The American Dialect Society, the 118-year-old organization of linguists, lexicographers, etymologists, grammarians, historians, researchers, writers, authors, editors, professors, university students, and independent scholars, has chosen “subprime” as 2007’s Word of the Year, as reported recently on CNNmoney.com.

“‘Subprime’ has been around with bankers for awhile, but now everyone is talking about ’subprime,”‘ said Wayne Glowka, a spokesman for the group and a dean at Reinhardt College in Waleska, Ga. “It’s affecting all kinds of people in all kinds of places.”

In this YouTube video segment, a couple of Brits embark on an explanation of the so-called “subprime” situation in America.

“These hedge funds, as they’re called, which specialize in these debts, they all have very good names.”