Financial Crisis Explained - Must See Video
Please take 10 minutes out of your time to watch this video and then pass it along to all of your friends and family. People need to know what really led to the current financial crisis. It goes by pretty fast so you may need to use the pause button.
Note: The video keeps getting removed from YouTube. Posting from a new location.
Burning Down The House: What Caused Our Economic Crisis?
Update: Don’t miss this one either.
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September 27, 2008 at 11:18 am | Trackback
5 comments
The video works through your site but if you follow the link to Youtube, you’ll find that the Nazis over at google have removed it due to “copyright claim” from Warner Music. Haha…right.
I updated the link (again). We will see how long this one lasts.
I’m shocked. Google is suppressing news links?
This is good stuff but it will likely be labeled as yet another attempt at character assassination by the “Right Wing smear machine.” I’ve been spending the last 2 hours looking for explanations for this economic crisis and it’s amazing how little is known about, and the reluctance to consider, the root causes. It’s simply sub prime loans, their manipulation by the “greedy” banking industry and the lack of regulation under the Bush administration, the cause of every problem since 2000.
Wait until you see the crash of the house of credit cards. Most of the banks have been making up the lask of earnings by looting the “stretched borrowers” who now will have a more difficult time filing chapter 7, having to go the 13 route. But even with that the rumbles will be enormous. One of the greatest offenders is Capital One charging up to 33% interest if you are late or go over your limit.
Congress allowed these rules by setting states in which banks can incorporate to do business this way.(Del. and So. Dak. Ore. to a lesser degree)
It isn’t Capitalism that is bad; it is government in bed with business (business as a sub rosa government) which is redolent of socialism that is ugly. You’re looking at it and it will not get better.