Summary of Financial Crisis

I hope after watching this we will stop blaming the 5% of mortgage owners who have or are on the verge of defaulting on their loans, for bringing down all the world markets. Don't get me wrong, they can be blamed for some things, e.g spending more than what they take in, banks writing off bad loans, but someone in the Crenshaw district of Los Angeles, or Washington, DC is not responsible for Iceland or the Ukraine being on the verge of bankruptcy. More menacing and larger forces are to be blamed for that. Now that I've got your attention, please read on.

The blame lies with our representatives in Congress, both democrats and republicans, but to a larger extent republicans, who have called for tax cuts for the rich, while leaving the middle class to shoulder the burden of paying for a budget that has ballooned from a $455 billion deficit to close to $1 trillion. The blame goes to these congressmen who continue to call for further deregulation so the rich can make more money than they can ever hope to spend in a hundred life times. Honorable mention of course goes to those democrats who knew better but went along anyways, because of the good times of the late 1990's.

Financial Shadow Markets


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Financial Weapons of Mass Destruction


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