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Thread: The Long Johns explain the markets and subprime (satirical comedy video)

  1. #1
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    Default The Long Johns explain the markets and subprime (satirical comedy video)

    John Bird and John Fortune are known in the UK for a series of satirical sketches, called The Long Johns, in which one interviews the other, playing the role of a senior politician or businessman.

    Their appearances in various shows have won several awards.

    In this sketch, "George Parr", an investment banker played by John Bird, explains the financial markets, and how sentiment affects turbulence and volatility.

    Brief transcripted excerpt:
    "...During this summer there have been actual causes behind the volatility in the markets haven't there? I mean specifically and especially in America, granting vast numbers of mortgages to people who can't afford them on properties which are diminishing in value...

    This is the so-called subprime situation... yes... market...

    The subprime... Yes... How does that work in fact?

    Well, imagine if you can, say, an unemployed black man sitting on a crumbling porch somewhere in Alabama in his string vest, and a chap comes along and says "would you like to buy this house before it falls down, and why don't you let me lend you the money?"

    And is this chap who says this, is he a banker?

    Oh no, no, no, he's a mortgage salesman, his income depends entirely on the number of mortgages that he can arrange.

    So his judgement to arrange mortgages is completely objective?

    Completely objective, yes, absolutely.

    It would. Yes. And what happens next?

    Well then, this debt, this mortgage debt, is taken, bought by a bank and packaged together on Wall Street with a lot of other similar debts.

    Without going into much detail about what is actually...

    Without going into any detail, no, it's far too boring. And so this is put into a package of debt and so and then it's moved on to Wall Street and... it's extraordinary what happens then... that somehow this package of dodgy debts stops being a package of dodgy debts and starts being what we call a structured investment vehicle..."
    The Long Johns - The Last Laugh - George Parr - Subprime

    Broadcast on 14th October 2007

    John Bird is the one on the left.

  2. #2

    Default speaking of satire....

    Saving the "Loaners"......a parody of Bush's Weekly Radio Address on the topic of the subprimes, courtesy of The Onion. Very funny, and a great Bush sound-alike.

    http://www.theonion.com/content/node/66987

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