[lit-ideas] Forrest Gump Explains the Mortgage Mess
- From: "Julie Krueger" <juliereneb@xxxxxxxxx>
- To: lit-ideas@xxxxxxxxxxxxx
- Date: Thu, 20 Nov 2008 18:40:34 -0600
This was sent to me by my husband ... I have no idea what the origin is.
But it gave me a much-needed laugh for the day. The last bit is priceless.
Julie Krueger
This is the best explanation I've heard. Not sure what it says about me to
have to have a Forrest Gump explanation to understand this mess…
Mortgage Backed Securities are like boxes of chocolates. Criminals on Wall
Street stole a few chocolates from the boxes and replaced them with turds.
Their criminal buddies at Standard & Poor rated these boxes AAA Investment
Grade chocolates. These boxes were then sold all over the world to
investors. Eventually somebody bites into a turd and discovers the crime.
Suddenly nobody trusts American chocolates anymore worldwide.
Hank Paulson now wants the American taxpayers to buy up and hold all these
boxes of turd-infested chocolates for $700 billion dollars until the market
for turds returns to normal. Meanwhile, Hank's buddies, the Wall Street
criminals who stole all the good chocolates are not being investigated,
arrested or indicted.
Mama always said: 'Sniff the chocolates first, Forrest'.
Quote of the day from a fund manager: 'This is worse than a divorce... I've
lost half of my net worth and I still have my wife!! '
*The bailout, a different perspective**:*
Back in 1990, the US Government seized the Mustang Ranch brothel in Nevada for
tax evasion and, as required by law, tried to run it. They failed and it
closed. Now we are trusting the economy of our country to a pack of nit-wits
who couldn't make money running a whore house and selling booze?
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