Part 2/2 Bird & fortune - Financial crisis - Silly Money, Nov 08

[BLUESKYBLUE1990]

FUC-K AMERICAN SYSTEM AND AMERICAN RATING AGENCIES (RICH AND POWER GROUPS)

[superbelle79]

gusto ko to. patawa lang.

[justicenow999]

Believing in subprime lending and credit default swaps is like believing in God. You don't believe in the existence of God because it is obvious, you believe in it because it is mysterious. It surpasses our understanding. In fact it hurts my mind just thinking about it. LMAO, but also sad because all this is true.

[HighhBrid]

Great video series. Simplifies everything.

[ascender555]

I found this quite entertaining and actually informative, although the black&white clip at the end seems to have been put there in jest. I believe free market capitalism works for the greatest number of people, especially those who get out and work for a living. What DOESN"T work is when the people that lie, cheat, and steal don't go to jail for what they've done. Such people will lie, cheat and steal regardless of the economic/political system in place, until you put them in jail.

[LaraDing]

@ascender555 Unfortunately there is no such thing as the free market economy. Small businesses rarely survive because they can't compete with big corporations. Look at the food and retail industies for starters. How many businesses are there in the high street? One or two who own just about every shop and restaurant there. Sad days.

[LeonarLapuer]

dude i found the best ebooks for making money online! all free /watch?v=AXow-igXZwA

[ShadesOfKnight]

"Just this once..." The mantra of money addicts the world over, whether they be in Vegas at a Roulette Table or in Wall Street Banks. :)

[Shaun17170]

This has been great to watch. the best economics lesson. it's in my favorites now.

[evenflow100]

"I've been working in the city for 40 years and if I've learnt nothing is, I have learnt nothing else!"

[gbushimprov]

The instruments at the are actually called REMICs.

[eralclladnek]

I'd laugh harder if it didn't make me so angry.

[illdawg1234]

boognish100 thanks watch 3 videos this is hilarious, british comedy was always up there, can u upload the whole series?

[boognish100]

@illdawg1234 The whole series is available on google video, just google "silly money" and click the google video tab at the top and part 1 is the first result.

[illdawg1234]

@boognish100 thank u

[trakkaton]

100000 starved to death yesterday, 100000 starve to death today, 100000 will starve to death tomorrow.

[EasyEight88]

Funny, but, completely leaves off WHY the banks started down this path. It started in the US when the Government FORCED them to make risky loans to low income people under the guise of social justice -- let the poor all become homeowners. Oh. And the Government also GUARANTEED the loans in case of default. But as the video points out, they didn't add much to the bank's asset sheet. SO they turned lemons into lemonade, bundled good with bad loans and created CDOs. The stage was set for meltdown.

[boognish100]

@EasyEight88

If your on about HUD directing Fannie and Freddie to lend to below median income earners (known as Alt A mortgages) from the mid nineties onwards, that wasn't the cause of the crisis. It played a very small part. Fannie and Freddie never got into subprime, they were legally barred from doing so.

[boognish100]

@EasyEight88

You'll find investment banks lobbying for lower interest rates, and laxer lending standards was in fact the root cause of the crisis. The government just did their bidding, deregulating and letting the cheap money flow, something which made the banks very rich indeed, but also deluded and feverishly speculative.

[38dragoon38]

Dear Boognish,

Thank you very much for posting this - I really enjoyed it. Also I liked the little black and white clip at the end also - nice touch. Can you please tell me where this little clip is from?

Cheers!

[boognish100]

@38dragoon38

It's from a Bremner, Bird and Fortune series called 'Silly Money', I think you can watch all 4 episodes on google video. Well worth a watch!

[BijiApoCheHugoChavez]

ohhh goddd his is just hillerious if this is ur future career! clearly capitialism is evil and is deteriorating, and will soon be gone thank god, regardless why not profit off of it while its still around! LOL!

[result321]

I believed in it because other people believed the same shit.

Massive temptation for fraud :-)

Stupidity and incompetence.

And that is something we can be very proud of.

Some idiot somewhere asked the question which should have never been asked: "How much are these things worth?"

Very sad day compensation payment of 12 mio pounds and 5 mio retirement payment. What a pity isn´t it?

This is our capitalistic march of HUMAN PROGRESS the BANKSTERS way :-(

[PianoSonata]

@result321 Don't complain about it; become one of them.

[result321]

@PianoSonata

Do you have kids, piano?

If so, you would not be that ignorant.

[PianoSonata]

@result321 I do, actually; and have taught them to Elitist; the only thing that will drive my beloved into proper society.

[geminigemini]

A double-dip recession is coming.

[tonito60187]

This is so amazing.

if you are into economics and finance. This will make so much sense to you

[PianoSonata]

Its amazing.

[kurktchian]

:p i am doing economics and finance in UNI ... its amazing how they do this

[BoomerNavy70]

Hey, by the way.

Stop blaming America for every god damn problem we have in the world. If it wasn't for the help of America you would all be speaking German or Japanese.

[Scoforever]

If it wasn't for America we wouldn't have got capitalism, democracy, or the boom. Foreign banks decided to buy the debt. And Im not American so no-one can say Im biased.

[georgesturdy]

karl marx was right

[Scoforever]

No he fucking wasn't.

[georgesturdy]

yes he was keep your language to yourself. capitalism is a failure as can be seen by the way the banks have plunged all the worlds economys into a recession, the boom dident come about because of the united states it was a global thing china and india becoming big buyers and producers, but since your all of 13 i dont expect you know that.

[Scoforever]

Your logic is as bad as the media's. Your logic is capitalism exists. There is an economic crisis. Therefore capitalism has caused the economic crisis. That is a lot like Min Kumph (or however you spell it). This crisis was caused by fractional reserve banking, central banking and government sending the wrong information through the market. Community redevelopment act. China and India only did well since they became capitalist anyway. 13 year olds are a lot smarter than you think.

[georgesturdy]

min kumph? dont respond to me with words that are not in the dictionary, china and india fueled the boom they have over 2 billion people. the us was not the first capitalist nation ever here of the italian states pre 1870?

[OlivierdeAthos]

About some things, yes. Anybody who'd claim otherwise (especially without having read any of Marx's work) is a blinkered idiot.

[kdum8]

Capitalism existed long before America did.

[Scoforever]

true but America actually gave it a chance. The Wealth of Nations and the constitution were written in the same year 1976.

[Scoforever]

Sorry 1776.

[BoomerNavy70]

This video should be required before every opening of Congress and the United States Senate.

[TheMork]

It was required viewing in my Economics lecture today at university, what a terrific video :)

[anatole84]

Does anyone know where is the black & white clip outtake at the end of the video is from?

[habeebee]

Took a while, but found it. The man speaking is Prof. Clifton L. Ganus of Harding College, Searcy, Ark., and he spoke in 1955. It was part of a film by the National Education Program.

[habeebee]

The film is funny in a sick kind of way, much like those scaremongering 1950s advertisements against marijuana. It's available online, but somehow I cant post the URL here, my comment just wont post if I include the URL. Must be some kind of anti-spam measure. Anyway, just Google for America's Distribution of Wealth (1955)

[jpbalkenende]

Sucks that Spain is getting battered so hard for idiots in America and Britain.

[UnicornScrotum]

Yup, times like this all you can do is laugh! I love these guys, they educate the masses through humor!

[umdesch4]

The only thing I don't understand about this video is the laughter. The discussion is particularly accurate and insightful. Take the laugh track out, and you have a very good take on the situation.

[BagofSpite]

It's recorded in front of an audience mate. The laughter's real.

[onthelake4854]

Its uh .... comedy.... like satire....they are making FUN of the bankers. It is called 'understated wit', 'irony' and 'satire.' They take the real facts and present them in such a way as to be funny!

These two are COMEDIANS!

[behageli]

Are you sure this is not umdesch4's point? That you are not the one missing the irony (the comedy tells the truth)?

[dajwilkinson]

In the early 1980s, (Labour) Shadow Chancellor Roy Hattersley proposed to create a UK economy that would generate real wealth - "not paper fortunes at the Bank of England". SIVs and the like are "paper fortunes" writ large and we now find Mr Hattersley was right - 25 years too late.

[0TV1]

This is excellent.

[hugsnbugs]

The depth of research done to make this whole George Parr series is amazing. This is exactly how it works and the couple of hours encompassing this series capture what has been 'complexified' across tonnes of mathematical textbooks and arcane formulae

[j0nbr0wn]

acc acc acc acc acc account

[GAGLY01]

DOW Drops 1000 points (16.3%)!!

/watch?v=aAEF79wHEVU&fmt=18

[lupoforme]

excellent!!!

[maxari5]

LOL this is awesome!

[everst]

good stuff!