The markets may be closed today, but that doesn’t mean that we’ve decided to take the day off too.
Instead, we’ve decided to bring you a laugh or two courtesy of our old friend the sub prime contagion.
It’s a funny bit that has been making the rounds since last week. The scary part, of course, is that like all great humor it’s practically true.
But be warned, there are a more than a few F-words involved.
It’s a slide show called the Subprime Primer and it’s absolutely hysterical.
But of course, don’t try to tell that to our friends from across the pond in the UK.
They woke up today to find out that they were now the owners of a troubled bank taken down by the same subprime crisis that the slideshow describes.
That put British taxpayers on the hook for some $107 billion in loans and guarantees as the Northern Rock endgame began. Northern Rock was nationalized.
Here’s the story of the debacle as reported by Bloomberg entitled: U.K. May Keep Northern Rock Nationalized for Years.
The bad part, of course, is that what happened over there today may be an endgame that we see here someday soon.
And that wouldn’t be so funny after all.
