Credit Crisis explained
I'll be honest, I've not really been able to see the effects of the credit crisis (except my pounds arent worth as much in Spain now), but this video really helped to explain a lot.
Basically, people got greedy.
Nicely done vid, thought I would share.
(, Fri 27 Feb 2009, 10:44, Reply)
Ace
Really good find. I understand it alot more than I thought I did now.
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Terry_Tibbs Coarse and violent nudity. Occasional language, Fri 27 Feb 2009, 11:30,
Reply)
^clicks
I like his mellow, rounded tones as he's explaining the impending financial apocalypse.
I firmly believe that if everyone had to justify their life choices (e.g., I'm going to make money by selling mortgages to people who can't really afford them) to a panel of elderly ladies, situations like this could be avoided.
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DrPrunesquallor is determined to post more as of, Fri 27 Feb 2009, 11:22,
Reply)
oooh,
I like your ideas and I wish to subscribe to your newsletter.
Also - a woo for the portrayal of the 'Sub Prime Family'
(, Fri 27 Feb 2009, 11:24, Reply)
I was offered a 110% mortage at one point
utter cunts, thankfully I knew better than to do something stupid like that. Mortgage lenders just didn't give a fuck.
Good vid! *clicks*
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Firkinfedup last shat on your wife's tits at, Fri 27 Feb 2009, 11:23,
Reply)
yes, the mortgage lenders really are cunts
such a shame they are all fucked now
(, Fri 27 Feb 2009, 11:47, Reply)
What's a shame
is they are all fucked with our money at the end of the day
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Jahled Three shades of black, Fri 27 Feb 2009, 11:51,
Reply)
But at least they had a good time though eh?
bless their little silk socks (from Harrods)
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Firkinfedup last shat on your wife's tits at, Fri 27 Feb 2009, 12:49,
Reply)
Wow! This vid has restored my faith in the power of the internet
I'm serious, great vid!
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setimret likes his metaphors mixed, not stirred, Fri 27 Feb 2009, 14:20,
Reply)
ace
I work in finance (only an Admin, and my company is not a bank) and this is the most cogent explanation of what's happened that I've seen. Thanks.
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cackers, Sat 7 Mar 2009, 9:05,
Reply)
might try and use this for business class tomorrow (despite being in uk)
thanks newsletter!
(, Sun 8 Mar 2009, 10:20, Reply)
Nice vid
Epilogue: Governments buy bombs to "save the economy". Sell government bonds to cover the bills. Future generations end up paying for the consumerist excesses of the past two decades. But future generations don't have a vote so the system works.
(, Sun 8 Mar 2009, 20:17, Reply)
Awesome video
Thanks for the link.
One thing it needs to mention is that the higher risk loans continued to be rated AAA and sold on as such, due to the certifiers in the US basically not giving a fuck as they were all making too much money. Credit streams' risks were understated and that's when it all blew up.
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fross Read your email on, Mon 9 Mar 2009, 13:06,
Reply)
As I understand it
The loans were rated by people who didn't understand them, because anyone who did understand them was off making money off them in a much better job than rating loans.
Also the vid missed out the correlation thing, and that formula that they were using. But otherwise awesome.
(, Mon 9 Mar 2009, 15:33, Reply)