John Bird and John Fortune (the Long Johns) brilliantly, and accurately, describing the mindset of the investment banking community in this satirical interview.
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untilAugust 07 when lenders began making collateral calls & demanding collateral fire sales at discounted prices. This panic meant the value of all types of bonds declined, trillions of bank capital evaporated and the REPO Market collapsed. This means, if not for the Stimulus, double the nightmare. Still think we have too much gov? I don’t. So $20 Trillion compared to $1.2 Trillion. Can’t compare the two. So the BS about people buying homes they could not afford was a BIG ASS LIE. Read people.
Below, as i was stating. The Money Market Funds & Junk Bonds, took all the profit away from banks. So banks began securitizing loans to regain lost profits. The REPO market of interbank loans had always existed, but grew rapidly in the 90′s to support securitization. But since there was no deposit insurance for loans measured in millions, counterparties demanded collateral to back these overnight REPO loans. DURING THE SUBPRIME MORTAGE CRISIS IN JAN 07, the ensuring bank panic didn’t happen…..
I knew rumors always gets people without research. THE SUBPRIME MESS WAS NOT DUE TO PEOPLE NOT AFFORDING HOMES. That was only a $1.2 Trillion mess. Coming from a company that is $20 Trillion in profits. This come from the National Bureau of Economic Research. The company is called Renew Sale & Repurchase & (REPO). It is an unregulated, uninsured business. Still think we have too much government? I don’t. This gets better. Due to the Money Market & Junk Bonds in the 80′s. Cont……………..
Look at this about 300 000 000 $
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Too bad the sound isn’t sync
It is very funny … and also very sad, as we’re loughing on our very own doom…
hahahaha sheeple
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some serious shit!!!
The problem is not money as debt per se, but money as interest-bearing debt. It is the interest that must be paid for these worthless pieces of paper backed up by nothing at all that is the core of the problem.
What is it with you people. This guy is playing the part of a stuck-up, ignorant banking a-hole who would say such a thing. He is ACTING. If you perceive it as racist then you are the one with the problem.
yousavemoneyhere . com
Laughter is the only thing that’s left when you lose everything else, so laugh as long as you can…
I….think….you might have missed the joke.
You are aware this is a comedy double act, not a real interview…
master class in satire
do you know the concept of acting?
Don’t think the British people can suffer any more because Gordon Brown raided the pension fund.
People who can’t laugh at themselves are the only people who are ever offended by these things -.-
hahaha.
we’re laughing at black, unemployed men from Alabama.
aren’t these old, white men so hilarious in their blatant racism?
How long are we going to laugh about the situation?
Brilliant assesment on how this all started. Surprisingly accurate.
… who else is losing their job (or company) because of this?
… it has however gone far beyond the point they asses by now, but an amazingly intelligent satirical take on the trigger nonetheless
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that is very awesome i love this
Check out the “Subprime Gangster” video by E-Money
NOT TRUE.
THE HOUSING BUBBLE did not CAUSE this.
THE HOUSING BUBBLE was just the PRETEXT.
The Financial SYSTEM is BUILT for PERPETUAL ECONOMIC GROWTH and that is NOT possible in the REAL world.
Watch “MONEY as DEBT”
do that now and GET kicked out.
out of your house for example.
Just take this opportunities to buy american asset and kick them out! Our jewish flag will rise on you land one day