The Economic Crisis Short and Dirty version
ha ha my bust i forgot to post this joint lol
Here is what went down
Person 1: I wanna Buy a house i can't afford...Im go to the bank and get a loan
*Person 1 enters the bank*
Person 1: Bank I wanna get a loan to help me buy a house i can't afford
Bank: Well its okay that you cant afford it becasue your young you'll probably get a promotion and make more money, so will give you this loan and an adjustable rate mortgage and no/very little money down and if you cant pay it just sell it b/c the housing market is going to continue to boom forever.........
Person 1: Awesome
********
Bank: we got all these loans for these houses.......hmm what to do......I KNOW lets sell them to these Mortgage and loan companies like AIG
**phone rings**
Bank: Hello?
AIG/Lehman Bros/et. al. : Hey its AIG/Lehman Bros/et. al. we heard you were selling something?
Bank: Uh yeah...
*******
AIG/Lehman Bros/et. al. : Hmm....wow these loans are really shitty. But who cares the housing market is gonna grow forever so if they cant pay for the house they were just sell it for more than what it was worth and we will make money either way. We cant lose.
**AIG/Lehman Bros/et. al. Calls Wall Street**
Wall Street: talk fast
AIG/Lehman Bros/et. al.: Loans Good
Wall Street: BUY! BUY! BUY!
**Later**
Investors: Wait a minute Wall Street.....these loans effing suck
Wall Street: ..........Uh Uh AIG/Lehman Bros/et. al. said they was good talk to them
Investors: Aye AIG/Lehaman Bros/et. al. these loans suck
AIG/ Lehman Bros/et. al: uhhhhhhh talk to the bank
Investors: eff this im pulling my money out
**housing market bottoms out and the Economy Takes and L**
well folks that massive deregulation for you lol
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