Lend me 13 minutes of your time and attention:
This post isn't a rant. This post isn't a biased opinion piece. This post is about something that I have found very helpful to me. The world is in an severe economic recession. And like many people across America (and the world for that matter), I have had a lot of trouble understanding the events that lead up to the economic recession we are currently in the middle of. There seems to be a lot of elements to this situation brimming with complexity and ambiguity.
Through the course of this recession I have always felt like this situation was much bigger than me or my understanding. Then I found a video called "The Crisis of Credit." It is a short, animated film explaining the events that lead America to the situation on hand.
While I am sure there are far more underlying factors than just those mentioned, this excellent visual summary help me put everything that I have heard on TV, in newspapers, and on the radio into a manageable context.
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.
So there you have it. That is the economic crisis we are experiencing daily. It's funny how small things can lead to such a tremendous problem and scary that it can affect international institutions that are seemingly stable.
Chad
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3 comments:
That was interesting, thanks for sharing that.
Very helpful
Very good visualization. I wish they would explain the relation to it all with Fanny Mae and Freddie Mac. What most people don't seem to understand is that the Govt. had their hands in the money bags as well and passed legislation to not only allow, but REQUIRE banks to lend to under qualified homeowners. What's ironic is that now the govt. thinks they can clean it up.
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