Today's a really good day for cartoons about the financial markets.

[randomness]

Not only is this funny, it's not half bad as an explanation of what happened.



Edit: Now you can get the whole slide show simply by clicking on the image. Enjoy!

Comments

[ravenzanne.livejournal.com]

Having once worked for a "wagon-marketed" banking entity circa 2000 - 2003 when subprime lending first hit the fan - I can attest that this cartoon pretty much has it down. It was all about volume of originations - not whether the borrower could pay. Mortgage & finance units, when questioned internally as to whether this was a good idea, would take a line of how they were providing a vital resource to low income borrowers by making this credit accessible. It wasn't fun trying to spin this into a community development talking point.