The news gets worst. The fever that Uncle Sam has contracted about 13 months ago has now turned into pneumonia, and now the world has got tuberculosis. The subprime mortgage crises has now evolved into a full scale financial crises with major financial institutions falling, the Leighman brothers, Meryll Lynch and AIG being its latest victims. (Fortunately the Feds intervened in AIG’s case and Merill Lynch had the benefit of having a dashing knight to its rescue. The Feds decided to save insurance giant AIG because it is “too big to fail.” Of course it is, imagine what would happen to their carinsurancelist.com) Experts are now saying that the United States has full entered into a recession while Wall Street is asking who is next.
Amidst the turmoil one cannot anymore avoid trying to understand the complexities of the subprime mortgage crises which undoubtedly is the main source of all of these. As I wrote before in my post entitled “Idiot’s guide to the subprime mortgage crises”, most people in third world countries such as ours, the Philippines, do not care to understand what the subprime mortgage crises is all about considering that they do not see how they will be affected by it.
Now that the problem is affecting economies worldwide with stock market going down and banks and institutional investors affected by the fall of U.S financial giants, people even in third world countries are now asking what the heck is going on. In order to understand the root of the problem, people need to understand the mess that the subprime mortgage crises has created.
My previous post on the subprime mortgage crises as mentioned above will somehow help the layman on what the problem is all about. There is another youtube video I am posting below that I would like to point out that will help the ordinary layman somehow understand the subprime mortgage problem.
Somehow, the stand up comedians in this youtube video has managed to make a joke out of all of these. Their comical and satirical view points with regards to the financial markets somewhat strikes a chord and reveals what is truly going on in our financial system and why the entire world is dragged into this subprime mortgage mess. In this time of economic crises that is being dubbed as the worst since the Great Depression of the 1930’s, there is no other best thing to do but to get a good laugh from all of this. Enjoy the video!