Reporters of the Wall Street Journal have produced a three-part video series on the crisis on the Street, looking at “What happened”, “Why it happened” and “What happens next”.
This is an excellent overview of the financial malaise.
Chapter one:What happened How the housing bubble inflated and burst, and why easy money led to the collapse of Wall Street’s biggest financial institutions.
Chapter 2: Why it happened What was going through the minds of CEOs, corporate boards, fund managers and mortgage lenders as they created hard-to-understand derivatives Warren Buffett once called “weapons of financial mass destruction”.
Chapter 3: What happens next This final chapter tells the story of the $700 billion bailout and looks at what’s ahead for the global economy.
There is nothing new in this absurdely over produced bit of stuff. So a lot of young things on Wall Street are disillusioned. Well, I as a long term investor simply say to them that they should grow up.
R E Brown: I don’t have the problem at this end. Anybody else not getting the audio?