For those of you who were curious about exactly *why* the economy is in its current shape, this site has a video that explains it pretty well. I found it interesting, educational, and easy to understand.
http://crisisofcredit.com/
For those of you who were curious about exactly *why* the economy is in its current shape, this site has a video that explains it pretty well. I found it interesting, educational, and easy to understand.
http://crisisofcredit.com/
I knew the basics, but wow, that was kind of helpful in that it concisely summed it all up. Now if he could only go and make a video on the bailout/etc.
The artist formally known as macweirdo42, formally known as weirdguy (it's a long, uninteresting story).
Yeah, easy money really is what causes pretty much every recession. But just you stand up and say that during a boom. See what happens.
Alan Greenspan, the genius, right?
invincible - "Opinions are like arseholes, everyone has one and everyone thinks that theirs is the only one that doesn't stink."
Elihu Burritt - "Forming characters! Whose? Our own or others? Both. And in that momentous fact lies the peril and responsibility of our existence."
2008 Record (final): 84-78: NL West Champs
Originally Posted by phattonez
....wtf?
Alan Greenspan was the head of the Federal Reserve who introduced the terribly low interest rates that we had between 2001 and the current recession. The video was about how this crisis is due to us having too much credit. It just blew up in our face. Did you even watch the video?
invincible - "Opinions are like arseholes, everyone has one and everyone thinks that theirs is the only one that doesn't stink."
Elihu Burritt - "Forming characters! Whose? Our own or others? Both. And in that momentous fact lies the peril and responsibility of our existence."
2008 Record (final): 84-78: NL West Champs
This is an incredibly uneducated statement. Spouting off vast generalizations and truisms doesn't make you sound smart, man. Stick to what you know: easy money was a big contributor in this current situation.
Any honest economist will admit there are multiple theories of recessions and their causes, and will tell you that some are true for certain cases and some apply in others (when the necessary assumptions of the models are present).
I think "greed" pretty much sums up a large contributing factor of the problem.
I personally love how Alan Greenspan admitted to finding a "flaw" in his model, that flaw being that people are greedy cheaters who will abuse the system given the chance with no regard for the consequences. Seriously? How the hell did he miss that little whoopsie?
The artist formally known as macweirdo42, formally known as weirdguy (it's a long, uninteresting story).
The gap between economic models and policy making is still much larger than most economists like to admit; however, you would hope that the chair of the fed would be more aware of that...
I like how I don't have to reply to Fat Tony - you just took care of it for me.
Thanks broseph!
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote