"An era can be said to end when its basic illusions are exhausted." - Arthur Miller

Friday, February 20, 2009

Links of the Day - Economy Edition

Credit Crisis Explained - An excellent video that breaks down the current economic and credit crisis for those that don't understand how it all fell apart. It leaves out the more shady practices (such as forced "Prime" borrowers to "Sub-Prime" for better deals) but it’s a must see for anyone with questions.

The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.

MSNBC Rick Santalli Rants On Mortgage Bailout - The pundit (or reporter not sure which) loses it on Obama's plan to try and bailout mortgages. Funny thing how he didn't do this when the plan was to bailout the banks. Overall, he makes some valid points; I can't disagree with the thesis. The problem is those neighbors that screwed up are hurting us all. Not helping them doesn't help us. That is what is going on now. We are doing nothing...and nothing is happening. What alternative does he suggest? Nada of course. Kick them out of the houses and say good luck? Already doing that, it’s making thing worse. Like it or not, we have to save the idiots to save ourselves. It is the same reason we had to save those idiotic banks for creating and encouraging this mess. Help thy neighbor I thought was a Christian concept, but it is amazing in how a mostly Christian nation, they are the first to say no, even if it means hurting themselves in the process.

GM Hits 74 Year Low - Due to lack of confidence in GM's restructuring plan, its stock plummeted $1.52. The plan comes to laying off 47000 workers, borrowing $30 billion and focusing on four core brands (Chevy, Cadillac, Buick, GMC) while ending the rest. It does nothing about its debt nor addresses union obligations that add to that debt. Basically the perception is the company is in a death spiral, which probably isn't far off the mark.

No comments:

Post a Comment