I have read countless articles about the credit crisis and made sense of next to nothing but for the idea that Wall Street and lenders got too greedy for their own good and homeowners–the “irresponsible” ones–borrowed more than they could afford. The things that led to the global financial crisis was too complicated, therefore the befuddlement of a lot of us uninitiated in the financial thingamajigs that have so far resulted in billions (or is it trillions already?) of dollars gone up in smoke, millions of jobs lost all over the world (hey, Americans aren’t the only ones getting unemployed), and an unsure future for practically everyone that even Tiger Woods was laid off by General Motors.
Check out this fantastic presentation that explains the credit crisis in a nutshell and gives a background on the history of the crisis and the complicated layers of mortgage lending cooked up by investment banks and mortgage lenders.
Just as fantastic as the topic of the video is the effectiveness of the tutorial in explaining such a complicated subject. The presentation was created by Jonathan Jarvis as part of his thesis in Media Design Program at Art Center College of Design in Pasadena, California.
Via the Mike Abundo Effect.