Perkins & the Subprime Fiasco
Itfs this subprime fiasco, Sir.
You know, Perkins. I think you tend to overuse the word gfiascoh a bit ....
Well, how would you describe it, Sir?
I think gwobblehf probably does it, Perkins. And we didnft get where we are today without the occasional wobble, did we?
But shouldnft we call things by their proper names, Sir?
Ifm not sure if the word gshouldh is all that useful in politics, Perkins.
But this subprime business is appalling, Sir!
But why on earth are you so het up, Perkins? Have you been reading the gDaily Mailh again?
Look Sir, correct me if Ifm wrong, but these loans were made to people who could only have afforded to pay them back if a whole raft of conditions had all come to pass. Theyfd have had to increase their incomes to pay the loans back, inflation would have had to stay low, the house market would have had to remain buoyant and so on. In fact, NONE of those things applied or were likely to and those who marketed these loans must have KNOWN they were built on sand!
Well, you may be partly ....
So why were they called gsubprimeh? Surely that means any kind of loans apart from "prime" loans?
Whereas in fact, they are almost all absolutely useless rather than merely gsubprimeh. Why in fact didnft they call them gAbsolutely Worthless Shite Loans sold by Greedy, Overpaid Fat Cat Bankers Overseen by Totally Incompetent and Complicit Wankers in the Federal Reserve Bankh?
Well, that wouldnft have fitted on the contracts for a start!
But itfs such lies, Sir!
Now Perkins, there is a difference between Lies and Good Marketing. For goodness sake! How could anyone have sold any of those loans with a name like yours?
At least it would have been honest, Sir.
Ah Perkins! Sometimes you remind me of my long-distant youth .....