The Crisis of Credit Visualized
Some videos need no introduction – The Miami Mortgage Mess is not local….and unless you live under a rock…..you know it affects not only the whole country, but goes beyond our borders and as called in this video, “A Worldwide Financial Disaster” – I thank the people at CrisisofCredit.com for coming up with such a great way to visualize the chaos.
Have patience, the video is long, but so worth it and very well put together.
….from Hedge Funds to Prime and Subprime Mortgages, collateralized debt obligations, frozen credit markets, credit default swaps…..it’s all here
(thanks to all the peeps who sent me this to share with our Miamism readers 🙂 )
Fantastic explanation – what astounds me is that so few people saw this coming – they couldn’t see for the dollars in their eyes!
I think it might have been Abe Lincoln who said that the introduction of credit would only see higher levels of debt. I think it was also he who said that if the banks were to become centralised, the wealth of the population would plummet.
Is this the next step? There has been talk of that hasn’t there? Is it all doomed to complete failure?
Vaughan – there are obviously so many factors to take into consideration and everyone is pointing fingers in the wrong direction without wanting to take on responsibility. Of course the government is to blame, the irresponsible “mortgagees” are not culpable, the greedy “mortgagors” are not at fault, the gluttonous bank institutions were only doing their job…..let’s keep pointing fingers and this mess will never be resolved.
Sadly enough – those people that really work hard and need mortgages now have to live the consequences.