Talking to my Chinese friend who trades commodities on the market is often a confusing experience for me, both because his English is muddled and the things he talks about are complicated. The other day he tried to extensively explain to me the reason for this "financial crisis" and where most of the blame lies. He mentioned sub-prime loans, and then went on to explain something about Moody and "A ratings", and then Fannie Mae....I had trouble following it.
Somebody has kindly clarified the situation in a handy Youtube video, and I now have put the pieces together. What my friend, who is from China and has the most objective interest in U.S. affairs as one can have, was essentially telling me was that the banks were only partly to blame for the subprime bubble because the Democrats had put in place social engineering regulations that were destined to fail from day one.
Watch the entirety of this video. Everything in it is verifiable.
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3 comments:
I can't get it to play but I"ll try and check it out later.
Sorry, I had to post the other side to keep it "balanced" as Lee says.
http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinv.html
I still like the blog thought!
No need to apologize. I'm about facts, and if what is said in that Business article is verifiable, then all the better.
I think its clear from the circus being put on by our government that even people at the top don't fully "get" what happened/is happening. Hence trying to dump an arbitrary and ridiculous amount of money on the problem.
Keep up the comments, lets foster a discussion.
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