I’ve thought for awhile now that the comedy skit "George Parr on Subprime" was some of the best "reporting" I’ve seen on the credit market. Now after reading any number of annoying "Economic recovery in 2008" articles from the "experts", I’m glad to have found another nugget of wisdom- humor writer Dave Barry sums up 2007: [Hat tip to Doom’s sys admin]
On the economic front, the dollar continued to lose value against all major foreign currencies and most brands of bathroom tissue. There was a major collapse in the credit market, caused by the fact that for most of this decade, every other radio commercial has been some guy selling mortgages to people who clearly should not have mortgages. (”No credit? No job? On death row? No problem!”) It got so bad that you couldn’t let your dog run loose, because it would come home with a mortgage. The subprime-mortgage fiasco resulted in huge stock-market losses, and the executives responsible, under the harsh rules of Wall Street justice, were forced to accept lucrative retirement packages.
So they did OK. But for the rest of us, it was another bad year.
