acquiring sub-prime loans. They could actually make money with the junk in hand (see educational slide show).

Besides, the Clinton advisories would have involved adjusting known regulations, not creating a shadow market for loans. The "badness" of the loans to minorities etc would have had the same transparency as the other loans.

Considering that I have bought both of my houses with 1% down, and never missed a payment, I'd say that eliminating all loans that do not have 20% down payment would be a bad idea. The housing market has been sputtering for about 4 years now. The trickery that these companies have had to do to ensure their profit lines is what caused the culmination today. They literally had to make gold out of the real shit.

I would also like to mention that it wasn't Clinton that kept saying for the past half-decade that housing market is "fine".

Posted by: MarkusR | September 30, 2008 1:51 PM

Uh, Capt Video, I'm missing the part of the article where it says that the Clinton administration insisted that banks assume highly leveraged financial positions and buy insurance from companies just as leveraged.

Posted by: Stephanie Z | September 30, 2008 1:56 PM

It was the Bush regime that decide to deregulate all businesses - which only a little christian sprout would possibly think good. After this is over we still won't have regulation of non-financial industries, there is little doubt that the other industries are doing the same in different ways such as goods with lower quality and more risk to the consumer.

As a single male who buys nothing on credit and thus has no credit rating (apparently very bad is far better than none), I was unable to get a loan even though I was offering 50% down and was offering secure collateral for the remaining 50%, virtually NO possible risk to the lending institution. If I would have been married with ten kids, no assets and, no income to feed them I could have gotten a loan.

So now I need to bail out the wealthy asses that made the loans and the christian families with too many kids that got the loans. Thus, artificially holding the property values up so that I am again unable to purchase. Note that the christian families are also responsible here, they didn't have the income to support what they were buying, it is their own fault.

Let the whole thing crash, let all the irresponsible jackasses eat their own shit.

Posted by: Notagod | September 30, 2008 2:47 PM