“While Hirsch chose to use a champagne bottle and waterfall to illustrate how credit card receivables became asset backed bonds. I feel that a trough and pack of wild hogs would have worked out just as well, though it would have been harder to draw!
“This is only one of the videos in the Marketplace’s collection of Whiteboard videos explaining our current economic situation. Other topics in the series include short selling, defaults, margins and the fallout surrounding a financial crisis. These short informational videos are an excellent way to gain a better understanding of what’s happening in our economy without needing your own personal economist.”
The idiot’s guide to why the credit card crisis is next, by Josh Smith, WalletPop, December 7, 2008
This isn’t just insane, it’s fucking insane. Has debt always been sold as an asset? This is a good explanation of what’s probably coming down the road. We never needed tougher bankruptcy laws. However, we’ve needed laws to leash the credit card companies for decades.