Tuesday, June 09, 2009

This Week's Troubletown Cartoon: Why are Bankers Such Liars?


Here's this week's cartoon. I wanted to talk about the shadow surplus of foreclosed homes that the banks are keeping off the market. Houses are selling so poorly that banks will often take half of their, already way marked-down, prices. Releasing all of the foreclosed properties into the market would drive the real estate market down dramatically, further screwing the economy. I didn't manage to get all that in, but it would've been too hard to explain in a funny way, so I just went for whacking banks for all of their lying. It's bizarre how these companies will cook the books to make themselves look solvent and prosperous. The financial industry spent 30 million to get the accounting rules changed so that they could park their foreclosed homes and place their own, imaginary value on the property. Nice. Time to start learning how to short stocks in the housing sector. There's no recovery coming. As people continue to lose jobs there are likely two more waves of foreclosure crises coming.

So, I had a couple of decent hooks to build a cartoon on this week, but I don't know if I did it. Up until 5 am this morning I had no ideas at all. I never know if anyone will get it.

Bonus, here's last week's cartoon colored in!


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