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AP Barack Obama |
You could hear the crickets chirping.
A lot of people are still trying to understand exactly what happened. My 18-year-old daughter has been nodding politely for months while I've explained CDOs and CDSs and MBSs. BS is the only part she grasps. She finally figured out why the world seems to be coming to an end after watching an animated video at CrisisofCredit.com.
If you, or someone you know, is still a little confused about the credit crisis, this should answer most questions (though it doesn't fully explain what happened in the credit default swaps market). Notice how the family with the prime mortgage only has one kid, but the family with the subprime mortgage has four kids and the parents smoke!
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