The current financial mess explained

| September 21, 2008

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This stick-figure presentation at Google Docs (warning: explicit language) — which we linked to some months back — still remains the best (simple) explanation of just what went wrong in the global (not just US) financial markets.

Think Lehman Brothers, Merril Lynch and Bear Stearns (not to mention Fannie Mae and Freddie Mac!) where you see “RSG Investment Bank of Wall Street” and think AIG where you see reference to bond insurance. There are lots of other complications, but this remains the core stupidity that is threatening to cost us as taxpayers three-quarters of a trillion dollars.

And, as noted, my co-blogger Bruce Henderson has been standing on the trestle and waving his hands about this pending problem right here at ASIP for over two years. The data was all there; no one was willing to stop the train, or at least slow it down.  ..bruce w..

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Category: 2008 Election, Credit Backlash, Economics, Main, Recession Watch, US Politics

About the Author ()

Webster is Principal and Founder at Bruce F. Webster & Associates, as well as an Adjunct Professor of Computer Science at Brigham Young University. He works with organizations to help them with troubled or failed information technology (IT) projects. He has also worked in several dozen legal cases as a consultant and as a testifying expert, both in the United States and Japan. He can be reached at bwebster@bfwa.com, or you can follow him on Twitter as @bfwebster.

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