Saturday, February 21, 2009

Understanding the Financial Crisis

For many the underlying causes and the correlation between Wall St. and Main St. has been confusing, and very poorly reported or explained.

This video does a fantastic job of explaining the Financial Crisis, and recognizing the blame that is to go to all parties - not just poor, stupid people.

This excellent video is produced by Jonathan Jarvis, a designer based out of Los Angeles.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

Alan Greenspan, the lack of regulation, Wall St. greed, irresponsible lenders, homeowners both fiscally irresponsible and responsible, and the unending optimism, that housing values will always rise, did indeed create a Perfect Storm for this financial crisis. We are all in this together, and we must all work to get out of this together.

In order to stem this crisis, it will be critical to stop the hemorraging in the foreclosures and stablise the housing market, but listening to the over-the-top idiot reporters like Rick Santelli, with his mindless, sycophantic rantings, I've come to realize that overwhelming self-indulgent greed continues to rule the minds of these morons. All they can think about is themselves and their perception of how life is unfair.

What's really pathetic is that Rick Santelli, and many like him can only shout about how terrible President Obama's plan to stop the continued foreclosure crisis is, yet have no real solution or alternative. Until they have a better idea, they should just sit in their corner and take a chill pill.

Which makes this video, where Robert Gibbs smacks Rick Santelli, something to savor.

I’ve watched Mr. Santelli on cable the past 24 hours or so. I’m not entirely sure where Mr. Santelli lives or in what house he lives but the American people are struggling every day to meet their mortgages, stay in their jobs, pay their bills, send their kids to school," Gibbs said. "I think we left a few months ago the adage that if it was good for a derivatives trader that it was good for Main Street

"Mr. Santelli has argued, I think quite wrongly, that this plan won’t help everyone," Gibbs said. "This plan helps people who have been playing by the rules....I would encouraged him to read the president’s plan....I’d be more than happy to have him come here to read it. I’d be happy to buy him a cup of coffee—decaf," the press secretary said, in a not-so-subtle jab at Santelli’s frantic style.
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