The current financial mess explained
Sort of:
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..
Category: 2008 Election, Credit Backlash, Economics, Main, Recession Watch, US Politics