very well done, very well done. I really wish my AP Econ teacher had known about this video, considering that he thought the haiku-form explanation my friends and I made for class was brilliant. >.< It's hard learning economics from someone terrified of the very word derivative. But even this he could have followed well, for its remarkable clarity. :) Of course Hank left out some things, but it is capped at 4 minutes long. Let's be fair to the man, here.
Yes, all this is true enough. But the bad mortgages are simply a SYMPTOM of the problem of the Crisis. A short term cause is the US Housing Collapse. Remember, the Crisis is worldwide, not confined to the US. Bigger causes are long term and include over production, speculation on the stock market, a waste of resources in the blind support of Israeli land grabbing, support of war mongers like Dick Chaney and Rumsfeld, and low wages. See 'Global Financial Crises: Causes and Effects by Zip Zagon'
all true.. however, the actual SOURCE of the problem.. was the massive bank deregulations. Which allowed them to do all types of creative things.. which eventually led to this meltdown. NOT. poor people wanting houses. Poor people have always wanted houses, however.. 30 years ago, the bank held the loan, therefore they would NOT loan the money if they KNEW they were NOT going to get it back. duhh
If anyone here is interested in getting more detail about this (like steponme208, for instance), read The Big Short. It tells you exactly how everything happened and even how some people profited from it.
Anyways, very funny video indeed, I might send this to my business teacher xD
This seems to confirm stereotypes rather help the big issues. I try think of wall-streeters as people, too. The problem is with affordable housing policies over the past 20 years. The American dream is a house and a degree. As result the price of college is rising, and so were housing prices. Rather than reduce the price of the monopolized overpriced poor inner city areas, we focused on getting poorer people "nicer" houses. It's hard to balance affordability with what good we want to do. DFTBA.
... Is it just me, or is anyone else still baffled by how the economy works and why it works the way it does? I mean, what do they mean by "sell the loans to other people"? How the frick does that work? I thought a loan was just between the bank and the person wanting a loan, why is there a third person "buying" the loan? ... Why the frick would you buy a loan?? I'm so confused. Trading rocks was so much simpler.
@steponme208 A loan is selling money, nothing abstract. I give you 100$ now, You give me 102$ next year.
This was and is very profitable for banks, and thus, investors put money into formal investments backed by loan interest, aka. mortgage-backed securities. The "third person" basically lends to the bank. The other perspective is that the "3rd person" lends to the home-owner and the bank is a middle-man. Same result. Easy to understand. Don't be a squid of anger and DFTBA.
If you want an accurate, yet pretty easy to understand description of exactly what happened listen to this episode of "This American Life." 355: THE GIANT POOL OF MONEY
A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans...
I learn so much from watching Vlogbrothers! You make all the mind-numbingly boring problems in the world more interesting, so I can actually pay attention to them.
And yet, contractors have this crazy idea that we need to build more houses so people will buy them. Here's my idea: uh, sell the current vacant houses, and build the houses that might be needed later, when you know that you need them!!! We are losing money because contractors are building houses that people are not able to live in!!! Halting home builders may just save us some money...
check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.
Wow, if this is actually true, I completely understand now. What amazes me is that the banks were able to get people to invest in these mortgages. God, some people can sell anything.
Can you handle the truth? Americans Watch here on youtube the following Criminal Rothchilds, The Rothchilds exposed parts1,2,3 , Criminal state, Rothschilds and the Federal Reserve, The Illuminati and the New World Order, Israeli Rothschild Supreme Court, and the true picture will emerge. They own you, lock stock and barrel, Truth the average American is ignorant of in their support of zionist israel. TIME TO WAKE UP!!! every US president who stood up to them was asassinated
As far I have researched-The Zeitgeist Movement is the only Group out there that has brought up some Real and Tangible Solutions to ACTUALLY SOLVE OUR ECONOMICAL, SOCIAL & ECOLOGICAL CRISIS - watch "Awakening 1/4" (short video) and "Zeitgeist Addendum" to know more about it. Both of them are on YouTube. The SOLUTIONS presented in both videos are already being applied and they have already been proved to work in the short and long run. It's about time to expand/spread it World Wide.
you are one of the few people that looks sexy when you talk about finance .... doing anything later? maybe we could slip away and have sex while discussing debentures.
Why is it that 2/3 o'all bad mortgages in our financial system were bought by govt agencies or required by govt regulations: Link here: tinyurlDOTcom/ylcxb4n
If the cause was the PRIVATE sector, how is it that Fannie & Freddie - run by congress - went broke / got the largest bailouts?
Ask yourself, would any of these assets have had AAA ratings w.o. govt backing? Why did banks suddenly start giving ZERO DOWN loans to ppl who cant make payments? Securitization / MortBSec were invented by HUD!
The only thing that would make it funnier would be to include AIG's Credit Default Swaps!
We all seem to have forgotten that the very words mort and gage in French mean death gamble. If the borrower died first, the debt is due on death, which is usually what happens.
Once in a while, the lenders all die enmasse, and the borrowers win the death gamble. Whats fair for the one is fair for the other. Just let the laws of economics take their course. My personal opinion? Let THEM die!
I was working housing at the time and everyone forgets another part of the equation...realtors and builders. I worked for a major builder and together with the resale market, they sent the prices soaring through the roof. I left the industry because I am a nerdfighter and I couldn't help make the world suck even more.
Haha... Yeah, the combined stupidity of the CRA, the loan guys who enforced it, the people who took advantage of it all pretty much get the national middle finger. Of course, dragging the banks in, the government trying to deal with it... Not awesome.
You kind of forgot the government's involvement in this one... From the government basically forcing banks to give out loans to default risks to Greenspan's interest rate policy to the Senate filibustering the Fannie Mae and Freddie Mac regulatory bill (due to heavy contributions by the two organizations.)
And the names AAA and BBB are bond ratings, not the names they gave them. S&P and Moody's (the bond rating agencies) screwed the pooch on this one.
Yes, which were part of the cavalcade of events that led to the crisis. Once people got away with MBS, they pushed the envelope further.
The small banks were largely unaffected by this crisis. Only the big banks did all this shit.
Doesn't mean the small banks are lending much. Credit is still largely frozen. Until it starts to thaw, we're not getting out of this recession anytime soon.
Great job! It is actually worse than this. Check this out: The sponsor of the original loan was the BORROWER . In other words he was conned into thinking he had to pay it back in the first place because it was HIS money to start with.
BANK OF AMERICA IS THE MOST CORRUPT BANK IN THE COUNTRY!. Bank of America harassed me, ruined my credit, charged me over $800 in fees over a 10 day period, tried to humiliate me, and never stopped calling my house- all because of $50 overdraft!!
In one day I was charged over $250 in overdraft fees because of a company that took advantage of my bank account- BofA charges more fees than any bank in the World!
AHHH... I see. THAT'S what happened. I knew it had to do with banks and houses, but I didn't know it was about loans. And somehow, things haven't improved. That's a damn shame.
this is pretty much my fave video ever, I never thought I would say that, because although I love u both, I love John a little more... like, the most infintesimle bit more... but this was awesome. my dad explained this to e in the exact same way... yay for the econoically inded people of our world
you forgot the socialists govs role in the crisis...ie the fed reserve or central bank as marx would say ...lowering the interest rate and flooding the market with money so banks had to loan at higher and faster rates to compete for investments themselves of risk loosing customers to the more aggressive banks! money is reciepts for labor/services...print too much and stuff like realestate will be worth less...socialist solution borrow more..pay bills later (after term) ie stimulous package!
Our financial regulatory system is a disaster. The Obama administration should have called it by its proper name, proposed to close it down entirely, and argued to replace it with a more integrated and completely rationalized approach. That at least would have moved the bargaining position of the regulators they would now be too busy trying to save their jobs to oppose Treasury on substance.
sure socialists at the federal reserv start a fire with too much fuel=low interest money. And Obamas solution add more fuel= stimulous money to the fire when the smoke clears we will all be burnt! without goods and services that respresent the money watch out for run away inflation. Closing it down entirely is like dumping all the fuel/ money out! Then your car has nothing to run on..try pushing your car without fuel! Fiscal restraint is needed while capital growth catches up to the money supply
"Fiscal restraint is needed while capital growth catches up to the money supply ."
That is exactly what we need , , , INSTEAD the obamanation is doing the opposite! This socialist government is spending and giving money away like a drunkin teenager with his parents limitless credit card. What happens next???
Vote ALL the bums out. Dems/Repubs no difference, they all work for the CEO's & sold us out over the past 8 years!
"What good fortune for governments that people don't think."
I vote for the libertarians or taxpayers party in the primarys and the lesser of 2 turds in the general elections...many dont know it but Hitler's party the NAZI party in german stands for (national Socialist ) party! How soon we forget! Obama is not even ashamed of his socialist connections despite almost every war waged by the US was against tyrannical socialists..all those lives lost for what and now we vote in the enemy with out a shot fired! Peace can be deadlier then War ask Hitlers jews!
I'm so glad to live in Louisiana. Because none(thats right NONE) of our banks have failed during the recession. There were only two banks that failed in La, but that happened back in 2002. Hey, just check the List of Failed Banks at the FDIC if you don't believe me. :)
If we want our manufacturing jobs back, we are not going to get them back by doing it the same way that our parents in the early-to-middle 20th century. Look how China and other countries are making our products by HAND. To think that my American peers and their children are going to produce those things by HAND is hopelessly NAIVE. We need the money AND DEFINITELY enough our own ENERGY to have robots (NOT SLAVES) that will do these things for us. ENERGY = WEALTH.
You forgot the part where the liberals compelled the banks to make many of these loans. All they did is drum up a bogus study, play the race card, and viola- use things like the CRA or the courts to punish banks who dont give loans to people with no money.
The best thing you can do is arm yourself with knowledge, even better if it's free. a little time and a few clicks now could save you years and thousands of dollars later.
Great message, but what about the government printing money out of thin air to pay for these sensless wars, which just causes more inflation. Which is remedied by "price control". Otherwise known as giving our jobs to foreign labor. Seriously, give me the benefit of the doubt for a second and just look at the tags on your clothes, check all your belongings. They should say Made in ... I guarantee you 99% of your belongings were made foreign INCLUDING YOUR FLAG! They have our jobs.
This is just one of the reasons why our economy is f@cked up at the moment. What about the wars? Who's financing it? Our government's budget deficits? Our ever increasing debts? The fed is on non stop printing spree of paper money out of thin air...
Exactly dead on.. just forgot to mention that it has, in turn resulted in "price control" or foreign labor, to make things affordable. So just give all our jobs to other countries. That'll fix our economy. Have you checked where your belongings were made? Please do. In fact, check the shelves at the stores.. almost everything made foreign.. We're a bunch of dorothy's too afraid to wake up. Wish I didn't. Shopping used to be a lot more fun. In fact, life was overall.
im sorry for asking this, but one thing i dont get, i mean how would you sell a loan? i mean isnt it a loan...your like letting someone borrow your money and then hell pay it back....if u buy it wouldnt be a loan right? i dont know if im not interpretating it in another way..can someone explain...im just 13 btw..so sorry
a loan is a service which banks sell. They sell money instantely to people who do not have that amount of money at the cost of paying interest rates. so people buy the loan and they have to repay it back plus interest rate. If they do not pay it back, the bank will take their collateral. But here, the price of houses fell and bla bla bla
its called A bond thay take bad financial loans and tie them together with financial balling tine and call it a sectary that's how you sell loans... and that how you melt the economy...buahahahahahaha
I think when a bank lends money to someone, it's expected that they'll pay it back with interest. When they "sell" a loan to another bank, what they're really selling is the promise of the loan being paid back. (Someone please correct me if I'm wrong).
ANYONE who gets the mark of the beast 666 is DOOMED! There is NO turning back, NO forgiveness, NO 2nd chances, NO redemption, No salvation! There is no hoping that, "God will understand, He'll forgive me for taking the mark, He's merciful and He doesn't want me to lose my life. I don't have to worry, I can still be saved, right?" WRONG!!!!
You forgot about the pressure from the Federal government to make these bad loans in the first place
Preds7thMan 2 days ago
very well done, very well done. I really wish my AP Econ teacher had known about this video, considering that he thought the haiku-form explanation my friends and I made for class was brilliant. >.< It's hard learning economics from someone terrified of the very word derivative. But even this he could have followed well, for its remarkable clarity. :) Of course Hank left out some things, but it is capped at 4 minutes long. Let's be fair to the man, here.
hmol257 2 weeks ago in playlist More videos from vlogbrothers
WOW...and this was broadcast from his room in the State funded MENTAL Hospital
GotHerTittyInARinger 3 weeks ago
I learned more about the economy in the 4 minutes and 1 second it took me to watch this video than I ever do in my 50 minute economics class....
AWKWARD TURTLE!!!!!
KyoSohmaLuver1106 1 month ago in playlist 20 Essential Vlogbrothers Videos 8
if this was just a financial video you woulda lost my attention. but with the different people and voices and hats. woot :D
rawrrar3 1 month ago in playlist 20 Essential Vlogbrothers Videos 4
Yes, all this is true enough. But the bad mortgages are simply a SYMPTOM of the problem of the Crisis. A short term cause is the US Housing Collapse. Remember, the Crisis is worldwide, not confined to the US. Bigger causes are long term and include over production, speculation on the stock market, a waste of resources in the blind support of Israeli land grabbing, support of war mongers like Dick Chaney and Rumsfeld, and low wages. See 'Global Financial Crises: Causes and Effects by Zip Zagon'
starcorpvncj 2 months ago
all true.. however, the actual SOURCE of the problem.. was the massive bank deregulations. Which allowed them to do all types of creative things.. which eventually led to this meltdown. NOT. poor people wanting houses. Poor people have always wanted houses, however.. 30 years ago, the bank held the loan, therefore they would NOT loan the money if they KNEW they were NOT going to get it back. duhh
polivo0111 2 months ago
When Hank wears a baseball cap he looks like a documentarian.
CharmedSlayerr 2 months ago in playlist Vlogbrothers 2008
The phone makes tetris noises xD (or at least that's what it sounded like at first to me lol)
PirateFrodoCullen 3 months ago
that was brilliant
jml21000 3 months ago in playlist Vlogbrothers 2008
i don't think steponme208 was being a squid of anger.
carbonatedcheese 3 months ago in playlist More videos from vlogbrothers
O___O
This was made on my birthday!!!!!
Arbinator117 4 months ago
If anyone here is interested in getting more detail about this (like steponme208, for instance), read The Big Short. It tells you exactly how everything happened and even how some people profited from it.
Anyways, very funny video indeed, I might send this to my business teacher xD
j0shissocoollike 4 months ago
Hank!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I love you.
potterlife1 4 months ago in playlist 20 Essential Vlogbrothers Videos
This seems to confirm stereotypes rather help the big issues. I try think of wall-streeters as people, too. The problem is with affordable housing policies over the past 20 years. The American dream is a house and a degree. As result the price of college is rising, and so were housing prices. Rather than reduce the price of the monopolized overpriced poor inner city areas, we focused on getting poorer people "nicer" houses. It's hard to balance affordability with what good we want to do. DFTBA.
suburiboy 5 months ago 2
he looks like dwight schrute
48073419900127 5 months ago
LOL T_T
reader960000 5 months ago
... Is it just me, or is anyone else still baffled by how the economy works and why it works the way it does? I mean, what do they mean by "sell the loans to other people"? How the frick does that work? I thought a loan was just between the bank and the person wanting a loan, why is there a third person "buying" the loan? ... Why the frick would you buy a loan?? I'm so confused. Trading rocks was so much simpler.
steponme208 5 months ago
@steponme208 A loan is selling money, nothing abstract. I give you 100$ now, You give me 102$ next year.
This was and is very profitable for banks, and thus, investors put money into formal investments backed by loan interest, aka. mortgage-backed securities. The "third person" basically lends to the bank. The other perspective is that the "3rd person" lends to the home-owner and the bank is a middle-man. Same result. Easy to understand. Don't be a squid of anger and DFTBA.
suburiboy 5 months ago
i didn't know that this is(or at least was...) happening!!!!
crazycookie76 5 months ago
4:01
bibblebobblification 5 months ago
Did it hurt my head as much as Inside Job?
Decidedly not.
insiyak 5 months ago
That look at the end was just perfect.
MeOnStuff 5 months ago in playlist 20 Essential Vlogbrothers Videos
Hey, Hey Hank, you have the same home phone as me!
LocoLizzi 5 months ago
2:37 That reminds me of the baby on family guy. "oh, ho. you have the wrong vision, you- you're looking into the future,"
FurryVegetables 7 months ago 3
But...I kinda still don't get it.....
PandasGoRawrr113 7 months ago in playlist 20 Essential Vlogbrothers Videos 2
The calculator is a phone.
Fail, Green. Fail.
KrustyFrank27 7 months ago 36
my dad says it's pretty accurate! XD
mirosango14 7 months ago
did anyone else have an OOOOHHHH!!!!! I GET IT!!!!!!!!! moment? because i know i did. and the elephant diarrhea just helped me visualize so much.
mychemcutie723 8 months ago in playlist 20 Essential Vlogbrothers Videos 50
like hot cakes
ADDawning 8 months ago 2
The best, simplest and funniest explanation for the financial crisis ever given. And hey, it's even the truth!
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fgfgfdgfdgfdful 9 months ago
@Cheesey0099 Thank you Chartered Banks, nice to know they're good for something! Woot.
Tiniere 9 months ago
very good except you forgot the HUGE BONUS's!
gene978 9 months ago
I understand now...jk, love the satire though.
ANSsince1995 9 months ago
Genius...
Him and the banks...
I wish I could think of a scam like that.
CluelessRT 9 months ago
I get it now! A bit too late, perhaps, but I get it.
kelath5555 10 months ago
now i know why he used william hahaha
SuperBigz93 10 months ago 5
@SuperBigz93 me too! hahaha didn't even notice that before
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The7legacy 11 months ago
Looks very awful and oh so true.
gelingelingx 11 months ago
Yeah.. that's the US for you : )
bubbenman 1 year ago
...we have a tiny massive global recession lol
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tarraorbisonopkl 1 year ago
Financial advisor after WWI: Let's give Germany loans that they have no way of paying back!
President: Gosh, that sounds like a good idea! Germany can give our money to the countries that owe us money! Everyone will have money!
America a few years later: Where did all our money go?
blacklitdogstar 1 year ago 2
i was watching this and i was like 'their ideas dont make any sense' and then i thought, oh right. thats why were in a recession.
meltyourheadaches326 1 year ago
thats my birthday!! :D from a long time ago :D
annabanna9747 1 year ago
"elephant diarrhea on a hot day"
lmao
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morgantobfr 1 year ago
hehe
lilmonsterbabe 1 year ago
I loved this video when it came 2 years ago, now It is going to help me in the UN Model with a G20 committee.
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amazing really simplified
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gfjfgjffhgfhfgj 1 year ago
the jerk giving out the loan would be a Yankees fan * Boston nerdfighter*
JosieNoPussycats 1 year ago 3
If you want an accurate, yet pretty easy to understand description of exactly what happened listen to this episode of "This American Life." 355: THE GIANT POOL OF MONEY
A special program about the housing crisis produced in a special collaboration with NPR News. We explain it all to you. What does the housing crisis have to do with the turmoil on Wall Street? Why did banks make half-million dollar loans...
johnnyqp 1 year ago
Amazing
JonasAndBruce 1 year ago
That was brilliant! I learnt alot and had a great laugh!
oliverfromperth 1 year ago
I learn so much from watching Vlogbrothers! You make all the mind-numbingly boring problems in the world more interesting, so I can actually pay attention to them.
longhairgreeneyes 1 year ago 3
Its funny because its true. No, wait, not funny. What's the word? Disgusting.
srushaggs 1 year ago
And yet, contractors have this crazy idea that we need to build more houses so people will buy them. Here's my idea: uh, sell the current vacant houses, and build the houses that might be needed later, when you know that you need them!!! We are losing money because contractors are building houses that people are not able to live in!!! Halting home builders may just save us some money...
majorafan09 1 year ago
Ah... if only I had watched this yesterday. Then I would have watched it exactly two years after it was posted.
GaminGuy9001 1 year ago
That sounds about right...
ferngirltlc 1 year ago
check my channel for video's about daytrading and trade like me in forex (EUR/USD, CAD/JPY etc.), stocks (coca-cola, phillips etc.), commodities (gold, silver, oil etc.) and indices (Nasdaq, Nikkei etc.
i0am0a0daytrader 1 year ago
whats with the kryton voice when he is the man with the idea
le3mo13 1 year ago
IS IT 2012 YET ????
smoothoiler 1 year ago
"I can make it on my own!"
FarSightOfTheMoon 1 year ago
Wow, if this is actually true, I completely understand now. What amazes me is that the banks were able to get people to invest in these mortgages. God, some people can sell anything.
delusionaldiminutive 1 year ago 3
That is some funny but accurate stuff.
dubya12825 1 year ago
Can you handle the truth? Americans Watch here on youtube the following Criminal Rothchilds, The Rothchilds exposed parts1,2,3 , Criminal state, Rothschilds and the Federal Reserve, The Illuminati and the New World Order, Israeli Rothschild Supreme Court, and the true picture will emerge. They own you, lock stock and barrel, Truth the average American is ignorant of in their support of zionist israel. TIME TO WAKE UP!!! every US president who stood up to them was asassinated
Ayelyah 1 year ago
Check out "financial deform" youtube video for definitive guide to financial reform bill
prolestop 1 year ago
Isn't this, like, exactly how the Great Depression started??
artvandelay13 1 year ago 4
"Please don't call again" hahaha
shRkfrnZ 1 year ago
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As far I have researched-The Zeitgeist Movement is the only Group out there that has brought up some Real and Tangible Solutions to ACTUALLY SOLVE OUR ECONOMICAL, SOCIAL & ECOLOGICAL CRISIS - watch "Awakening 1/4" (short video) and "Zeitgeist Addendum" to know more about it. Both of them are on YouTube. The SOLUTIONS presented in both videos are already being applied and they have already been proved to work in the short and long run. It's about time to expand/spread it World Wide.
:)
FS
FactualSolutions 1 year ago
you are one of the few people that looks sexy when you talk about finance .... doing anything later? maybe we could slip away and have sex while discussing debentures.
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Why is it that 2/3 o'all bad mortgages in our financial system were bought by govt agencies or required by govt regulations: Link here: tinyurlDOTcom/ylcxb4n
If the cause was the PRIVATE sector, how is it that Fannie & Freddie - run by congress - went broke / got the largest bailouts?
Ask yourself, would any of these assets have had AAA ratings w.o. govt backing? Why did banks suddenly start giving ZERO DOWN loans to ppl who cant make payments? Securitization / MortBSec were invented by HUD!
mredstriumph 1 year ago
Ha ha Ha .. pretty Good .. The only thing that was missing in this one were the derivative traders .. but nicely done ... amazing ,....
lalkidar 1 year ago
@lalkidar Those were just the guys peddling white hat's crap to beanie.
TacticusPrime 1 year ago
Tiny, massive global recession....LMFAO
1Beauty1 1 year ago 5
Nice way of explianing it all. Short term thinking is a real human problem
BrutusCass 1 year ago
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Shaun2Rich 1 year ago
4 minute version of House of Cards. :( And I already watched that. It's really really long. It was the worst class of my life.
insanitylives 1 year ago
Plz keep in mind, that the money is not lost. If u track it, u will be surprised.
Those "operation" was long time staged for concentrating economic power in few hands to shift the world into the last decade.
No revolution, no stand up of truly politicans could stop that.
Those global money shoving would , under a fair government, easily handed revert.
-A calculated Civil war would work to their hands.
RedTribune 1 year ago
Haha, I just realized your calculator was also your telephone
Starlot1 1 year ago
what the freak is going on? lol
xbogey22 1 year ago
The unemployment rate is high. The income in employment is low. It therefore makes immense sense to try hands in freelancing.
I recently joined EZDIA and I am able to offer my financial advices to my clients. Not a great money but few hundred
dollars a month does not hurt.
86rishabh 1 year ago
Hank! - you just did my exsam for me ... THANKS :DD DFTBA- not that VB ever will ^ ^
LittelAERT 2 years ago
awesome
hummusbomb 2 years ago
Is that a lil Brudder T-Shirt I spy?
timelordthetrain 2 years ago 88
@timelordthetrain sweet jesus yes it is. thank you for pointing that out :D
whyowhy13 10 months ago
The only thing that would make it funnier would be to include AIG's Credit Default Swaps!
We all seem to have forgotten that the very words mort and gage in French mean death gamble. If the borrower died first, the debt is due on death, which is usually what happens.
Once in a while, the lenders all die enmasse, and the borrowers win the death gamble. Whats fair for the one is fair for the other. Just let the laws of economics take their course. My personal opinion? Let THEM die!
Lightning241 2 years ago
I was working housing at the time and everyone forgets another part of the equation...realtors and builders. I worked for a major builder and together with the resale market, they sent the prices soaring through the roof. I left the industry because I am a nerdfighter and I couldn't help make the world suck even more.
persey78 2 years ago
Haha... Yeah, the combined stupidity of the CRA, the loan guys who enforced it, the people who took advantage of it all pretty much get the national middle finger. Of course, dragging the banks in, the government trying to deal with it... Not awesome.
illegalcowgirl13 2 years ago
You kind of forgot the government's involvement in this one... From the government basically forcing banks to give out loans to default risks to Greenspan's interest rate policy to the Senate filibustering the Fannie Mae and Freddie Mac regulatory bill (due to heavy contributions by the two organizations.)
And the names AAA and BBB are bond ratings, not the names they gave them. S&P and Moody's (the bond rating agencies) screwed the pooch on this one.
ObamaWatch1212 2 years ago
What do you know about derivatives trading and credit default swaps?
tristramshandy3 1 year ago
Yes, which were part of the cavalcade of events that led to the crisis. Once people got away with MBS, they pushed the envelope further.
The small banks were largely unaffected by this crisis. Only the big banks did all this shit.
Doesn't mean the small banks are lending much. Credit is still largely frozen. Until it starts to thaw, we're not getting out of this recession anytime soon.
ObamaWatch1212 1 year ago
Bahahaha. "Like elephant diarrhea on a hot day." xD
flomchick13 2 years ago 188
Hats!
781228XX 2 years ago
DFTBAwesome!
aaronl22 2 years ago 2
oh my god, is that a li' brudder t-shirt??? (screams) MY FAVORITE YOUTUBES LIKE MY FAVORITE SITE :D
deathnotefan386 2 years ago
Great job! It is actually worse than this. Check this out: The sponsor of the original loan was the BORROWER . In other words he was conned into thinking he had to pay it back in the first place because it was HIS money to start with.
gutsrace 2 years ago
Ooops forgot the real problem and prime instigator of the so called crisis, derivatives.
klard 2 years ago
very funny stuff ... and hard to believe it's actually true.
firstfireprd 2 years ago
Well, one thing where the VlogBros and probablly the rest of nerdfighteria and I can fundamentally agree.
trapjohnson 2 years ago
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BANK OF AMERICA IS THE MOST CORRUPT BANK IN THE COUNTRY!. Bank of America harassed me, ruined my credit, charged me over $800 in fees over a 10 day period, tried to humiliate me, and never stopped calling my house- all because of $50 overdraft!!
In one day I was charged over $250 in overdraft fees because of a company that took advantage of my bank account- BofA charges more fees than any bank in the World!
mattt1ooo 2 years ago
Ha, ha, ha, ha!
pishdad 2 years ago
Too funny, great job!
curtatlanta 2 years ago
lol at 3:37-4:40
bigz008 2 years ago
Not all banks ran with the government.
brainsells3000 2 years ago
very entertaining
FinancialTales 2 years ago
ROFL very much true.
ProtoRez 2 years ago
Now I understand Barney Frank economics!
jsl5570 2 years ago
GREAT!
davidlopan123 2 years ago
Good one dude
fidoajit 2 years ago
That was really good...appreciate the entertainment.
AccuracyMarked 2 years ago
Amazing Hank. Simply brilliant. I learn so much from you guys, thank you
FlailingDingaling 2 years ago
It's crazy how much more interesting this is when you guys explain it. :) Keep up the good work!
bookwormdaisy 2 years ago 3
AHHH... I see. THAT'S what happened. I knew it had to do with banks and houses, but I didn't know it was about loans. And somehow, things haven't improved. That's a damn shame.
mylovelydame21 2 years ago
this is pretty much my fave video ever, I never thought I would say that, because although I love u both, I love John a little more... like, the most infintesimle bit more... but this was awesome. my dad explained this to e in the exact same way... yay for the econoically inded people of our world
TabbyKate 2 years ago
you forgot the socialists govs role in the crisis...ie the fed reserve or central bank as marx would say ...lowering the interest rate and flooding the market with money so banks had to loan at higher and faster rates to compete for investments themselves of risk loosing customers to the more aggressive banks! money is reciepts for labor/services...print too much and stuff like realestate will be worth less...socialist solution borrow more..pay bills later (after term) ie stimulous package!
DK0526 2 years ago 2
Our financial regulatory system is a disaster. The Obama administration should have called it by its proper name, proposed to close it down entirely, and argued to replace it with a more integrated and completely rationalized approach. That at least would have moved the bargaining position of the regulators they would now be too busy trying to save their jobs to oppose Treasury on substance.
evilwestern 2 years ago
sure socialists at the federal reserv start a fire with too much fuel=low interest money. And Obamas solution add more fuel= stimulous money to the fire when the smoke clears we will all be burnt! without goods and services that respresent the money watch out for run away inflation. Closing it down entirely is like dumping all the fuel/ money out! Then your car has nothing to run on..try pushing your car without fuel! Fiscal restraint is needed while capital growth catches up to the money supply
DK0526 2 years ago
"Fiscal restraint is needed while capital growth catches up to the money supply ."
That is exactly what we need , , , INSTEAD the obamanation is doing the opposite! This socialist government is spending and giving money away like a drunkin teenager with his parents limitless credit card. What happens next???
Vote ALL the bums out. Dems/Repubs no difference, they all work for the CEO's & sold us out over the past 8 years!
"What good fortune for governments that people don't think."
- Hitler
MrSkinnn 2 years ago
I vote for the libertarians or taxpayers party in the primarys and the lesser of 2 turds in the general elections...many dont know it but Hitler's party the NAZI party in german stands for (national Socialist ) party! How soon we forget! Obama is not even ashamed of his socialist connections despite almost every war waged by the US was against tyrannical socialists..all those lives lost for what and now we vote in the enemy with out a shot fired! Peace can be deadlier then War ask Hitlers jews!
DK0526 2 years ago
I'm sorry. I actually misread the FDIC statement. It was actually just one.
videoslacker 2 years ago
I'm so glad to live in Louisiana. Because none(thats right NONE) of our banks have failed during the recession. There were only two banks that failed in La, but that happened back in 2002. Hey, just check the List of Failed Banks at the FDIC if you don't believe me. :)
videoslacker 2 years ago
Haha...I just wanted to say that I think it's great that the banker is a Yankee fan. =P
bandgeek4747 2 years ago 2
thx gets it naw xD
11sins 2 years ago
Lawl =P
cayrano 2 years ago
This guy nailed it. Perfect!!! Now get going on those babies and start filing for unemployment..........you still here
brianpez 2 years ago
If we want our manufacturing jobs back, we are not going to get them back by doing it the same way that our parents in the early-to-middle 20th century. Look how China and other countries are making our products by HAND. To think that my American peers and their children are going to produce those things by HAND is hopelessly NAIVE. We need the money AND DEFINITELY enough our own ENERGY to have robots (NOT SLAVES) that will do these things for us. ENERGY = WEALTH.
kmarinas86 2 years ago
You forgot the part where the liberals compelled the banks to make many of these loans. All they did is drum up a bogus study, play the race card, and viola- use things like the CRA or the courts to punish banks who dont give loans to people with no money.
watch?v=CUppxlG243c
gdf2740 2 years ago
i love the lil brudder t-shirt!!
Passonthepie 2 years ago
finally I understand what happened!
thank you!
likethewater 2 years ago 3
Nice work!
Rhymz4TurbulentTimes 2 years ago
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mortgageartist. com
The best thing you can do is arm yourself with knowledge, even better if it's free. a little time and a few clicks now could save you years and thousands of dollars later.
the choices you make today define your tommorow.
MrMortgage1 2 years ago
Brilliant illustration of the mortgage collapse!
SLPGuru 2 years ago
If America sneezes, the whole World catches a cold.
cmelody0016 2 years ago
Yeah, it's so sad how true that is.
YafaiGirl 2 years ago
This comment has received too many negative votes show
fuck allah
juergen4020 2 years ago
moar loans!!!!!1!!1!!!!
whatawittyusername 2 years ago
This is my favorite video by you. end of story.
AprilDrumstick 2 years ago
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if you give a fuck
Protect our Constitution- infowarsdotcom :)
giggles1987 2 years ago
Great message, but what about the government printing money out of thin air to pay for these sensless wars, which just causes more inflation. Which is remedied by "price control". Otherwise known as giving our jobs to foreign labor. Seriously, give me the benefit of the doubt for a second and just look at the tags on your clothes, check all your belongings. They should say Made in ... I guarantee you 99% of your belongings were made foreign INCLUDING YOUR FLAG! They have our jobs.
tobywonken 2 years ago
mad men are in charge and they must be stopped.
smakdoubt 2 years ago
Excelent presentation,very easy to understand.Top mark for you.
thodia 2 years ago
3:30 masturbater imitating non-masturbater
swajblogger 2 years ago
ahahahha thank you so much.
yiplandar 2 years ago
This is just one of the reasons why our economy is f@cked up at the moment. What about the wars? Who's financing it? Our government's budget deficits? Our ever increasing debts? The fed is on non stop printing spree of paper money out of thin air...
jeson86 2 years ago 2
Exactly dead on.. just forgot to mention that it has, in turn resulted in "price control" or foreign labor, to make things affordable. So just give all our jobs to other countries. That'll fix our economy. Have you checked where your belongings were made? Please do. In fact, check the shelves at the stores.. almost everything made foreign.. We're a bunch of dorothy's too afraid to wake up. Wish I didn't. Shopping used to be a lot more fun. In fact, life was overall.
tobywonken 2 years ago
This has been flagged as spam show
if you give a fuck
Protect our Constitution- infowarsdotcom :)
giggles1987 2 years ago
wow, that was great!
pinklemonade19 2 years ago
Wow Great Video. Thank you.
Skylar541 2 years ago
Spot on.
weeman4life2 2 years ago
TRUE
jeens8700 2 years ago
great video
IDani83 2 years ago
im sorry for asking this, but one thing i dont get, i mean how would you sell a loan? i mean isnt it a loan...your like letting someone borrow your money and then hell pay it back....if u buy it wouldnt be a loan right? i dont know if im not interpretating it in another way..can someone explain...im just 13 btw..so sorry
alecin123 2 years ago
a loan is a service which banks sell. They sell money instantely to people who do not have that amount of money at the cost of paying interest rates. so people buy the loan and they have to repay it back plus interest rate. If they do not pay it back, the bank will take their collateral. But here, the price of houses fell and bla bla bla
attchris 2 years ago
its called A bond thay take bad financial loans and tie them together with financial balling tine and call it a sectary that's how you sell loans... and that how you melt the economy...buahahahahahaha
spmandmtgr 2 years ago
I think when a bank lends money to someone, it's expected that they'll pay it back with interest. When they "sell" a loan to another bank, what they're really selling is the promise of the loan being paid back. (Someone please correct me if I'm wrong).
holycow818181 2 years ago
nice work!
hahahahah......
frane9r9r 2 years ago
thanks man. learnt a lot through this video.
nadanbacha 2 years ago
search the OBAMA DECEPTION
stop the New World Order
911 was an inside job
search FEMA camps
Big brother is watching you!
ohkeepa2009 2 years ago
I know right? And that Roswell cover-up. Total dick move by the government!
And that's not even mentioning the whole Free Mason campaign to cause global warming!
somonel 2 years ago
haha,, elephant diarhea in the hot day :D
nazirdjon 2 years ago 3
The best video EVER!!!
PowerInvestmentgroup 2 years ago 3
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ANYONE who gets the mark of the beast 666 is DOOMED! There is NO turning back, NO forgiveness, NO 2nd chances, NO redemption, No salvation! There is no hoping that, "God will understand, He'll forgive me for taking the mark, He's merciful and He doesn't want me to lose my life. I don't have to worry, I can still be saved, right?" WRONG!!!!
JESUSISTHEONLYESCAPE 2 years ago
So Ture.
nightwing4077 2 years ago
this is amazing. thank you for summing it up for us, Hank.
bunnyish 2 years ago 4
Ingenious.
Fralmunk 2 years ago 3