Heaven's gonna burn your eyes
16th April 2005
While I'm somewhat surprised noone's started a thread yet, I think it's probably because it's a very daunting topic to begin.
But there is one brilliant clip which explained the thing to me, and I strongly suggest you take the short time to watch it. It explains the subprime crisis in wonderful terms, and leads on to the current financial meltdown.
So, this interview is from the early part of the year, and once you've watched the final sections, the current situation unfolding now is linked to the end of the above clip.
And just in the past day or two, the US government has announced a plan to create a government fund to buy this dodgy debt, with an incredible $800 billion dollars.
Not to mention the $200 billion world banks and governments have thrown into the markets over the past week, and the $85 billion loan the US Treasury gave to AIG, as well as the $200 billion for Freddie Mac and Fannie Mae, plus the various corporate takeovers (eg Bank of America taking Merrill Lynch for $50 billion).
And of course, in a wonderful example of socialism for the rich, while there's no federal money for struggling families, the Treasury can throw out nearly $300 billion at the drop of a hat. I'll bet most of the managers of these big groups have retreated to Monaco, or the Cayman Islands, or someother hideout for the wealthy, and are keeping the sun off with big wads of taxpayer's cash.
The crisis has been less dramatic in Europe and around Asia-Pacific (though the Chinese, Japanese and Koreans are especially worried because they own vast amounts of US debt). Moreover, the world looks like a global recession is on the horizon, and part of the panic is to prevent a major meltdown.
Also, if you believe in Kondratiev Waves (50-60 year cycles of rise-and fall), then we are actually due for the next downswing right about now. (Kondratiev Waves match Great Depression and the 'Golden Age' of 1950-73, as well as the 1990s climb, but most economists can't work out how they work, and so discredit them).
Cooler than a polar bears toes
18th August 2008
Thanks for posting this Marsoe I have waiting for someone to bring this up, but i wasnt going to touch it with a 10 foot pole haha. But in all seriousness as a young adult who will soon be moving out on my own I am scared shitless about how much worse this is going to get. This video was also kinda funny lol
Victim of Forgotten HopeForum bystander
26th April 2004
masked_marsoe;4588182 And just in the past day or two, the US government has announced a plan to create a government fund to buy this dodgy debt, with an incredible $800 billion dollars.
Profits privatised, losses socialised, United States shows the way. Capitalists and socialists of the world, unite! ..or something as the ones celebrating this news definitely are not taxpayers but investors. :silly:
I'm too cool to Post
26th June 2000
nanobot_swarm;4590002We should have killed off these rich elitists long ago
It's kind of hard to do that when they control and run everything.
I would die without GF
8th October 2006
They sound like they're doing a Monty Python skit.
We should have killed off these rich elitists long ago
And then new people would have become rich elitists.