‘Sub-Prime’ Explained as Never Before

12 Nov, 2007 | Australian Values, Corruption, Economic Values, Humour, Values

 

“Too stupid to be real…”

 

If you only watch one online comedy sketch this year, (as we used to say (almost) at ABC Promos) this should be it. 
We promise. You will laugh…and perhaps cry at the same time,

If you ever wondered what was up with those “Sub-Prime Mortgages” and why they were creating such havoc in the financial world, the famous and hilarious British comedy team of John Fortune and John Bird will explain it all to you.

No, they really will.

It looks like comedy and it sounds like comedy and it all seems too stupid to be real. Surely it’s all made up. But you should know that the “High-Grade Structured Credit Strategies Enhanced Leverage Fund” is very real, and so is “Bear Stearns“.

“The people that lent all this money must have been incredibly stupid…

“Oh, no…no…no. The reality is that what was stupid is that at some point somebody asked how much money these houses were actually worth! If they hadn’t have bothered to ask that question everything would have gone on as perfectly normal…but unfortunately they did…”

Enjoy!

 

Thank you for reading this far!  You might think producing a post like this takes a bit of work. 
It does! If you’ve appreciated it you might consider encouraging me. ( We all like validation! )   

Buy Me A Coffee

All posts

Categories

You might also like:

Porter Loo Too

Drip Drip Drip Update  Well. How spot-on is Sir Roger? He's yet again demonstrated how appropriate it is that he was granted the OGPC (Order of the Grater Praesagium Conspiciens) as the World’s First and Only Genuine Political Clairvoyant.  In the previous post he...
Read More

Who is DIC’s Grima Wormtongue?

Polishing your arse on a public service seat   leading defence lawyer and close follower of the Haneef case, barrister Greg Barns, last night said the emails showed that “the AFP in conjunction with the Government were essentially completely...
Read More

Spelling It Out

  Okay, no surprise… The Bush White House lied to the American people. …Except that one of the people who knew it at the time, a US Senator, has dropped a “Bombshell on the Senate Floor”. o here it is at last. Not the smoking gun we had before...
Read More

DIC to the Rescue!

Life-Hack: How to satisfy yourself!    e reported yesterday [Black Breath of the Nazgûl] that the terrorist legislation implicitly requires you to satisfy yourself that anyone to whom you provide a service, item or product of any kind —  which...
Read More

New Australian Anthems

Vote for your favourite   Sensitive New-Age Cowpersons?   Or Advance Jimmy Barnes?
Read More

Special Intel Ops

Night of the Big Dicks pecial Intel Ops, Sir Roger is required to inform his readers, may actually AT THIS VERY MOMENT be taking place, or may be in preparation, or may at the very least be in prospect. (Clutches pearls) It has come to Sir Roger’s...
Read More

Bhutto

t wasn’t such a surprise, we suppose, but Benazir Bhutto’s reported assassination, while it saddens us as another display of humanity’s inability to grow up, confirms our contempt for religion in general and that one in particular. Let those who...
Read More

A Man’s a Man

Robert Burns statue in Writers Museum EdinburghWithin the first five seconds we were hooked   e were on the way to work, tuned in to Radio National’s Book Show, a replay of the opening address by Andrew O’Hagan from last year’s Sydney Writers’...
Read More

Guantánamo Career Suicide

 Guantánamo Policy Chief Pulls Plug on Career: Spills Government Beans in Radio Interview     eputy Assistant Secretary of Defense for Guantánamo Policy, Charles “Cully” Stimson, resigned following uproar over a 12 January interview on...
Read More

Sorry

    t is a pop-psych fallacy, particularly perpetrated by John Howard, to insist on “putting the past behind us”. The past that is not dealt with eats away at us in our (collective) subconscious and paralyses us for action. The past that...
Read More

Jefferson Says

  We the People   homas Jefferson was the third President of the United States, a man of the Enlightenment, the principal author of the Declaration of Independence, one of the most influential Founding Fathers, who envisioned America as...
Read More

Sex Romp or Sex Scandal?

Matthew Johns   o this time it’s the turn of Matthew Johns, poster boy for Rugby League – the second official poster boy for Rugby League to be shamed within weeks – and regular on the cross-dressing Footy Show. When I was eleven years old my...
Read More

Dear Bob Correll

  To: Mr Bob Correll, Deputy Secretary Department of Immigration and Censorship   ear Bob, Bob, you aren’t replying to any of my messages. Is everything all right? I thought we had something really special for a while. Bob, you wrote to...
Read More

Spelling It Out

  Okay, no surprise… The Bush White House lied to the American people. …Except that one of the people who knew it at the time, a US Senator, has dropped a “Bombshell on the Senate Floor”. o here it is at last. Not the smoking gun we had before...
Read More

Howard ‘Fundamentally Evil’~MP

  Throwing people into the abyss   “spat” occurred this week when the Groveller General broke with longstanding international convention to meddle in the domestic politics of another country, saying that if he ran Al Qaeda, he would “put...
Read More

Is Labor Finished?

  "A Realm of Despicably Effortless Incompetence"   ir Roger Migently is not angry. He is over it.According to Friday’s ABC 7.30 Report: The Government is pushing ahead with its demand that dozens of dentists repay...
Read More

Bundy Rum 2011 NSW Election

  Swine Flu, brought to you by SPAM    t’s all the rage these days. Not so long ago, as we were basking in the great spiritual joy of the Wetchex World Youth Day, we reflected also on the overwhelming success of the then recent Crown Casino...
Read More

Happy Birthday

Today was a dual anniversary – the 221st anniversary of the birth of (European) Australia and the 250th anniversary of the birth of Robbie Burns. The two are related. Burns was a fierce advocate of Enlightenment principles and the fight for the rights of citizens...
Read More

Special Intel Ops

Night of the Big Dicks pecial Intel Ops, Sir Roger is required to inform his readers, may actually AT THIS VERY MOMENT be taking place, or may be in preparation, or may at the very least be in prospect. (Clutches pearls) It has come to Sir Roger’s...
Read More

Don’t you understand, John?

It wasn't about David Hicks: How Howard fucked himself whether Hicks came home or not.   icks might go away out of the political limelight but the way Howard has treated him will be the reason Howard loses the next election. If he does, Howard...
Read More

You Can’t Handle the Truth!

  ... This was a lie and we could not let them publish it ...   e keep thinking of Jack Nicholson's character's justification for the secrecy that governments and their institutions maintain over their citizens – that is to say, their...
Read More

Dear DIC

The Ultimate Dreamcometrue  I n the heat of the 2006 Spring Offensive over Australian values Values Australia was born in response to the cynical and ignorant way real Australian values were being abused by politicians and the sycophantic, right-wing media echo...
Read More

Oliver Sacks and “Soul Murder”

 After:  Oliver Sacks  by Luigi Novi  9.13.09 . . . the arms that long for love   ir Roger was listening to the ABC Science Show today. It was Robyn Williams’ homage to Oliver Sacks (Awakenings, The Man Who Thought His Wife Was a Hat, Seeing...
Read More

A Moron in a Hurry – Part 3

  Or Worse – a Catholic Priest   Previously on Moron in a Hurry :   ir Roger, strapped to the rack by the Madam Intimidatrix of the Hooded Brethren of the Gruff Wiblam Edifice, shouted that “Freedom is a state of mind”, wondering...
Read More

Oh, no, you bloody don’t!

I'm just a soul whose intentions are good Oh Lord, please don't let me be misunderstood President Bush has admitted to The Times that his gun-slinging rhetoric made the world believe that he was a “guy really anxious for war” in Iraq. In an...
Read More

Kev’s Massive Package

  It takes Balls to Punish the Jobless   he thing about the unemployed is that, well, they’re powerless; or rather, they’re disempowered, particularly by the feeling of being unemployed in a culture in which what you do, not to mention...
Read More

Dawkins For Tony Blair

Richard Loves Tony   ichard Dawkins, in the New Statesman finds himself supporting war criminal Tony Blair who had recently written of his hopes and plans for the eponymous foundation based on his evidence-free beliefs....
Read More

Hell, Pell

Cardinal Pell after Bacon   To Hell, Pell-Mell   C ardinal Pell has claimed on PM today that Global Warming is not happening. He has “studied the science”, he says, and come to the rational conclusion that there is no evidence for global warming. In fact, he...
Read More

Is Labor Finished?

  "A Realm of Despicably Effortless Incompetence"   ir Roger Migently is not angry. He is over it.According to Friday’s ABC 7.30 Report: The Government is pushing ahead with its demand that dozens of dentists repay...
Read More

Money money money?

'In my dreams I have a plan'   lthough we are proud of our reputation for being disreputable, confusing, harmful, misleading and offensive it is quite clear that all the best blogs have serious posts by Nicholas Gruen or Peter Martin, Fred...
Read More

0 Comments