Here is an entertaining and very informative video on the financial crises: "The Crises of Credit Visualized," via The Big Picture. And they don't even get into the consequences of an economy that is 70% consumer spending but has no money or credit to spend! It's why jobs are so important, no matter who funds them. The alternative is our current state of affairs, with small business failing right and left and everyone gradually (or swiftly) becoming poorer.
Except the bankers, politicians, and corporate owners, of course. Right now they are very, very rich.
Friday, February 20, 2009
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Billmon has a well written (but sobering) post on the crisis.
Thanks, it is good.
But I don't think the crash was that hard to figure out. People from Wall Street and the Bush White House said everything was going swell. Some journalists and economists said that if nothing changed, the whole system would collapse. Their predictions came true, one by one, over the years. The White House's predictions and explanations were revealed to be untrue as time went by.
I went looking for that Credit Crisis video over at YouTube and happened upon another one that I found interesting. Here's Part 3 which runs ten minutes.
The video's producer may not offer any practical solutions for society to embrace but that's not from a want on his part of trying to come up with some.
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