Bumper Posted March 16, 2009 Posted March 16, 2009 CNBC's The House of Cards. The video is 90 mins long. Kinda like a dummy's guide to unravelling the sub prime crisis. Watch it when you can. CDS & CDOs were an eye opener for me, never heard about them before. http://www.hulu.com/watch/59026/cnbc-originals-house-of-cards
Ram Posted March 16, 2009 Posted March 16, 2009 This economic crisis has clearly exposed one thing - Capitalism has another spelling; G-R-E-E-D. The corporate bigwigs would do anything that it takes to make big profits for their company, so that they could more money out of their bonuses and stock options, throwing out all long-term risk calculations through the window. I am shocked at the collective complicity and duplicity of some of the Wall Street Honchos who invented these financial instruments. As Asia and middle east got richer due to the economic and oil boom, they were plenty of people there looking to invest their new found money. And Wall Street conveniently used this as an opportunity to sell them the American debt. As more people bought this debt without knowing its risk, the access to debt(credit) escalated, sending home-ownership and home prices through the roof.
Ram Posted March 16, 2009 Posted March 16, 2009 I am curious, did any Indian banks and Investment firms buy any of these manic-mortgage backed securities? If they did, then many ordinary middle class Indians could see their future wrecked.
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