[
transcription instructions ]
[
View List ] [
Things ]
| Strip Content: (15175) |
|---|
| Entered by: |
stewartdicaprio |
| Approved by: |
DaveKellett |
| Last modified at: |
2011-04-01 19:01:52 |
| Status: |
This strip is not currently available for transcription. |
Panel 1 |
|
| Locations: |
| |
THE HOUSE (a chair in the corner) |
|
|
| Props: |
|
| Characters: |
| 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. |
| 2: |
ARTHUR (Talking to Gramps): |
I don't even understand what happened. |
|
Panel 2 |
|
| Locations: |
|
| Props: |
|
| Characters: |
| 1: |
GRAMP (explaining): |
Well, mortgage lenders loaned massive amounts to homebuyers they knew couldn't pay them back. |
|
Panel 3 |
|
| Locations: |
|
| Props: |
|
| Characters: |
| 1: |
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. |
|
Panel 4 |
|
| Locations: |
|
| Props: |
|
| Characters: |
| 1: |
GRAMP (explaining): |
...but it was all based on those super-creaky mortgage-backed securities. |
|
Panel 5 |
|
| Locations: |
|
| Props: |
|
| Characters: |
| 1: |
GRAMP (explaining): |
Eventually, they got so cocky that they even started using apple-backed securities. |
|
Panel 6 |
|
| Locations: |
| |
THE HOUSE (a chair in the corner) |
|
|
| Props: |
|
| Characters: |
| 1: |
ARTHUR (curious): |
...Securities backed by Apple Computer? |
| 2: |
GRAMP (explaining, pointing): |
No. Securities literally backed by that barrel of apples. |
|
