How the Banks and Financial Institutions Got Us Into This Mess
This is the best (and funniest) presentation that I have ever seen on the role that Banks and Financial Institutions played in screwing up the housing market, and the economy as a whole.
This entry was posted on Friday, May 9th, 2008 at 6:39 pm and is filed under Credit. You can follow any responses to this entry through the RSS 2.0 feed.
You can leave a response, or trackback from your own site.
2 Responses to How the Banks and Financial Institutions Got Us Into This Mess
Except for the gratuitous use of foul language, this is a good, but sad story. The part left out is that alot of these mortgages were bought by Fannie Mae and Freddy Mac two agencies backed by guess who? You guessed it, the US government, you and me!. These agencies are showing wopping losses today and the USA may need to borrow more money or inflate the currency further to cover the losses.
Question is: how is it that caution was thrown out the window? Since forever, there were standards for loans. Why did the secularization agencies become so lax?
Except for the gratuitous use of foul language, this is a good, but sad story. The part left out is that alot of these mortgages were bought by Fannie Mae and Freddy Mac two agencies backed by guess who? You guessed it, the US government, you and me!. These agencies are showing wopping losses today and the USA may need to borrow more money or inflate the currency further to cover the losses.
Question is: how is it that caution was thrown out the window? Since forever, there were standards for loans. Why did the secularization agencies become so lax?
Good post.