With the glee that only a nerd can enjoy when they see another, more awkward classmate collapse because of the sub-prime mortgage troubles, we cheerfully share the announcement that the All-American Football League is boned.
In an attempt to secure kickoff of its inaugural season as well as its long-term future and success, the All American Football League® has begun discussions to explore multiple financing options.
Since inception, the League’s finances have been indirectly tied to the $300 billion federally guaranteed student loan asset backed securities market. In August, the sub prime mortgage crisis began spreading into other sectors such as municipal bonds and federally guaranteed student loans. The situation, which was considered to be temporary at the time, has continued to worsen. Despite the fact that the Federal Reserve has repeatedly lowered interest rates during this financial crisis, their efforts have not yet restored liquidity in many asset backed markets, including municipal bonds and student loans.
Hee! Eat our dust, other gimmicky football leagues! But we try not to kick too much up; we’re allergic.