Subprime Banking Mess

[hairytoothgaming]

It's god to be educated about this. Lets try not to let history repeat itself!

[angeliashann]

also i'm a lady who loves to have fun

[BethelAgnusrv79]

hihi sensual girl here just for you baby

[LeonPhythian69]

did you put the frame in yourself at 6:57 and a half seconds or was it already in the original show?

[saijai587]

Subprime is very awful.

[kopi5896]

Thank you for sharing about knowledge of subprime.

[minami935]

Subprime is very critical crisis.

[commercialmats]

This is really good. I think it is super funny but has some truth to it.

[leotveter]

Brilliantly done, but I'm starting to see a pattern... Every time the public start becoming aware of stuff like this, comedians are thrown into corporate media streams to let everyone blow off some steam and thus making them think everything's going to start working out... Keep an eye out for that!

[Bracerjack]

Fascinating...

[choirboyfromhell1]

As the Brits would say-"BRILLIANT!"

[PhuQuangLe111]

And for practising riba, which was forbidden, and for consuming the people's money illicitly. We have prepared for the disbelievers among them painful retribution. (Qur'an 4:161) ” The riba that is practised to increase some people's wealth, does not gain anything at God. But if people give to charity, seeking God's pleasure, these are the ones who receive their reward many fold. (Qur'an 30:39) ”

[edit] Ahadith

[PhuQuangLe111]

O you who believe, you shall not take riba, compounded over and over. Observe God, that you may succeed. (Qur'an 3:130) ”

[themurge]

What's with the random split second picture of a guy at a computer at 6:58?

[phnixlady]

The names they think up are very good ! lolol.

Like, uh, PAID FOR ?Protecting Against Indebting our Descendants through Fully Offset Relief Temporary Extension Act of 2010

or, PATRIOT Act? Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001.

and, DISCLOSE ! Democracy is Strengthened by Casting Light on Spending in Elections Act

ahahaha. What's in a name.

[stonescourt3]

they buy the loans (the debt) hoping to make the interest paid on the loan. its a ponzi scheme, just like VAT and the Fed. getting paid for something that hasnt happend yet.

[jtaylorson]

absolutely brilliant stuff, .true, funny, and well executed.

[bilaczenko]

The financial market is nothing more than a rigged game of musical chairs in my humble opinion in other words legaialised pryramid, there is nothing to laught about being a mugged although I conceed this video is satire, but one tou realise that the names of the brokers and hedge funds here are in actual fact real names and practises of enguiity then we can also cry ..

[edvinforex]

Risk free investment program, join now!

edwinforex[dot]com

[zitzerman]

Shall we tell the critical posters? Na.

[24link135]

some try to stop the vid at precisely 6:59

[bilaczenko]

Somali pirates say they are subsidiary of Goldman Sach

[WilliamHCarney]

untilAugust 07 when lenders began making collateral calls & demanding collateral fire sales at discounted prices. This panic meant the value of all types of bonds declined, trillions of bank capital evaporated and the REPO Market collapsed. This means, if not for the Stimulus, double the nightmare. Still think we have too much gov? I don't. So $20 Trillion compared to $1.2 Trillion. Can't compare the two. So the BS about people buying homes they could not afford was a BIG ASS LIE. Read people.

[ralph3nuis]

@WilliamHCarney Are you serious? You truly believe that clearing debt with more debt is a smart idea? Please read some of Ludwig von Mises' work.

[WilliamHCarney]

Below, as i was stating. The Money Market Funds & Junk Bonds, took all the profit away from banks. So banks began securitizing loans to regain lost profits. The REPO market of interbank loans had always existed, but grew rapidly in the 90's to support securitization. But since there was no deposit insurance for loans measured in millions, counterparties demanded collateral to back these overnight REPO loans. DURING THE SUBPRIME MORTAGE CRISIS IN JAN 07, the ensuring bank panic didn't happen.....

[WilliamHCarney]

I knew rumors always gets people without research. THE SUBPRIME MESS WAS NOT DUE TO PEOPLE NOT AFFORDING HOMES. That was only a $1.2 Trillion mess. Coming from a company that is $20 Trillion in profits. This come from the National Bureau of Economic Research. The company is called Renew Sale & Repurchase & (REPO). It is an unregulated, uninsured business. Still think we have too much government? I don't. This gets better. Due to the Money Market & Junk Bonds in the 80's. Cont.................

[wwwmilpopcom]

Look at this about 300 000 000 $

milpop com

[sjoerdwennekes]

Too bad the sound isn't sync

[OutlineStudio]

It is very funny ... and also very sad, as we're loughing on our very own doom...

[BeantownJim]

hahahaha sheeple

[ducksoup2007]

master class in satire

[tellyisrubbish]

Don't think the British people can suffer any more because Gordon Brown raided the pension fund.

[sethkar]

People who can't laugh at themselves are the only people who are ever offended by these things -.-

[smartpenguin]

hahaha.

we're laughing at black, unemployed men from Alabama.

aren't these old, white men so hilarious in their blatant racism?

[mannotwiththeplan]

do you know the concept of acting?

[IainStanford]

I....think....you might have missed the joke.

You are aware this is a comedy double act, not a real interview...

[kentafication]

How long are we going to laugh about the situation?

[Daerkell]

Laughter is the only thing that's left when you lose everything else, so laugh as long as you can...

[jimmybeard]

Brilliant assesment on how this all started. Surprisingly accurate.

... who else is losing their job (or company) because of this?

... it has however gone far beyond the point they asses by now, but an amazingly intelligent satirical take on the trigger nonetheless :)

[SubprimeGangster]

Check out the "Subprime Gangster" video by E-Money

[JohnIbrah]

Just take this opportunities to buy american asset and kick them out! Our jewish flag will rise on you land one day

[myrelative]

do that now and GET kicked out.

out of your house for example.

[ne1l007]

Its not all about being rich.. TRUST ME ON THAT.. I used to be a banker now looking back on it.. I cant stand bankers they are just materialistic nothing else. If people read this and want to be investment bankers.. think twice

[vitalmiles]

That was funny ! try first to handle hamas and hizbullah.

[Anonymouswon]

Both funny, because they deliver what they said like bumbling old fools, and sad because almost all of what they say is fact.

[DrMBA28]

i would try the "bankingorbust" website for more info on this topic

[vitalmiles]

I would try the 'bigprofitsystem' website

[winearch]

yes. the financial engineers DO have this intellect, "...ring around the Rosy..."

sheesh! i need a

W ild

W onderful

W ay to achieve

NOBRAINERSAVINGS

COM plete with paying ME to save money on my fixed expenses...

[awags07]

First it was the banks.  Now it is auto manufacturers. Who's next? Newspapers. Students, who took unwise college loans? This is ridiculous, you don't just bail out a business because, they make mistakes.

[mulukchuwen]

po old black man from Alabama is the FREEST goddamn man in the whole wide world though he doesn't realize it because he's lead to believe otherwise by the idiot media.

[brookeandvincent]

Yowza! Great stuff! What's that frame inserted at 6:58? I can't quite make it out.

[leesystems]

It is so true about dodgy loans, driven by salesman who are driven to earn commission, which are packaged into pools given high brow names. SOME of us Yankees fully know how bad the market / Govt. is behaving....These guys are hilarious. it's too bad they used the taboo phrase 'poor black man from Alabama' as that instantly made a large portion of the population deaf to the rest of the message, which is brilliantly accurate and simply explained so even the "poor man in Alabama" can understand.

[tarpaperscratch]

is you talking about it making it better or worse?

[leesystems]

I am writing about how the Feds are making the situation worse. The big investment firms have made many bad moves out of greed as well.

[lupoforme]

Excellent!!!

[davidOUsoon]

This is awesome.

[farleigh17]

Peter Cook

[Marshmellowed]

Oh my God...this is a bloody piss take, not a proper documentry! How funny.

[teaflax]

Out of sync = fail

[Tancred66]

You Yanks just dont get irony or British intellectual humour. This wasn't about black people. Period.

You are so easy to wind up.

Another 1000 years of civilisation should do it.

[Gmaker69]

Some yanks do. This was quite hilarious.

[Tancred66]

Gmaker. You have restored my faith in Americans.

Check out the lastest up to date sketch by these guys along the same lines - it was aired on Sunday so should be on YouTube by now.

[davidOUsoon]

HAHAHAHA very nice.

[brokenbriton]

I believe this was broadcast in Oct 2007...Why have the worlds Govts been so unprepared...and we have descended into this mess

[MrCropper]

Doesn't ANYONE understand that the government pressured those sub-prime loans on banks in order to stimulate the economy with housing construction?!?

Thanks, government!

I wish they would leave the market alone...

[soupisgoodfood42]

Perhaps the banks shouldn't have caved into the pressure, if they knew it was a bad idea. They are just as much to blame as the government from what I've read.

[MrCropper]

"Perhaps the banks shouldn't have caved into the pressure, if they knew it was a bad idea. They are just as much to blame as the government from what I've read."

How could they not cave-in?!? They would have been prosecuted under law - American affirmative action in housing loans.

You are clueless about violent, arbitrary nature of government fiat.

[soupisgoodfood42]

Sorry, I saw "pressured". If they were forced to by law, then that's different, but the whole situation is still not only the government's fault. If you can't see that, you have a major problem that you need to work through.

[teaflax]

The incentives driven by the government in the US loan collapse were a minority part of the defaults. The subprime market (and the multiple leveraging of loans), which is the primary cause of the meltdown was driven by greed and fuelled by lack of regulation. Even Alan Greenspan says so. Nice try at historic revisionism, Cropper - the facts just point in the other direction.

[Tancred66]

Why all the concern about the unemployed black man in a string vest sitting on his porch?

If he went out and got a job instead of sitting there smoking skunk and calling out to the "ho's" in the street the world wouldn't be in the mess its in.

Surely.

[ngonea]

I am grateful to know that the majority of the worlds ppl no longer believe in the self appointed superiorty of the racist mind set just displayed by your comment. The world is sick of your hubris, and you are no longer able to decieve the world with your lies. The western barbaric culture has been a cesspool of blood all over this planet, and because of your mental illness, (W.S.) wars are waging, babies are dying of hunger and nuclear war is on the horizon. GROW UP!

[soupisgoodfood42]

How do you know he doesn't have a job?

[Backatwon]

With only 13% of the nation's population Blacks can not be blamed for this world-wide mess .......be serious !!!

[Caesar1313]

Anybody notice the out of place frame at 6:57?

[asifsaraiya]

Yes, I noticed it.

[blueswailer1952]

Brilliant! By the the way, does anyone want to buy a high grade enhanced package of 2,800HBOS shares at 300p each? Cheap at half the price, guv.

[tashcopin]

I loved this video..I thought the humor was on point..was not offended at all when they used the poor unemployed black man buying a home.  I thought it drove home the point precisely.

[theclassical]

RE: Black man in a string vest in Alabama.

John Bird is playing the character of an elitist, privileged buffoon. They know the mortgage lenders are to blame and are simply satirising the situation from the view of these selfish, greedy lenders. I don't think it's racist.

[Journeywithinn]

Prophetic..

[patty7beth]

Yes, British humor sees race differently. But people must know the mess wasn't caused by "a poor black man in Alabama" - but unscrupulous mortgage salesmen who pushed risky loans for profit. Low-income/minorities got routinely steered to ARM & balloon mortgages 3-4 times more often than whites with the same credit ratings. Don't forget yuppies who skipped starter homes for upscale ones they couldn't afford! People leave college expecting a lifestyle it took their parents 10-15 years to achieve.

[IvanTchourilov]

There was absolutely nothing racist implied in that phrase. The idea was, as the classical suggested, and elitist banker. The use of a black man sitting in Alabama is a very discriptive image. Of course you could refer to trailer trash, however I think you would lose about 80% of the non-US viewers.

[DocJakson]

This is the best analysis I've heard so far..scary isn't it?

Doc

[newsads]

a fine analysis

[Danjuma13]

This is so true. I love that dry British humor.

[ccs1702]

British people are great.

Also, on the issue of racism, it's important to understand that that every country has a different history of race relations. They were simply choosing an example of a demographic that would be likely to be targeted by corrupt mortgage practices and meant no harm by it. Certainly an American would not have said it, but this was someone largely unfamiliar with the nuances of racism in the US.

[dpylyp]

Life must be ok if we can laugh at things like this. As long as we have our health and our wits, any problem created by men can be resolved by men.

David Pylyp

[dpylyp]

Life must be ok if we can laugh at things like this. As long as we have our health and our wits, any problem created by men can be resolved by men.

David Pylyp

[runirokk]

Great stuff! :)

[mdilip]

fucking hell, this is hilarious.

[Bluemate737]

Excellent !

And please people stop to do comment about racism and do not see racism everywhere ! First learn the definition of racism before speaking about it. If i say : "A unemployed white guy bla bla bla..." there is no racism in this sentence. The same with black guy or yellow guy.

[scotsmanlerxt]

Many will laugh to keep from crying watching this. Quite well done! 5 stars.

[jointstrike2]

Anybody notice the single frame inserted at about 7:10 of a man sitting in front of a display monitor? What's that all about?

[COMPTROL]

it is 6:58 in fact.

[DerMailander]

I've just noticed that too, by chance! Who's the guy? O_O

[apoc2050]

Weird..

[Elg1no]

Anyone who listened to Peter Schiff knew this back in 2002.

[olemann77]

yep

or just using their heads.. who couldnt see this comming

[zurapDOR]

Some say that art is the thing to invest in, when declining economy. I like the concept of printing money, put them into circulations as art-pieces and increasing their value, by printing them out of need..whatever u do, don't CALL them money, but para-market art-bills. Remember to sign 'em..good luck..

[elbuggo]

If a black man says that he prefers his own race, that is not racism. If a white guy says that he prefers his own race, obviously, that would be racism.

Didn't everyone learn this in school?

Minorities need affordable housing, anything else is racism. Because of this slavery up until 1865 and holocaust, they deserve it. It is their right that the majority give it to them. If not, that would be racism.

[hamfari]

IMO it isn´t racism, it´s a fact that black people are the poorest in the US and wouldn´t afford a mortgage. If the "white man" would be the poorest in the US he would have said a white man. So it isn´t racism. Although it would have been more PC to say just "a man" to avoid confusion.

[DAKASA777]

Good bit, too bad they had to messed it up with their blatant racism.

[intellectualcocoa3]

An unemployed black man?????....why?

[zacha83]

Yeah, it's hilarious minus that racist bit

[spepper]

it's an example... could have done without it, but it works perfectly.

[intellectualcocoa3]

It doesn't "work perfectly" at all!...lol He should not have attached any race to his example. The fact that he did shows his disregard for people who are different. I'm sure if there was any diversity in that crowd there would not be as many chuckles after every statement he makes.

[intellectualcocoa3]

I agree with Hamfari down there...

[spepper]

ok whatever, i'm sure it wasn't really that important to the John that said it (he was just trying to give an example), so don't feel soo offended by it.

[huckteeper]

What is it with you people. This guy is playing the part of a stuck-up, ignorant banking a-hole who would say such a thing. He is ACTING. If you perceive it as racist then you are the one with the problem.

[vibgyor001]

Uploaded February 2008? Amazing.

[DeepClue]

Feb. '08??? And what has the Treasury and the SEC have done since then until now???

[vibgyor001]

Sweet FA

[jdmars02]

GENIUS!

[Moragauth]

And none of this should be surprising to anyone familiar with Austrian econ.

[aragee]

It is just amazing how two comedians could describe and predict the current financial meltdown so accurately a year before it happened when the so-called financial experts running the world markets failed so miserably to do so.

Simply brilliant!

[mtube620]

this skit is so accurate of what is happening now

[m3nd3s]

wat.

[louis12346]

Former fed chairman Alan Greenspan has been a defender of derivatives since 1999 or before . Did you know that the same guy pushed subprime loans has also pushed derivatives

other regulatory agencies and Congress have taken a totally hands-off approach towards derivatives.

How Big a Problem?

How big is the derivatives market? Worldwide, it is $596 TRILLION dollars *. The derivatives market dwarfs the real market for goods and services, and acts likes an unregulated black market.

[huckteeper]

The problem is not money as debt per se, but money as interest-bearing debt. It is the interest that must be paid for these worthless pieces of paper backed up by nothing at all that is the core of the problem.

[MacBookForMe]

How on earth has he managed to learn all those financial terms so fluently? Pure genius acting!

[roseagain2]

Great job, thanks!

[ToritoNL]

Great sketch! But who's the guy sitting behind his laptop, in the split second frame at 6:58 of this clip?

[kellylynn9999]

32,792 views..9/28/08

Freakin funny video over a turbulent topic....

One~World

[carmela1942]

Espeluznante! Aterrrador! Insightful! A masterpiece! Should be included in rescue package. Wall Street : watch out! We are on to you!!

[dexxterat]

hilarious and frightening at the same time; some of it seems to actually quote the "real" world... wait, let me get this straight, it's all cited from "real" world (in some way or the other given you read between the lines while reading/watching the news)!

[andygreece]

absolute genius...

and scarily not much exaggeration either

[tetrababy]

excellent

[Lazazadeparis]

what a suprime performance :) tx