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That’s about right!
Why is “unfathomable complex” so big? It should be a single line.
i could explain, but you wouldn’t understand it.
Please for the love of god people, check out This American Life’s podcasts about the credit crisis (episodes 355 and 365 to be exact). http://www.thisamericanlife.org
You can find free transcripts and/or free mp3′s and/or free streaming audio of the archives depending on how much time has passed since the original broadcast.
Their explanations were very thorough, easily understandable, and not at all patronizing.
Good link, started reading it. Thanks.
I was just about to link to this, and suggest that they should add one wedge of the pie for TAL. Thanks!
Agree! These are great, and interesting, to boot.
It’s explained quite well on the voting page…graphically (go figure)
http://graphjam.com/vote
It’s explained quite well on pg 1 of the voting page…graphically (go figure) “Responsible for Financial Meltdown”
It’s because people bought houses they couldn’t afford with money they didn’t have, moron.
what do you mean money I didn’t have!!?? “The bank gave me the loan…so I must have the money or they wouldn’t have given me the money, right???” Don’t laugh! You know that’s how some people think!
lol
I need to resubmit this comment to failblog… cause I failed at the “Don’t laugh!”
Well, if the bank thinks I can make the payments, okay then!
I hope this is a joke and we are not thinking that only the poor saps who took the banks word when they said ARMs were great and they could refinance if bad stuff happened. Credit Default Swaps caused it. It is like saying WWI was caused by a dude getting shot, not all the groundwork laid ahead of time.
wow. sorry. graph was good. gotta stop thinking now, bliss is gone.
Yes it’s a joke, it’s an attempt to be as patronizingly simple as possible.
See – I would modify it to “Americans bought houses they couldn’t afford because the banks that leant them the money were utter morons”.
I work in TV and i’m looking at the chart for a few seconds thinking “What the hell does this have to do with the graphic that squishes the video at the end of the show to show the end credits?”
then i’m all like “OOOOHH CREEEDIT CRUUUNCH”