April 4, 2008
This Freeze Condition
Next time someone who’s not familiar with markets asks you what caused the credit crisis, use this great analogy from Paul O’Neill to explain things:
Q: It’s so hard to understand how the subprime mortgage crisis has triggered a financial crisis of global proportions.
A: If you have 10 bottles of water, and one bottle had poison in it, and you didn’t know which one, you probably wouldn’t drink out of any of the 10 bottles; that’s basically what we’ve got there.
– via the R man –
Cat: | Time: 4:56 pm (utc+8)