Subprime crisis explanation by The Long Johns

Spirited explanation of the US banking crisis

Category:

News & Politics

Tags:

• economics
• subprime
• faber
• rogers
• crisis
• SIV
• investment
• banker

[zenmastermatt]

Incorrect. there was plenty of predatory lending going on, in fact, it's all well documented, five minutes on google and you'll have it all at your fingertips. Fact is, the major financial institutions have gone to great lengths over the last 15, and long term, last 50 years, to hide and make obscure an already complicated set of processes. They do it on purpose to lure those stupid borrowers, off of whome they can make easy money....until it all falls apart, that is, and everyone is fucked.

[Hadyn98]

Um, sorry!?

We shouldn't blame the banks because those people that should have been monitoring them weren't doing their jobs properly?

Isn't that like saying criminals are not at fault if police don't catch them?

How about: The banks should just behave in an ethical and moral way regardless of what laws govern them.

1) Stop passing the buck

2) Don't try tell me that these CEO's + upper management didn't know what was going on, nor the possible disasterous repercussions.

[reemanwells37f]

This vid went viral on Russia

[lopezjackie515]

This video went viral on Armenia

[donmeswimee]

Hahahahaha

[DJNaydee]

English humor is always classic

[jahosaphat313]

sleeping with my long johns on

[LTChu]

@uranrising

Quite true uranrising, I misspoke. They not only bailed them out, they also allowed them to profit on the trillions in CDS bets they made on a collapse that built by their own fraud.

By self correction I only mean that the whole idiocy is now open to us all to inspect and respond to as we can. It is not clear to me though that our legislators or regulators are up to understanding it properly, much less doing anything sensible to avert such events in the future.

[uranrising]

@LTChu

The market did not self-correct.

Governments bailed out the banking system.

[LTChu]

This is one hundred percent accurate. This bubble has now self-corrected. What never self-corrects, though, is bad, stupid, incompetent regulation, and bad, stupid, incompetent legislators spun by and beholden to the rich, who hire the best and the brightest to rewrite the laws of the land to their liking. The SEC, the Fed, the FDIC and all the rest always had the authority to do something and prevent all of this. Just not the brains or initiative.

[IamMakarov]

'-- We are rich!

--Buy Buy Buy?!

--Yes! And that's what we call market sentiment'

Haha, so true.