<p>Mystified by how ‘sub-prime’ debt engulfed Wall Street’s smartest and now threatens the wider global economy? The following comic strip may help explain how the story started:
[The</a> credit crisis explained in black and white - Telegraph](<a href=“http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/26/bcncrisis126.xml]The”>http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/26/bcncrisis126.xml)</p>
<p>At some point, stinky, putrid garbage will have value. Those countries that own our IOU’s will one day come to the conclusion that the US doesn’t have the pollution as does China, The weather is better here than in Russia, And there is more water in America than the midEast.</p>
<p>Be sure to invite your neighbors to the America’s Neighborhood Night Out. First week in August.</p>
<p>Wow, I used to be in the mortgage business, but that comic is one of the best ways to describe the problem I’ve seen!</p>
<p>I got out of the business the last time the real estate market tanked (1980’s). But before I left I saw the “real estate will always go up so why bother to verify income” mindset, and it scared me. At the time, no-income-verification loans still required a substantial downpayment, though.</p>