Subprime crisis explanation by The Long Johns

Spirited explanation of the US banking crisis

• Category

  News & Politics

[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.

[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.

[Matěj Pilát]

Comment on 2 - usually, they didn't - system was created, where noone really knew, what is in the packages being sold (it was fashion to trade with them and trust issuing bank/rating agencies) + everyone believed, that prices of immovables are always going to rise. Everyone was enjoying how well it goes and they believed, that there are going to be no problems.

[johnsmithbsc]

I like the way the audience sound like they're at a pantomime - lots of 'ooooooooh's!

[reemanwells37f]

This vid went viral on Russia

[lopezjackie515]

This video went viral on Armenia

[donmeswimee]

Hahahahaha

[DJNaydee]

English humor is always classic

[Joe Massey]

sleeping with my long johns on

[LTChu]

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.

[Randolph Jones]

The market did not self-correct.

Governments bailed out the banking system.