The Great Recession (2007 - 2008 Global Financial Crisis) Explained in One Minute
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A one minute video which explains what the great recession (also known as the Global Financial Crisis of 2007-2008) was all about. Understanding the Great Recession is a must because to this day, we're still figuring out how to deal with its aftermath. Please like, comment and subscribe if you've enjoyed the video. To support the channel, give me a minute (see what I did there?) of your time by visiting OneMinuteEconomics.com and reading my message.
Comments
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You didn't mention a word about the Federal Reserve, all of this would have been avoided if it wasn't for the Fed's easy credit policy. The problem is Socialism not Capitalism.
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You should make a video with Peter Schiff.
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I think this video was interesting and summarizes details in the simplest form but I think that it leaves a lot of details out, although I love visuals. When you state "Simply put, banks got greedy," like what kind of banks, investment banks right?
Also I have a question, were the Investment banks who bought the Mortgage backed Securities both Prime and Sub-prime the ones who sell these to investors, and what do they gain in return, money? Or was it that Investment Banks bought the Mortage-backed securities, creating 3 levels of tranches in the form of Collateralized Debt-obligations and when housing-prices dropped, they were worth less than they could be sold to repay loans made by the investment banks? -
Thanks Jews
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That greed was on both sides. People saying they make 80k a year working at Churches Chicken. Banks, being middlemen selling these houses, going through with these loans. Everyone involved is to blame except for the investors, they were just looking to grow their money while interest rates were very very low.
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Banks should've been bailed out. Bankers should've gone to jail.
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Exit this mess. Use bitcoin
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An explanation video where nothing is explained. I can't hate on you for needing to make a buck with animations; However this video can't even be considered informative, let alone an explanation. This gives a kitschy, incomplete overview with the only take-away being the easy narrative of "greedy people are being greedy".
Anyone with a need to be entertained while being informed to actual cause and effect are better off listening to longer form explanations by Mark Blyth and Yanis Varoufakis for starters. -
The genesis of Bitcoin
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That was a terrible explanation, one min or otherwise, when you start throwing around terms like Credit Default Swaps, without properly explaining the meaning in simple terms, you have failed in your explanation, you are just regurgitating what others have said before, and equally as confusing..
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tbh i think the government should stop bailing out companies. IE: GM makes shitty cars, and shitty decisions which led them to go bankrupt - so the government should have just let them sink, and companies like Ford and honda could have absorbed the GM employees over time - but instead they spent millions bailing out a shit company just so the executives could buy their 10th summer home.
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Also, most banks were encouraging people to get variable rate loans (for lower rates) soon after the dot com bubble burst. The rate stayed the same the first 3 to 5 years then adjusted. In 2007 the Fed raised rates which affected all of those home owners (who were able to afford their mortgage payments before that). Considering they were living paycheck to paycheck, a raise in mortgage rate, plus the gas prices jumped as well, people were not able to pay their mortgages and started foreclosing. Plus the housing market was in a bubble caused by the belief that house prices would keep going up forever.
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