Subprime PowerPoint Presentation

Of all the deep analysis of the subprime crisis, this is perhaps the deepest. It’s certainly the most straightforward analysis to date … comprised of the most rudimentary of stick figures all beautifully packaged up into a slick, sophisticated PowerPoint presentation. Kind of like the most rudimentary credit quality all packaged up into slick, sophisticated “A-Paper” securities. How appropriate.

Basis Point of Disclosure: This has floated around email as a PowerPoint screenshow for weeks. It’s author is anonymous, although they should come forth and claim credit for their mastery. The attached version is a PDF file to make it a more manageable download size.