Rather than respond to the various cheerleaders and pollyannas (Ben Stein, Brian Wesbury, David Malpass, et. al.) who have been telling us how great things are even as recently as this week, I prefer to respond via some humor, culled from around the web.
First up: Long or Short Capital:
by Johnny Debacle
Guy #1: Subprime?
Guy #1: Subprime.
Guy #1: Exposure?
#2: Subprime Jitters.
Guy #2: No, CONTAGION.
#1: But the expected loss on all residential subprime loans is de
minimis to the greater economy.
Guy #2: Liquidity. And
Guy #1: Oh. Fuck.
Guy #1: The end.
And, the always amusing Ben Sargent:
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.