Brilliant explanation of why the world is in a mess

kraggy

Mods: Posted this in AH as this is a worldwide issue but yet many of us (myself included) don't/didn't really know the reason why our economy is screwed. It affects all of us, so I thought that it shouldn't be limited to the economics or politics forums.

Below is a very good, simple explanation for part of the reason we are in a financial mess.

https://www.youtube.com/watch?v=fPI8XFfBxHk

Saila

if its true Im sure lots of people know it already
do I need a tinfoil hat to look at the video?

Mr Benevolent

Saila wrote: »

do I need a tinfoil hat to look at the video?

No.

Saila

Confab wrote: »

No.

just saw it, nothing new, next.

ArtSmart

Well, although annoying, its not a bad bit of background to the original driving force. helps clarify George's Bush's love of the common man and his /her desire to own their own home. ie not because of love, but to help his investor buddies out.

kraggy

Saila wrote: »

just saw it, nothing new, next.

To you maybe.

But it is informative. It gives the basics, which is what 99% of news agencies failed to do even when the news broke.

They told us we were screwed, but few of us knew why.

Saila

that is only about 1/10 of the story, David McWilliams had a series of programmes explaining the ins and outs, and pointing out the writing on the wall...nobody wanted to know and kept 'playing'

orourkeda

we're f*cked because people are stupid.

simples

Tom Slick

orourkeda wrote: »

we're f*cked because people are stupid.

simples

FUcked indeed.

Saila

Fuck

orourkeda

Faaaaaack

K-9

Who to blame?

Advertising!

Mr Benevolent

Saila wrote: »

that is only about 1/10 of the story, David McWilliams had a series of programmes explaining the ins and outs, and pointing out the writing on the wall...nobody wanted to know and kept 'playing'

David McWilliams helped make the mess worse with his notorious 'bank guarantee'.

donmeister

Fuckidey fucked I tellz you!

Saila

Confab wrote: »

David McWilliams helped make the mess worse with his notorious 'bank guarantee'.

what? you make that sound like it was his idea. shooting the messenger again are we.

K-9

Saila wrote: »

what? you make that sound like it was his idea. shooting the messenger again are we.

Well, probably wasn't his idea, probably copied from somebody else, but, from the 28 October 2008:

Sunday Business Post | Irish Business News

I note in particular:

In addition, there is no point pretending that this problem is limited to ‘weaker’ banks. All Irish banks are in the same boat - the only difference is how critically they are affected.


All Irish Banks, yep, that includes Anglo.



The only option is to guarantee 100 per cent of all depositors/creditors in the Irish banking system. This guarantee does not extend to shareholders who will have to live with the losses they have suffered. However, it applies to everyone else.


Note, he says shareholders, not bondholders.

Mr Benevolent

Saila wrote: »

what? you make that sound like it was his idea. shooting the messenger again are we.

McWilliams claims it was his own idea in his books. Of course he's now backtracked on that particular claim, true to form.

delaad

"It was the economy, stupid"

Clinton copped that the ordinary man wanted to feel the benefit of the America's victory over Communism(Reagan) and oil-greedy Arabs (Bush Senior), so he persuaded the banks to loosen up their lending rules so they could buy houses they could never afford. And so we got Lite Touch Regulation and the proliferation of scams, e.g. credit default swaps, to insure against its idiocy.

It was like a bookie's ring. But this time the mug that got caught with all the losses was a bank that was too big to fail, but also too big to bail out.

And so Western capitalism spiralled downwards to the pit we are now in.

But, hey, if the rich have no money, then they have no power!

Stay cool. Think it out.

Jesus Wept

Confab wrote: »

David McWilliams helped make the mess worse with his notorious 'bank guarantee'.

Confab wrote: »

McWilliams claims it was his own idea in his books. Of course he's now backtracked on that particular claim, true to form.

He didn't suggest a never ending bank guarantee.

delaad

What time limit did he put on then?

K-9

delaad wrote: »

What time limit did he put on then?

None.

I think his crystal ball was on the blink then, or rather vague, luckily for him.

Jesus Wept

delaad wrote: »

What time limit did he put on then?

Two years.

kraggy

Saila wrote: »

that is only about 1/10 of the story, David McWilliams had a series of programmes explaining the ins and outs, and pointing out the writing on the wall...nobody wanted to know and kept 'playing'

It is more than 1/10 of the story. And I never stated it was all the story.

What exactly is your problem? I posted a video that I felt might help people to understand part of the reaseon we are where we are today. What's so wrong with that?

And McWilliams is an idiot. If you actually listen to him on the radio or on the television, he says a lot, but doesn't actually tell you anything new.

He's a phoney.

If you have nothing positive/constructive to post in relation to other people's posts, then why bother?

Sea Sharp

It's all a big pyramid scheme omgz, lol :eek::eek::eek:

K-9

The-Rigger wrote: »

Two years.

On the first guarantee.

He seemed to see no problem with it on his blog anyway. So much for foreign banks rolling in here!

Lenihan’s masterstroke has bought us time to sort out our own problems | David McWilliams