Comments | illusionaltzu: The Crisis of Credit

illusionaltzu

The Crisis of Credit

Feb 21, 2009 09:57

If you don't quite get what has happened or how it came about, here is a really well-done and educational video:
http://www.crisisofcredit.com/

I'd recommend watching even if you understand perfectly; this is nice work.

Comments 4

lucretiasheart February 21 2009, 20:10:14 UTC

THIS is awesome-- I'm posting it! Thanks!

illusionaltzu February 21 2009, 20:12:09 UTC

My only problem with it is that they don't mention that the M-Fing Republicans removed the Glass-Steagall Act, which would have prevented the entire fiasco. This shit was illegal for a damn good reason... as everyone can now clearly see.

laws and history lucretiasheart February 22 2009, 17:07:05 UTC

True enough. Many other laws (put in place after the Great Depression to prevent another Depression) were removed over the years as well. One after another from the 1980s onwards.

Just goes to show that it's true that "people who do not know history are doomed to repeat it."

varn_ix February 23 2009, 08:56:57 UTC

This video is the first that I've seen that clearly highlights greed as (one of) the major source(s) of trouble: trusting mortgage brokers to fairly evaluate the risk is like paying firefighters for every fire put out.

I heard a comment on risk evaluation algorithms and the role of risk in calculations: it's like an airbag that works perfectly 99.8% of the time, namely, when you are not crashing into something.