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FINANCIAL CRISIS, EXPLAINED.
OK, I'll admit it. We're seven months into this financial crisis and I still don't really understand it. I'm guessing there are plenty of others out there who don't either. Thankfully, the Times saw fit to offer an explainer today. I also found this DIY web comic "Subprime Primer" helpful, and infinitely more amusing.
--Kate Sheppard
COMMENTS (1)
One bit that doesn't get enough coverage is the way wall street's desire for those junior tranches (the really stinky ones with the massive rate of return), which were basically free money once they sold off the senior and super-senior tranches to people whose investment portfolio consisted of "whatever AAA-rated dollar-denominated US backed bond comes over the transom" really drove the issuing of shittier and shittier loans.
Posted by: dbt | March 22, 2008 5:37 AM