Subprime explained in comics

Thu, Sep 25, 2008

Comics and cartoons

The subprime mortgage morass explained simply via stick figure comics in the Subprime Primer. It is just me or does ‘Subprime’ sound like a title for a dodgy 1990s Michael Crichton novel? Or maybe the title for a possible next Oliver Stone film? (link via Boing Boing)

Sub-Prime-Explanation_Page_03.jpg

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1 Comments For This Post

  1. Steve Says:
    September 27th, 2008 at 10:31 am

    At least they got half the story, but there was no mention of the role of the federal government, e.g. Fannie Mae or Freddie Mac.

    The essence of the problem is the attempt to create “affordable housing” by means other than lowering the price of houses, which is what the free market does in other industries. We have made housing more expensive via zoning, regulation, taxation, and rent control, so we try to make it more affordable by encouraging people to borrow:
    http://en.wikipedia.org/wiki/Fannie_Mae
    “Fannie Mae was the leading participant in the U.S. secondary mortgage market”

    The author of the presentation attributed the problem to the “Really Smart Guys” in New York, but Fannie Mae is located in Washington DC.