TitaniumTeddyBear

Words so strong they have splash damage.

Browsing Posts tagged great recession

And by "party" I mean "unstable approach to the economy".

And by “party” I mean “unstable approach to the economy”.

So, according to Last Week Tonight people in the US have started bundling together sub-prime car loans as an “investment product” just like they did with home loans before the 2009 financial crisis.
 

We are meant to believe that this can’t cause another crash because car loans make up quite a small part of the loan market.

The problem with this argument is that the loss of the mortgage market didn’t cause the financial crisis, it was just the trigger.

It only caused massive secondary effects because the entire system was unstable, and it still is.

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And also because, if it works, it will be totally awesome.

I advise you all to get a copy of the November 2010 issue of Playboy, and not just because lovely UFC ring-girl Arianny Celeste gets her kit off on page 80.

No. The real reason you should get this sterling publication is because it contains an explanation of how ordinary consumers could band together and destroy one of America’s 4 largest investment banks (Wells Fargo, Bank of America, JP Morgan Chase, Citibank).

The best part about it is: it could actually work. And would work just as well, in almost any country in the world.

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