How did it all happen? Just how did the US subprime mortgage market cause this much carnage? The answer, on one level, is very simple. Subprime financing was a strategy perfected in the 1980s by Ugandan fishermen on the shores of Lake Victoria. They called it fishing with dynamite.
As a business model, it was flawless. Step 1: get some dynamite. Step 2: Paddle out and scatter food. Step 3: Drop the explosives – after two long minutes, the fish all floated to the surface – lifeless, on their sides, but intact. Bonus time.
