The Short as well as Simple Story of the Credit Crisis. By Jonathan Jarvis. Crisisofcredit.com The idea of giving form to the formidable incident similar to the credit predicament is to fast supply the hint of the incident to those unknown as well as uninitiated. This plan was finished as partial of my topic work in the Media Design Program, the connoisseur college of music during the Art Center College of Design in Pasadena, California. For some-more upon my broader topic work exploring the have use of of brand new media to have clarity of the …
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Does the US banking system need to change as a result of the crisis of credit and subsequent recession? If so how? If not why not? Please include course topics in your explanation to justify your answer (1), maha saney oil (1)cruzcam
March 28th, 2009 at 3:35 am
Hey, maha, get a life will ya?
get over it
I didn’t notice it, but, apparently this is your favorite video on youtube. you are not making money, nor friends out of your hundreds of comments about the subject.
so why don’t you chill, enjoy the crack I’m paying for, and let’s wait for obama’s hat trick to save the world.
thecoopersmith
March 28th, 2009 at 3:35 am
The Community Reinvestment Act (signed into law by President Jimmy Carter in 1977) is a United States federal law designed to encourage commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
mahammadabba
March 28th, 2009 at 3:35 am
My mistake, I wasn’t into the dotcom boom/bust so I am not so intimate with it’s details. It was started as something to help out the average person and for 10 years worked – until the greed and corruption blew up and all hell broke loose.
mahammadabba
March 28th, 2009 at 3:35 am
Me too… is that you over there pounding on your computer????
PuzzlingEvidenceTV
March 28th, 2009 at 3:35 am
Hey, I just shipwrecked on a desert island, and all my dreams came true…
erasedcitizen2008
March 28th, 2009 at 3:35 am
You’re mistaken, you’re thinking of 2001 he’s talking about 1999. Both events happened on September 11th. Believe it or not. This is a pretty good representation of what happened. I haven’t watched part 2. Only thing missing is the political backdrop behind all this. The CDO’s began with the government allowing the “pooling” or boxing of different loan obligations by investment banks, this was started by Clinton. The rest is history.
mahammadabba
March 28th, 2009 at 3:35 am
Then the world turns. Today people are running for cover, buying T bills at close to 0 interest because the dollar is the safest investment today.
Video’s like this are dated as soon as they go out. Then the sun rises again and the world is a different place.
mahammadabba
March 28th, 2009 at 3:35 am
LOL!!!! You sure are the eternal optimist. Just smoke your happy weed and hate those that have something to live for.
Later, loser.
daarhebikschijtaan
March 28th, 2009 at 3:35 am
Brilljant!! Good a bit of humor.. I can’t say how brilljant it is
PhotonDrive
March 28th, 2009 at 3:35 am
It IS happening in large chunks of the world – but nowhere near YOUR neighborhood – that’s for sure!
mahammadabba
March 28th, 2009 at 3:35 am
Prostatedriver, you live in a happy-happy-joy-joy world. When you come down from your high look around, it isn’t going to happen any place on this earth.
But then again, you could be shipwrecked on a desert island by yourself and all your dreams would come true.
PhotonDrive
March 28th, 2009 at 3:35 am
Yeah? Well I think the Oil banks, gas car-makers, GMO patent oil-food swindlers, and all their military, industrial, and secret police should be driven into BANKRUPTCY and dissolved forever! Then we should get Fuel-Free Transport, healthy regional organic food, love laughter and dancing after honest whole with nature vivifying work, and begin living healthy & happy, without money as the slaver-imposed God of all thought and action!
mahammadabba
March 28th, 2009 at 3:35 am
Now we are in the present. Yes, the current banking crisis is due to many things done wrong that all came to a head all at once. Who was complaining while they were happening and people’s retirement funds were going up? No one complained. Until it all came down and the bitching became an uproar.
I believe the biggest problem was trying to patch up the big firms.
I also believe we need to create a new level of reorganization before bankrupcy.
mahammadabba
March 28th, 2009 at 3:35 am
Tell me what low profit industries left? In the 80′s we were a trade and service nation. The computer was still a toy. Credit cards were for the rich and had yearly fees. You obviously didn’t grow up then and are repeating what you have heard.
I’ve lived through many recessions and have come out of each stronger. There hasn’t been one this deep for a long time (thanks to Reagan) and those that are being hit the hardest are the younger ones that are deep in debt.
dragonmybutt
March 28th, 2009 at 3:35 am
:@ :$
Dudtz
March 28th, 2009 at 3:35 am
☭★☭★☭★☭★☭★☭★☭★☭★☭★☭★☭★☭★☭★
PhotonDrive
March 28th, 2009 at 3:35 am
You don’t get part of it. Banks sold CDO’s to poor bank relatives – thus ditching obligations. These “hedge fund” neebies were UNDERCAPITALIZED all along: THEY are the “rich” who have been going bankrupt – or their INSURERS, like AIG, which has just been channeled several hundred Billion to pay off “counterparties”. Also, the swaps, treasuries, etc. were dumped on oil-producers & Chinese manufacturers, because there was no money to pay them!
PhotonDrive
March 28th, 2009 at 3:35 am
Who said anything about house loans? The 18% meant that low-profit industries began going abroad – and doubling mark-up for imports (100% STANDARD). Only later did credit cards, late utilities and the like creep towards 18%. “Free” trade & car, gas, food, & house subsidies are the result. Oh, and the “hollowing out” of US industry. Big 3 automakers just the last to go!
mahammadabba
March 28th, 2009 at 3:35 am
you sent me to a ‘rescue me’ video. The joke’s on me, right?
mahammadabba
March 28th, 2009 at 3:35 am
I am so sorry you have a great job and can’t jump on the welfare train but someone has to work to pay for the thousands of crack whores that won’t contribute to society. I’ll check out the video and get back to you.
mahammadabba
March 28th, 2009 at 3:35 am
wilco, the banks get a fixed amound of money to loan for mortgages (say $10 million). After they loan enough of that fund the house mortgages are ‘bundled’ into a portfolio and sold to fannymae or freddymac, who sell the portfolio to investors and take that money to loan back to the banks for more loans.
The banks have ‘leverage’ in that they can work with a multiple of their deposits.
mahammadabba
March 28th, 2009 at 3:35 am
banks are loaning money, it’s just that they have clamped down on loaning to morons and idiots that can’t or won’t repay their loans. The ones that fucked up the banks and caused this problem are the ‘entitlement attitude’ people.
The ones that feel the world owes them a living by standing in the welfare line and pumping out babies from different men so they can maximize their child support income. The men willingly go to jail so they don’t have to pay that child support.
mahammadabba
March 28th, 2009 at 3:35 am
Who’s getting rich? Fortunes have been cut in half, rich and poor alike. A lot of people have lost their retirement nest egg who I feel sorry for.
Maybe you are poor and getting poorer, bitter and hateful of others that have more than you?
mahammadabba
March 28th, 2009 at 3:35 am
I remember that time not so long ago. Sky-high inflation forcing banks to pay and charge high interest rates. House loans at 18%. ”US investors DEMANDED”???? Right. Photard, it’s too bad you have to repeat lies told to you but you don’t really understand what happened and have twisted your view of reality. Get a job and someday you might have a clue.
Saney
March 28th, 2009 at 3:35 am
Everything that effects us afterwards, as a result of this explained credit crisis, is an indirect consequence. Not a direct consequence. When house prices fall and houses default, people feel poor. When people feel poor, they stop buying stuff. Sales falls (as it has). Employment falls (as it has). The psychology of ordinary citizens and businesses are ever so closely tied.
To answer your other question, banks ARE going out of business. The Bank of Canada is now richer than some Swiss Banks!
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