All this time, with the ongoing subprime mortgage crisis, he's been going around with the assumption (incorrect, as you'll see) that the term "subprime" referred to bank loans with an interest rate below the Prime interest rate.
Duh!
No, subprime refers to loans to less-than-prime loan candidates. So, although it may seem that the subprime mortgage-inspired crisis occurred because interest rates were brought real low by Alan Greenspan (and it was, but not because of the aforementioned misconception), the whole-crisis was due to lenders (banks, savings-and-loans, mortgage companies) lending to folks who could not afford to keep up with payments, either due to income issues, over-the-top lending fee's or balloon interest payments (adjustable rate mortgages).
More later.
phew!
..HF.
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