"So The Coop inputs whole mortgages (8 o’clock) and outputs Son of Agency Debt MBS (12 o’clock). Meanwhile Wall Street’s finest surround The Coop withdrawing fees and so on (Citi around 9 o’clock; JP Morgan at 1 o’clock; Bank of America at 4 o’clock; unidentified bank at 6 o’clock is probably Wells Fargo), and the fresh new government guarantee (the nice fat inward pointing arrow at 11 o’clock) pumps unlimited taxpayer dollars toward the event horizon as needed."

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