looking for answers and finding only questions.
wow, i thought i understood the crisis before reading this, but i understand it a whole lot better now. plus i laughed a hell of a lot. thanks sai!
my very favorite is the last bit of the last scene. i think that sums everything up quite nicely. anyway, glad i could contribute to your happiness!
Summary please!(I'm not being difficult on purpose. Internet here sucks.)
Isn't this Prof. Mankiw's powerpoint? I thought I saw this circulated a few months ago under his name.
For Tao: The Subprime Primer1. Mortgage brokers make bad loans to bad candidates because they get commission regardless of repayment2. Bank sells stinky bad loans to investment bank in NY3. Really Smart Guys in NY repackage loans in good, not-so-good, and ugly packages even though it's all a load of crap, and insure the "good" ones4. Accounting Czar is asked for greater transparency on the part of financial companies, replies "blow me."5. Funds that purchased the securities in anticipation of monthly payment are screwed. Everyone fucked up. Sorry.
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