Subprime Quote du Jour: Balance Sheet Metaphysics

Okay, okay, even I’m getting a little subprime fatigued, but you have to be at least mildly chagrined/amused/appalled by the following quote from a story on the subject in tomorrow’s WSJ:

"There is a large amount of borrowers who are in products that either no longer exist or that they no longer qualify for," says Banc of America Securities analyst Robert Lacoursiere.

Whoa, now there’s a true off-balance sheet metaphysical exercise for you: "Right, we don’t count those because they don’t exist. Sorry."