I thought this video did a great job of explaining in lay terms what exactly happened to the housing bubble and subsequent credit crisis.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
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Crisis of Credit1 comment to Crisis of Credit |
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While “The Crisis in Credit” video is useful in abstract terms, what actually happened to people, government agencies and businesses who borrowed, all over the world? It wasn’t just mortgages. People with limited IQ’s and high greed factors got suckered into borrowing billions from unscrupulous, ie: criminally insane, firms, who got away with this leveraging sharkfest.
Read Matt Tabibli’s latest article on how one county got screwed:
http://www.rollingstone.com/politics/story/32906678/looting_main_street/print
And this is just a pimple on the giant morass of theft that occurred all over the world.