Monday, August 20, 2007

MMI: We Have Met the Waldo and It Is Subprime

by Tanta on 8/20/2007 08:54:00 AM

Happy Monday, everyone. Gather 'round while Uncle Bill Gross uses a metaphor from a children's book to explain to the unhip old farts what the young wizards have been up to.

Goodness knows, it's not a piece of cake for anyone over 40 these days to understand the maze of financial structures that now appears to be unwinding. They were created by youthful financial engineers trained to exploit cheap money and leverage, who showed no fear and who have, until the past few weeks, never known the sting of the market's lash.
Don't be fooled by the piece of cake: it really involves fungus (after the Waldo part), so sorry about your breakfast.