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Just this Once: The Long Johns explain the credit crunch

submitted by wagdog
1 decade 5 years 6 months 2 weeks ago

A clip from Bremner, Bird and Fortune - Silly Money (aired 2 Nov, 2008, Channel 4, UK)

John Bird and John Fortune perform a hilarious sketch that is surprisingly accurate in explaning how mortgages were securitized (Mortgage Backed Securities), bundled up into Collateralized Debt Obligations (CDO), insured against default with Credit Default Swaps (CDS), all of which eventually created a giant unsustainable bubble in the world economy, all because the participants thought it could go on and on.

If you enjoyed this explanation, then please be sure to watch the conclusion for the ultimate punchline: http://www.youtube.com/watch?v=mHGbsOThuyM