How it Happened - The 2008 Financial Crisis: Crash Course Economics #12
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Date: 2022-04-04
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Comments and reviews: 10
Facilitate
What we learned or didn't learn and can hopefully learn, is that perverse incentives exist within the very ethos of Capitalist ideology itself, fundamentally. The endless laws, regulation and bandaids needed to help reduce it's corruptibility & instability, the countless npos and activist organizations, along with of course the vast social & ecological imbalances incurred, while new advents and life improving technical potentials sit on the sidelines due to cost limitation; should show plainly this isn't a viable system of economics. Capitalism claims to have enabled innovation and such, but innovation is an innate human quality, not one facilitated by Capitalism, but actually suppressed, forced, or coerced. We should not coerce progress but -facilitate- it. It's just like how religion loves to take credit for morality, to perpetuate the need for it's existence, despite it's contradictions and incompatibilities with life, sanity, and progress.
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What we learned or didn't learn and can hopefully learn, is that perverse incentives exist within the very ethos of Capitalist ideology itself, fundamentally. The endless laws, regulation and bandaids needed to help reduce it's corruptibility & instability, the countless npos and activist organizations, along with of course the vast social & ecological imbalances incurred, while new advents and life improving technical potentials sit on the sidelines due to cost limitation; should show plainly this isn't a viable system of economics. Capitalism claims to have enabled innovation and such, but innovation is an innate human quality, not one facilitated by Capitalism, but actually suppressed, forced, or coerced. We should not coerce progress but -facilitate- it. It's just like how religion loves to take credit for morality, to perpetuate the need for it's existence, despite it's contradictions and incompatibilities with life, sanity, and progress.
reply
Monty
The economy never got better, The Fed just inflated an even bigger bubble by leaving the interest rates at 0% and printing an enormous amount of money. What is not mentioned in this video is that the government and the Fed created the mortgage bubble by lowering the interest rates to 1% after the. com bubble and by backing and forcing Fannie Mae and Freddie Mac to give mortgages to poorer people. Again, socialist like to try to put the blame on capitalisms and greedy bankers for the crisis when it was really initiated by government programs. By trying to get everyone a house, the government inflated the housing bubble and the 2008 financial crisis.
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The economy never got better, The Fed just inflated an even bigger bubble by leaving the interest rates at 0% and printing an enormous amount of money. What is not mentioned in this video is that the government and the Fed created the mortgage bubble by lowering the interest rates to 1% after the. com bubble and by backing and forcing Fannie Mae and Freddie Mac to give mortgages to poorer people. Again, socialist like to try to put the blame on capitalisms and greedy bankers for the crisis when it was really initiated by government programs. By trying to get everyone a house, the government inflated the housing bubble and the 2008 financial crisis.
reply
Facilitate
Create a sane and functioning system; don't rely on governments to -regulate-, they are vested interests of financial forces. Until you remove market forces from our human institutions you will continue to see corruptions through society in government, healthcare, education, industry, energy, etc etc. This -government should regulate better- conclusion is adorable, if not just sad and dangerous. The great failure of our time continues to be one of free thinking and understanding, and imagination/creativity beyond the unsustainable systems in place.
reply
Create a sane and functioning system; don't rely on governments to -regulate-, they are vested interests of financial forces. Until you remove market forces from our human institutions you will continue to see corruptions through society in government, healthcare, education, industry, energy, etc etc. This -government should regulate better- conclusion is adorable, if not just sad and dangerous. The great failure of our time continues to be one of free thinking and understanding, and imagination/creativity beyond the unsustainable systems in place.
reply
Prashant
Are mortgage papers owned by bank classified as securities? And so, mortgage backed securities are a pool of several mortgages owned by a financial institution whose investors earn from the interests and principles paid on those mortgages? Please correct me if I'm wrong. I also have a few questions.
1. What are CDO's?
2. Did the financial institutions pay the principle amount of all the houses in the mortgage backed securities to the bank to own those securities?
reply
Are mortgage papers owned by bank classified as securities? And so, mortgage backed securities are a pool of several mortgages owned by a financial institution whose investors earn from the interests and principles paid on those mortgages? Please correct me if I'm wrong. I also have a few questions.
1. What are CDO's?
2. Did the financial institutions pay the principle amount of all the houses in the mortgage backed securities to the bank to own those securities?
reply
Marcelle
The biggest failure here is the bailout government gave. It ensures future meltdowns. What OUGHT to have happened is all the institutions should have been left to run to ruin, and smart, willing, able entrepreneurs would have rose to the occasion to start the institutions afresh. If this kind of thing happens in the economy the institutions that caused it do not deserve to be rescued by government stimulus packages. They must fail and be replaced by the free market!
reply
The biggest failure here is the bailout government gave. It ensures future meltdowns. What OUGHT to have happened is all the institutions should have been left to run to ruin, and smart, willing, able entrepreneurs would have rose to the occasion to start the institutions afresh. If this kind of thing happens in the economy the institutions that caused it do not deserve to be rescued by government stimulus packages. They must fail and be replaced by the free market!
reply
Facilitate
You can't nor should you expect flawed human beings to expect rationally and ethically in a competitive oriented system with survival on the line. You can't You have to create a viable system. Not just blame human beings after the fact. Create a functioning system which minimizes mechanisms of corruption in the first place.
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You can't nor should you expect flawed human beings to expect rationally and ethically in a competitive oriented system with survival on the line. You can't You have to create a viable system. Not just blame human beings after the fact. Create a functioning system which minimizes mechanisms of corruption in the first place.
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Mohammad
I've got questions: I am not asking about mortgage defaulters or unemployed ppls. I am writing about individual investors. How did millionaire investors lose all their money in 2008? I mean they had their money in the banks. Now, how did that money vanish? Can anybody explain pls?
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I've got questions: I am not asking about mortgage defaulters or unemployed ppls. I am writing about individual investors. How did millionaire investors lose all their money in 2008? I mean they had their money in the banks. Now, how did that money vanish? Can anybody explain pls?
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Frank
And we, the hardworking taxpayers, bailed the bankers out so they could go on giving themselves tens of millions of dollars in bonuses and living in luxury on their private islands.
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And we, the hardworking taxpayers, bailed the bankers out so they could go on giving themselves tens of millions of dollars in bonuses and living in luxury on their private islands.
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Ashley
Am I the only one here that is going to point out that this man is wearing professional shirt and pants with an ACDC belt buckle? I guess so.
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Am I the only one here that is going to point out that this man is wearing professional shirt and pants with an ACDC belt buckle? I guess so.
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johnson
There will always be sharks that try to capitalize on the economy. But if you want too much regulations they call you anti capitalist.
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There will always be sharks that try to capitalize on the economy. But if you want too much regulations they call you anti capitalist.
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