Stephen Colbert and Jim Cramer on the subprime market – “we have Armageddon!”

I wanted to post this as soon as I saw it last night, but had to wait until it was uploaded to Comedy Central’s site this morning.

There are far too many great lines to quote here, but Stephen’s opening is priceless –

Apparently a bunch of billionaires thought it would be a good idea to give millions of poor people mortgages that they couldn’t afford and somehow that turned sour.

The lenders are tightening up. real/diaBlog has gotten hold of a couple of supposedly internal emails from Washington Mutual, National City and IndyMac; they make for fascinating reading.

Technorati Tags: mortgages, stephen colbert, real estate