Guy #1: Subprime?
Guy #2: Subprime?
Guy #1: Subprime.
Guy #2: Jitters.
Guy #1: Exposure?
Guy #2: Subprime Jitters.
Guy #1: INFLATION.
Guy #2: No, CONTAGION.
Guy #1: But the expected loss on all residential subprime loans is de minimis to the greater economy.
Guy #2: Liquidity. And contagion.
Guy #1: Oh. Fuck.
Guy #2: Commercial paper.
Guy #1: The end.