I have struggled to gain an understanding of what is going on in the financial markets of the last few week (other then the fact that my bank now has a new owner.)
This morning I found a amazingly simple explanation of the problem from my favorite radio show, Marketplace. Senior Editor Paddy Hirschon explains what it all means in this simple explaination. It reminds me of CommonCraft video shows. Take a look:
(via PresentationZen)
Why oh why did they not teach it this way back in economics class? I waited 20 years to understand it this way. Aaaagggh!
Wow, that was really good. I can't believe we have financial leaders who thought that type of economy would be able to last...
I just found a CNN article that puts it another way:
"Large financial institutions peddled mortgages to people who could not possibly pay the monthly rates and then put this snake-oil debt into cardboard boxes with impressive labels on them and sold them to institutions and hedge funds that thought they were worth something."
We're in one crazy mess...
@greenchickadee: yeah really. That is the best explanation I have seen of the situation.
@Evan Owen: Up... banks got too greedy and wanted to profit too much so the lower their standards and made too many people think they could afford too much. Crazy Greed!
Utilizing Multiple Caching Strategies? Utilizing Multiple Caching Strategies? Comic for January 1, 2009
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Happy New Year! Just wondered around the burned wreckage of my office. Very very sad.
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