Friday, November 23, 2007

Stop the Subprime Meme!

by Calculated Risk on 11/23/2007 12:18:00 PM

From remarks by David Einhorn in October (hat tip Cal and NakedShorts)

... the credit issues aren't just about subprime. Subprime is what the media says. Subprime is what the financial establishment says. Subprime is about them - those people and the foolish people that made loans to them. The word subprime is pejorative. Subprime is not about us, for we are not subprime. How convenient to be able to pass the blame.
Anyone who thinks this a subprime problem, doesn't understand what is happening.

Or, as Tanta wrote: We're all subprime now.