Watch, pause when it is too fast, and then watch again.
A montage on the economic crisis that is worth the price of admission.
http://www.youtube.com/watch?v=H5tZc8oH–o
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Great Video on How Subprime Crisis Happened
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Greetings,
Very entertaining video, I especially enjoyed the music, I watched and listened from beginning to end.
While on the most part factual, there are of course several omissions (there always is when presenting a partisan opinion, so its to be expected). Just an example of what was not presented:
1) The government action identified as the root cause of our current real estate problem originated in the republican party formulated by Phil Gramm (a McCain economic adviser and pushed by a majority of republicans) and, (likely now to his own regret) supported by Bill Clinton.
2) In 2004 a purely administration move from President Bush through the SEC increased the legal leverage amount for large investment banks from 12% to up to 40%. (yes an almost 4x increase) …Yep a huge leverage increase for the likes of …um let me think …'Bear Stearns'.
Don't worry though, I am definitely voting for McCain but for likely very different reasons than the author of this video and I definitely think that Palin is/was a huge mistake (hopefully McCain will outlive her)
To get to the point: Single Party Rule simply SUCKS! …e.g., Russia, China, several others, and the last 6-8 years of the Bush administration.
Kind Regards,
Tim
[Oh yea, there has been some resistance in the last two years, which is a good thing, ...but without a filibuster majority in the senate there is in actually no 'real' resistance.]
Dear Tim.
Good luck with your narrow mindedness. You will need it.
I am glad that you love your family no more than to trust your government to Palin, maybe you'll be the last of your kind.
No More Big Media = No more Small Minds- Tim
Great, great video. These politicians that have the nerve to pontificate on issues that they are complicit in creating need to be brought out of the shadows.
I hope this gets the wide distribution that it deserves. I had wriiten a post, 'A Funny Look At A Very Serious Crisis" that looks at the crisis in a different way.
The way in this video is critical for people to see so that the hypocricy can be revealed.
Mike
Cute but blaming the sub prime mortgage crisis on people who wanted more home ownership for lower income people is very one sided view.
What about the mortgage companies, banks, and mortgage brokers that misrepresented the financing costs and filled in erroneous information on the applications?
I have seen many problem loans that required payments that finally amounted to 100% or more of a family's income. I also found that 95% of the buyers do not understand the terms of the loan documents; and, that includes a lot of supposedly smart people. There is plenty of blame to go around but most of it belongs on the industry. The industry had the responsibility to make sure the loans were sound when they were made and many were not.
This accusation is like saying that an effort to provide better medical care for children caused physicians to cheat on the billing.
wgc
Thanks for the well wishes Tim. …my thinking has served me well for almost 60 years …narrow minded? I think not …rational, realist, and non emotional …guilty as charged! Will I be the last of centrist and non party independents? …I think not.
Best Wishes,
Tim