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Detailed Strip Info
What happened to the U.S. Financial system?
strip info entered by stewartdicaprio and approved by DaveKellett
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| 1 |
GRAMP (talking to Arthur): Lord! I never thought I'd see the U.S. financial system melt down like this. It's a shade of 1929.
ARTHUR (Talking to Gramps): I don't even understand what happened.
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THE HOUSE (a chair in the corner)
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| 2 |
GRAMP (explaining): Well, mortgage lenders loaned massive amounts to homebuyers they knew couldn't pay them back.
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| 3 |
GRAMP (explaining, hand pointing): But lenders didn't care, 'cause they'd immediately slice up and sell those debts to investment banks as "mortgage-backed" securities.
Those investment banks then loaded on even more mortgage-based assets...and got insurers like AIG to cover the risk.
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| 4 |
GRAMP (explaining): ...but it was all based on those super-creaky mortgage-backed securities.
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| 5 |
GRAMP (explaining): Eventually, they got so cocky that they even started using apple-backed securities.
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| 6 |
ARTHUR (curious): ...Securities backed by Apple Computer?
GRAMP (explaining, pointing): No. Securities literally backed by that barrel of apples.
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THE HOUSE (a chair in the corner)
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Character Info
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