Here is a nice little comic we arranged for your viewing pleasure. source of it is unknown. It is available at multiple blogs without mention of source. This funny, shocking and surprising. It. Just what happened? How did this American (US) sub-prime crisis all start? Who screwed up? Why was it so predictable and why are the current US government reactions, by cutting interest rates, the wrong course of action If you want to truly know how it all came to be, this is a must see! here is a glimpse of it

Slide 04 : Scene Set at a typical Mortgage Broker: At Ace Mortgage Brokers: “We Make Your Dreams Come True”

Slide 04 : Scene Set at a typical Mortgage Broker: At Ace Mortgage Brokers: “We Make Your Dreams Come True”
Broker: An we can give you a really really low interest rate for a few years. We will raise it later, okay?
Customer: Sure, no problem. Umm, there’s one another thing.. my employer is a real prick and might not verify my employment. Would that be a problem?
Broker: NopeWe can get you a special “liars Loan” and you can verify your own employment and income!

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It is now fairly established that  the recent crisis in US sub-prime housing market is the  primary reason behind the global economic melt-down. In order to fully understand the dynamics and depth of current global recession, It is very important to know what led us to this crisis. I have found the illustration below very thought-provoking and useful. It helped me explain the reasons effectively.

The visual guide to the financial crisis:

We all know, Alan Greenspan and Bush said they are sorry for the Global economic crisis. But do you know what Greenspan said in 2003?

“The notion of bubble bursting and the whole price level coming down seems to me as far as a national nationwide phenomenon, is really quite unlikely,” By Alan Greenspan, Federal Reserve Chairman, in 2003.

Via