The crisis of credit visualized - MUST see

[Triana]

I did a search and didn't find this but suspect it's already been posted (search doesn't always turn up a previous post). If it's been posted already - sorry - don't mean to be redundant but this is such a good little visual explanation of the holy mess the greedy bastards have created - all unregulated of course.

F*cking Larry Summers, Rubin and Greenspan should have LISTENED to Brooksley Born - but eh, she's "just a woman" and everyone knows "women can't do math" (c) Larry Summers. :grr: Turns out Ms. Born was RIGHT. And Larry Summers is in the treasury - why I have NO idea but he's there. And Ms. Born? Retired and probably sadly laughing her ass off.

Anyway - enjoy. . .

http://vimeo.com/3261363

[ColbertWatcher]

1. I had heard about her once before -- on DU.

http://www.alternet.org/workplace/102559

[Triana]

2. Unbelieveable isn't it?

Those *#&$^^@Y#! misogynist BASTARDS! :mad:

[ColbertWatcher]

3. It is unbelievable. But only because we've got some scruples. n/t

[gumby]

4. The "Dirty Fucking Hippies" were RIGHT then

And they're STILL "Right."

And the "Villagers" are still WRONG !!!!!!

[BlooInBloo]

5. Video leaves it a mystery why prime foreclosures have outpaced subprime....

And "walkaways" are nothing more than anecdote.

[Triana]

6. job loss, medical bankruptcy?

I'd guess job loss - long term joblessness and/or underemployment. But I guess that might not cause prime foreclosures to outpace subprime..there are a couple things not addressed in the video - but generally speaking, it's a pretty good overview of what happened in the housing market from last Summer (and before) through now - the whole damn collapse.

[DemReadingDU]

11. also it was posted in the Weekend Economists thread

by Danascot
http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=427089&mesg_id=427237


I liked the video. Sure it only explained how the credit crisis started, how the mortgages were combined into CDOs for greedy investors to make even more money. Then the defaults on the mortgages which is causing the banks not to lend because they are worthless. But maybe there will be a part3 which could be about job loss, medical bankruptcy, etc.

[JVS]

7. That would interfere with their chosen scapegoat at 7:21

[BlooInBloo]

8. Yup.

[Triana]

9. It's a guy. This is part of his thesis

email him at:

[e-mail]

"This project was completed as part of my thesis work in the Media Design Program, a graduate studio at the Art Center College of Design in Pasadena, California. For more on my broader thesis work exploring the use of new media to make sense of a increasingly complex world, visit jdjarvis.com."

It would be interesting to see where / how he did his research. The family of smokers with more kids is rather telling - erm, obvious. Before that though, the video alludes to predatory lending practices. Maybe not enough but the allusion is there. Overall, I don't get the impression the guy is really trying to scapegoat anyone. He was trying to fit a lot of info into a short video - though he should have concentrated more on the predatory lending than the 'subprime' mortgagees.

It seems like though, even given that, it's pretty readily evident in this video that the persons/entities most responsible are still Greenspan (+Rubin and f*cking Larry Summers), the greedy investment banks, hedge fund investors, other banks and mortgage companies and our idiot Fed/gov't who didn't bother regulating this crap when they should have (ie: like Brooksley Born suggested before she was muzzled).

I don't think the video makes any effort to hide that - as if they could. They can't.

The video also mentions the value of houses plummeting such that the mortgage is more than the house is worth - thus mortgage holders don't pay (and can't refinance because the mortgage companies probably won't allow it at that point). That has to have a lot to do with prime mortgage defaults as well as unemployment/underemployment.

[JVS]

10. I love how prole slob family is irresponsible and predictably defaults and is evil...

but somehow responsible family faces no moral censure when they simply walk away when their mortgage is upside down. If they were willing to pay 300K for the house when they bought it, they should pay their fucking debt.

And it figures that some fucking art student would come up with this shit.

[leftstreet]

17. EXACTLY

What bullshit.

It's 'okay' to walk away when the home has clearly lost its value - cuz who wouldn't right?

But those 'less responsible' people are the root of all evil.

:puke:

[Danascot]

12. I have a collection of links for videos about the economic crisis

Can you help me add any others you know of?

In addition to “Crisis of Credit Visualized” there are:

The best of these, IMO is PBS "Ascent of Money". It can be viewed online at:

http://www.pbs.org/wnet/ascentofmoney/

Also good was PBS Frontline “Inside the Meltdown”. It can also be viewed online at:

http://www.pbs.org/wgbh/pages/frontline/meltdown/

CNBC recently did a special, “House of Cards”. It’s being re-aired on March 1 and March 19. There are clips of it on YouTube but I haven't checked to see if the entire program is included.

http://www.msnbc.msn.com/id/29163182/

"Money as Debt" is a 45 min graphic, animated video on money and debt. It’s older (pre-meltdown) but outstanding.

http://www.moneyasdebt.net/

It’s available on YouTube:

http://www.youtube.com/watch?v=vVkFb26u9g8

Another earlier video that focuses primarily on the national debt is "I.O.U.S.A".

http://www.iousathemovie.com/

Robert Krulwich, one of our most brilliant popularizers of difficult concepts has a couple of great little short pieces,

in September about the credit crunch:

http://blogs.abcnews.com/theworldnewser/2008/09/whats-a-credit.html

and another on deflation in December:

http://abcnews.go.com/video/playerIndex?id=6484348

Do you know of any more?

[Triana]

13. Excellent! I didn't know about all of those! I did watch "Inside the Meltdown" last night

VERY scary. :scared:

What an awesome list. Thank you.

[democracy1st]

18. outstanding

[Danascot]

20. Thanks!

Democracy1st, are you affiliated with the site you link to in your sig line, www.economyincrisis.com ? That's an outstanding site. I run an economics blog on the economic crisis myself, but Economy in Crisis is far beyond anything I could do. A terrific resource.

[democracy1st]

21. No its just a great site that I like visiting, thanks for the videos great work

[trof]

14. K&R

[kentuck]

15. The best explanation I have seen thus far...

K & R

[Triana]

16. Same here. Best I've seen. Not perfect but darn good for a short video

to include all the nuances would have made it too long and tedious. I think it's fairly well done - not perfect, but well-done.

[democracy1st]

19. thanks triana K & R my friend I need this info