As Michael Bains might say - "Silly humans!"Sub-prime mortgages were something on my radar, until one of my Facebook buddies (and former primary schoolmate) posted this on my FunWall.
I hate FunWall, but I love this. This says all you need to know about the whole stupid mess - and how financial engineers can sell anything.
And it's hilarious, too.
Personally, I think that there should be arrests to come out of this, but we won't see any. Enjoy.
Standard but necessary disclaimer: This is not advice. Only a complete idiot would think that any of this constituted advice. It's not even vaguely reasonable to consider this to be advice. If you are in any doubt as to the content of this, see a good, independent financial adviser immediately. They do exist.
10 comments:
That was brilliant Dikkii, thanks...:)
Thanks Plonka. I nearly kakked my dacks watching this one.
Almost as good as John Clarke and Bryan Dawe...:)
I loved the "they have good names" bit.
"I'd buy anything with 'enhanced'" Lol!!
Plonka, that too was my favourite. Strangely, I didn't laugh very hard at that point - because I was very angry.
Awesome.
"...rewarding the 'ingenuity' of the market..."
Awesome.
Einzige, always nice to see you drop by.
The whole thing is extremely well done - I think that these guys have a show on British TV.
I was just reading that the ANZ has raised their interest rates by 0.20%. Here's their excuse:
'Despite the underlying strength of the economy, Australia has not been immune from the effects of the US sub-prime crisis and its impact on global liquidity and market conditions,'' ANZ personal group managing director Brian Hartzer said in a statement.
I have a feeling it's complete crap, but is it?
You're asking the wrong question.
What he says is perfectly valid, but is it a good reason for increasing interest rates by 0.2%?
I have to think about this. While I know that the big banks get most of their funds from deposit operations, they do have to get some funds by moving debt off their balance sheets.
Does this justify a 0.2% increase? Dunno, I have to think about it, however the realist in me says, "Yes, especially if ANZ clients don't shop around for a better deal."
That was very good, and since financial talk normally bores me to tears and is to be avoided at all costs, this is my most in depth source of knowledge of what the sub-prime mortgage "crisis" is about.
I reckon they've got it pretty right, though. Well, I can't contradict them.
KitKat, this is an excellent introduction to the crisis. Not only is it informative, but it's damn funny too.
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