The 2008 Crash Explained in 3 Minutes
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- Опубліковано 9 кві 2021
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you forgot the part where the banks knew the default was coming, so they shorted all their positions on collateralized debt obligations and received a bailout that doubled their profits and left the working American poor.
Terrible how the economy is built around debt
That’s capitalism for you
@@nb5247 that’s not capitalism. Government interference in the economy is NOT capitalism
It’s not awful. Credit is a wonderful tool but when you misuse it is the trouble. Which the government does.
Capitalism likes to make basic human living complicated
The problem was the Republican government DEREGULATED THE BANKS which allowed them to create this financial house of cards with unethical loans. Remember the crux here is they were setting homeowners up mortgages they could not pay so the bank could take their houses when they defaulted--knowing this would happen and enough defaults would lead to a crash. Countries that copied the US and deregulated their financial industry also saw their real estate bubble burst, banks go bankrupt and economies fall into deep recession. Countries that refused to follow the US over the cliff did not enact the deregulation that allowed banks to give out unethical and dangerous subprime mortgages, like Canada and Australia, did not suffer the real estate bubble burst financial crisis. Capitalism is a good thing but it requires regulation, otherwise a handful of greedy men will destroy everything.
Important to note about lending to people who couldn't afford the loans; The government had previously passed a bill that dictated banks couldn't discriminate based on income when giving housing loans and were actively launching investigations and lawsuites against banks that didn't comply.
Wow, could you explain this a bit more, please
Truth !!!
Bullshit. You still had to pass a Credit Check. "Big Gubmint" didn't make these loans, fool.
The banks did. And made obscene profits doing it.
What? You missed that part? Sneer....
Thank you so much for making such a short video. This saved me a huge amount of time when studying for APUSH. I don't want to watch like a 30 minute video on every single little topic
I’ve heard stuff vaguely about this, I was born in 2008 and got curious what the hell I got brought into the world during
THANK YOU, NICE AND PRECISE
Wooow. Perfect explanation 👌
It's very incomplete. Watch the docu Inside Job. It's missing a few key important aspects such as the intentional, malicious behavior of predatory lending, deregulation of federal policies, and false security ratings of these investments.
I'm planing about covering the '08 financial crisis in my next presentation, so I'm slowly watching videos to get ready for it.
hey quick question. I have a presentation Tom. in my school so can u tell me which tool you used to edit this?
What a beautiful explanation
Im planning to buy a house in Southeast asia. They told me, my options are : cash or bank financing.
So buying a house is really bank related since a lot of people would choose that.
What country in southeast Asia is the safest to own land?
@@jasonfranks715 thailand is better with Philippines in terms of safety for foreigners.
But if you want to live in Philippines, we do have safe areas. Foreigners live in these areas:
makati city ( business district) or BGC taguig city. Both cities are found within Manila, Philippines, the NCR (national capital region of the country)
I live in makati. I get to see foreigners in our city daily. Unlike in other parts of Manila.
Singapore lol haha. just kidding, Maybe Indonesia, Phillipines, Malaysia, and Vietnam. Those countries are stable in terms of economy, political, and etc atm
@@jasonfranks715
@@jasonfranks715 Philippines, but you have to be financially capable to loan if you want to pay for mortgage payment.
In 2023 will it be smart to implement Ai in a stock market only known for inflation???Meaning Ai could beat a game but not what people choose to buy and trade on a daily bases
It is may of 2023, if you could please tell me at the current time what stage we are in with these series of events? I’m getting married soon and I’m working 7 days a week to afford a home. Is it near its collapse
Yeah it’s all gonna collapse next week. You’re gonna lose your house and your wife.
@@pdb2085 what a nice thing to say
@@sabn9139 He was being sarcastic.
@@pdb2085I guess Sharon better find a new hunk .
No expert. At all. But inflation is high and so are interest rates meaning the gov wants the economy to stop spending as much bc after the pandemic cooled down we expanded a lot. Remember when everyone for example started buying cars, boats, cottages, and other fun things. Well now since everyone spent so much the economy jumped forward at a faster rate than usual (give or take) so we are slowly entering recession.
What are algorithms
The Fed just pumped and pumped and pump! Pump! Pump! Pump!
And, this is why I'm against government meddling in the economy and 100% for a total free market.
Government trying to dictate and micromanage the economy results in booms and busts, and bad incentive structure.
A free market is regulated by supply and demand.
It wasn’t even that
Nowadays the banks are falling left and right but it’s because of poor money lending practices and bad ideas that destroy banks that they need government bailouts…
@@duckymomo7935 No government bailouts should ever occur. These banks should absolutely be let to succeed or fail on their own.
And thats why we had the 2008 crash. Government wasn't doing its job of regulating the banks, the market was free to do whatever it wanted, hence the crash. There aren't _free_ lunches.
Fixed interest rates are wrong. You see. In capitalism the free market would set the proper interest rate
This is cap. Watch more videos.
Second
Third. Good vid.
First
Sorry! Last