Friday, July 10, 2009

Crossword #3!

This is a strange looking one... [click on images for better resolution]



Also, 5 down reminds me of this hilarious blog post. Here's a preview:

"...if I was a degenerate crackhead who snuck into your neighborhood and mugged you for $50, the Wall Street Journal Opinion Page would want me thrown in jail. Now imagine that I’m a degenerate crackhead who took out a subprime loan to move next door to you, in an arrangement that I’m likely not going to pay off. I might not even make one payment. If I default you’ll lose 10% of the value of your home from the externality effect. Assuming your home is worth $300,000, there’s a 20% chance I default in 2 years (realistic numbers), and you lose 10%; 300,000*.2*.1 = I’ve just robbed you for $6,000 while the Wall Street Journal Opinion Page cheered me on. And that’s one house – I’ll have a dozen neighbors. Now mind you, the product was great for me – I got to smoke crack indoors, in a house I could never realistically afford, which was a big plus. The subprime lender sold my loan to a pension fund in Denmark for a nice fee. It goes in the win column for us."

Happy Friday~

2 comments:

  1. esther, fyi, this crossword is really hard! I don't even know what core capital ratio is! haha

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  2. Answers!

    Down
    1) beggar
    2) medicare
    5) mortgages
    8) congestion

    Across
    3) twelve
    4) jobless
    6) doha
    7) han
    9) banking
    10) feinberg
    11) industrialize
    12) two

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