The Economic Crisis -- Why it happened.

**WileECyte** · 09-27-08, 08:48 AM

I know there's a dedicated thread for videos, but this one I feel is one that everyone should see and be free to discuss. While it is a little slanted to the right in its political leanings and has your typical campaign year rhetoric towards the end, but I encourage everyone to spend 10 minutes and watch the entire thing. It will open your eyes about the current economic crisis and see how it came to be. All of the information (minus the rhetoric) can be found with a little Google Kung Fu and comes from nationally recognized publications.

http://www.youtube.com/watch?v=H5tZc8oH--o

**Steggy_1** · 09-27-08, 09:42 AM

I always view these types of videos with some reservations. The name Micheal Moore comes to mind. I believe that there are elements of truth to the video. Maybe it is totally true. The decision to tie this information to a political campaign does taint its message. What is definitely true is the reality of the crisis in the States. What is true is that greed did cause it. My experience with politics and politicians is that they sound good when campaigning and then they get elected and "owe" favours to the people that put them there. Maybe the States should look at the Banking and loan system in more modern mixed economies like Britain and Canada. They have some competition but is they are more closely regulated so greed has a lesser impact. These measures were implemented after the Great Depression in Canada to prevent the failure of banks, people losing their homes and driving the economy into the ground. I believe in a free market...but I also believe citizens need to be protected from greedy politicans and wealthy CEOs who exploit.

**jmw_man** · 09-27-08, 10:03 AM

Originally Posted by Steggy_1

I always view these types of videos with some reservations. The name Micheal Moore comes to mind. I believe that there are elements of truth to the video. Maybe it is totally true. The decision to tie this information to a political campaign does taint its message. What is definitely true is the reality of the crisis in the States. What is true is that greed did cause it. My experience with politics and politicians is that they sound good when campaigning and then they get elected and "owe" favours to the people that put them there. Maybe the States should look at the Banking and loan system in more modern mixed economies like Britain and Canada. They have some competition but is they are more closely regulated so greed has a lesser impact. These measures were implemented after the Great Depression in Canada to prevent the failure of banks, people losing their homes and driving the economy into the ground. I believe in a free market...but I also believe citizens need to be protected from greedy politicans and wealthy CEOs who exploit.

Good point. Anybody want to pick apart the video quote for quote. That would take some time. Why is it not possible to see stuff like this with an agenda that doesn't support a person but rather...an idea, an idea to inform just for the purpose of informing.

**{DCM}necessaryevil101** · 09-27-08, 10:21 AM

Lets just hope that 700-billion dollar thingy passes.

**WileECyte** · 09-27-08, 12:39 PM

Originally Posted by jmw_man

Good point. Anybody want to pick apart the video quote for quote. That would take some time. Why is it not possible to see stuff like this with an agenda that doesn't support a person but rather...an idea, an idea to inform just for the purpose of informing.

I've actually started looking up the links to all the articles quoted in the video. I'll post an update once it's complete. So far, most are from mainstream media outlets and not some kook on the internet with an agenda.

**Steggy_1** · 09-27-08, 12:58 PM

I am definitely interested in reading them.

**MotoZ** · 09-27-08, 06:31 PM

What the video ignores is that the bulk of lost money in subprime mortages is held by middle-class white speculators that borrowed through loans which were underwritten by middle-class white lenders. Common sense tells us that.

Have we become so ignorant as to think that a few homes in the ghetto, which we abandoned in the late 1960's, brought about our financial crisis forty years later?

There is one line in the video that went over everyones' head. It's lawyer speak and goes like this - "securitized loans". Securitized loans are loans where something is put up as collateral to get a loan. For example, a person might need money to start a new business but they don't have the cash. So what do they do? They basically trade a portion of thier house for some money from the bank. If they don't repay the loan then the bank forecloses, i.e. takes back, the house and sells it. The bank then takes its money from the sale and gives the remainder to the former homeowner.

Now expand that example to a corporate setting. Instead of mortgaging a house to get a loan and pay middle-class employees, CEO's have had to mortgage entire corporations to show profits. They need to show profits so that us fat white fuckers can look forward to a profit in the stock market and retire through our 401k plans. Yeah, the same privatized 401k that we wanted to help subsidize the well-managed Social Security plan.

Us numb-brained whites can sit and blame ni**ers all we want, but the fact is that we did this to ourselves. Our black brothers are still waiting in the wings to help us out, but first we might have to eat some chitlins and go homeless to understand that.

**DJ Ms. White** · 09-27-08, 06:56 PM

Originally Posted by WileECyte

Originally Posted by jmw_man

Good point. Anybody want to pick apart the video quote for quote. That would take some time. Why is it not possible to see stuff like this with an agenda that doesn't support a person but rather...an idea, an idea to inform just for the purpose of informing.

I've actually started looking up the links to all the articles quoted in the video. I'll post an update once it's complete. So far, most are from mainstream media outlets and not some kook on the internet with an agenda.

Why not make an article out of it? A series of articles that debate against each other would be interesting.

**MotoZ** · 09-27-08, 07:18 PM

Originally Posted by DJ Mr. White

Why not make an article out of it? A series of articles that debate against each other would be interesting.

I agree that an articles would serve us well, but I suggest against playing "gotcha" politics with quotes. That only makes more noise for us to think through. We need writers than can distill the noise and show clear trends. Kind of like putting pails of stinky mash into a still and getting drops of moonshine out.

**Major_Brass** · 09-28-08, 03:28 PM

I found the video very informative. Tieing a political message to it I think is unavoidable. Facts are facts regardless of which side is affected positively or negatively.