My friend Chris sent this along to me. He’s been emailing me alarms for months on subprime and we’re in the thick of the problem now. This little slide show that’s been circulating around Wall Street for a few days now explains how we got here. I’ll confess that this isn’t a subject I have much deep knowledge or thoughts on, so if any of you economics types in the crowd see any holes in the show’s tale or have any thoughts on it, chime in.

Content warning, especially on the last couple of slides.