‘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:

The Undertaker’s Tally

  Son of Leo Strauss   n his extraordinary article, The Undertaker’s Tally, Roger Morris1 chillingly, and deeply disturbingly, lifts the veil on the life, times and evil mind of the real Donald Rumsfeld. Morris begins with Rumsfeld’s...
Read More

Sam Harris: The God Fraud

God May Be Dead But Damned if I Am   I n her recent outing in Foreign Policy Magazine, noted apologist, Karen Armstrong, says Sam Harris, Christopher Hitchens and Richard Dawkins:   “  ... are wrong … about human nature. Homo sapiens is also Homo religiosus. As...
Read More

Rights of Man

Magna Carta 15 June 1215 e know where we stand on a Bill of Rights and we could argue for it but we don’t think we need to any more. John Howard has argued against it and that’s just about enough for us. The little shit has been so wrong about...
Read More

WTF

What do we want? Freedom!   hen do we want it? When it's ok with the police! Mr Howard, to his cheer squad at the Sydney Institute:    Freedoms and rights, especially for women and children, are little more than cruel...
Read More

Cronnultural Promotion

Sydney Cultural Promotion Takes Off With a Bang 16 October, 2006   16 October, 2006 – The Promotional Campaign for this year’s annual Cultural Respect Classes has taken off with a bang in Sydney, beginning at Manly and Maroubra beaches. 13 people were allegedly...
Read More

Pardon Us – We Missed the Logic

We’re just a bit confused    r Haneef has been charged with recklessly providing resources to a terrorist organisation (to wit, a sim card). The alleged recklessness occurred in the UK. It did not take place in Australia. There is no...
Read More

‘I’m Sir Roger and I’m Fucked’

  This is not for you   eally. We just want to acknowledge ourselves privately but publicly (it makes sense to us, anyway). It’s not meant to be onanistically self-congratulatory, except in the sense that we have achieved some things and...
Read More

Drool Britannia

Unemployed Man Weds Fashion Accessory Buyer oday we celebrate the marriage of an unemployed¹ man, the son of a barking madman and a kindergarten teacher, to a fashion accessory buyer, the daughter of a flight attendant and a...
Read More

ANZAC Reflections

  We’re made of “Digger” stuff   M y father was in WWII. He went to Borneo, landed at Balikpapan. Like most of those who went, he didn’t tell us much about the War. But he did tell us one story. They landed on the beach and because he was a Major he had a jeep...
Read More

John Howard: Strong or Weak?

Choose Your Favourite War Criminal   hat extraordinary influence our Groveller General enjoys with US President Bush. Mr Howard said he will raise the Hicks issue when he meets the US President George W Bush on Tuesday…Mr Howard says he will...
Read More

Hi …

Hi!     i Hi!    (gulp) Hi hi ho! (gulp) Hip! Hip! Hooray! The national result, the result in Bennelong and the role the Greens played in getting Labor over the line are a clear enough repudiation of Howard’s political ideology....
Read More

Lord Roger Migently?

Back to the Regency Future   ir Roger Migently, as you must surely realise, has been quite unwell. He has been managed like an unlucky skier in an induced coma these many months since September 2013, when the floor of the Migently Mansions...
Read More

Australian Refujesus Exhibition

Minister von Rock Opens Australian Refujesus Exhibition 15 October, 2006 The Australian Minister for Pacific Island Guano Getaways and Internment (PIGGI), Mistress von Rock, has opened a very tasteful photographic exhibition of pathetically grateful boat people to...
Read More

Delaying the Economic Apocalypse

  Who ultimately pays?   ir Roger is not an economist. He is (therefore) not a marxist. Nevertheless he has long been confused and at the same time fascinated by the doctrine of endless economic growth and has wondered from where and how,...
Read More

The Whoredom of Philip Ruddock

An Unfinished Canvas hey had, as it seemed, unending life, yet life became unendurable to them… Between rim and robe naught was there to see, save only a deadly gleam of eyes… And they became forever invisible and they entered...
Read More

Bertrand Russell & The Life of Brian

    Bertrand Russell’s grandmother’s favourite Bible verse was this: Thou shalt not follow a multitude to do evil.” (Exodus 23:2) We can think of a lot of people we would like to see taking that to heart. The ones with special vests and...
Read More

“Visa Bob”‘s Dept Ruins Yet Another Life

Oh Dear ... DIC's 'Very Bad Event'. Again Mr Bob Correll, Deputy Secretary, Department of Immigration, Citizenship and Wrongful Detention Shit, Bob, (You don’t mind me calling you 'Shit', do you Bob?) You and I go way back, Bob, and I know this will seem out of...
Read More

ANZAC Reflections

  We’re made of “Digger” stuff   M y father was in WWII. He went to Borneo, landed at Balikpapan. Like most of those who went, he didn’t tell us much about the War. But he did tell us one story. They landed on the beach and because he was a Major he had a jeep...
Read More

Just a Question

   When menace lurks behind every door    f the Israelis approached civilian craft in international waters with the intention to – and in fact did – board, take control of and then tow, or with armed force cause, those craft to land in an...
Read More

Mothers Delighted at First Bogan PM!

Deffernishun: he Values Australian Dictionary of Slang defines a Bogan as: One who lives elsewhere than, or has interests different from, oneself. Melbournite. Dickhead.” Mothers and farters right around Australia are hailing...
Read More

Let Them Eat Yellowcake

Carlo Bonini           STATE OF THE UNION 2003: " Saddam Hussein recently sought significant quantities of Uranium from Africa." Or not ...   Well, as Bill Moyers reminds us, it wasn’t true. It was all a forgery, perpetrated in Rome. And Carlo Bonini, the Italian...
Read More

Clive of Kogarah

Clive James with Bill Moyers   ill Moyers recently hosted Clive James on his show to talk about his new book, Cultural Amnesia: Necessary Memories From History and the Arts (not the 80s punk band). Publishers Weekly  says:...
Read More

Delaying the Economic Apocalypse

  Who ultimately pays?   ir Roger is not an economist. He is (therefore) not a marxist. Nevertheless he has long been confused and at the same time fascinated by the doctrine of endless economic growth and has wondered from where and how,...
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

Haneef, Whores, ‘Howard with Hair’

  "This glorious fat trout of an election godsend..."   e that would make his own liberty secure must guard even his enemy from oppression; for if he violates this duty he establishes a precedent that will reach to himself.”, ~  Thomas...
Read More

Grey Cardigans at 20 Paces

  The greater triumphs and achievements   oday in 3QuarksDaily Abbas Raza quotes Nehru:    We end today a period of ill fortune and India discovers herself again. The achievement we celebrate today is but a step, an...
Read More

Even Worse Than Terrorism

“The supreme international crime”    efinitions of terrorism in western countries are remarkably similar. According to Chomsky, writing in 2006, official definitions include that terrorism is the calculated use of violence or...
Read More

Rentier Socialists

  Not Gough in his heyday    J ust (sorry) Sir Roger thinks IT’S TIME to refer back to the recent squabble about certain t-shirts and heap some shit on those who assert ownership of the commonly used English phrase “It’s time”. Universities once — in all the...
Read More

We Came For Peace

“We came for peace,” said the commando, one of the first Israeli soldiers to board the Mavi Marmara. ”They came for war.” ow you can tell "we came for peace" is that we came in the dark of night in warships and armed rigid-hulled inflatable boats,...
Read More

You Are a Threat to US Security

Boulleda HadjIf you can use a computer, you are a threat to the United States    elissa Hoffer is one of those lawyers intentionally slandered in January by Charles Stimson, the Deputy Assistant Secretary of Defense, the subject of our...
Read More

0 Comments