how did we get here?

October 25, 2008 on 10:39 pm | In General |

Well, I can’t even come close to answering that. But there are a couple of people, in the know, who are doing a pretty good job of it. One of those people is Paddy Hirsch. In his presentation, he uses the analogy of filling champagne bottles. I originally saw this on Nati Shalom’s (of GigaSpaces fame) post, Financial crisis explained. If you have some time (about 6 minutes), definitely take a look.

2 Comments »

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  1. WTF? it explains crap.
    Did you watch the last 2 60-minutes specials on the financial crisis - they gave great explanations. Layering complex securities on top of bad mortgages was one problem - but the side-betting called credit default swaps was the tumbling force. This type of gambling was outlawed after the 1907 crash but deregulated in 2000.

    Comment by xrellix — October 28, 2008 #

  2. Yes, there are more factors that led us into this current crisis. But the CDOs playing a ponzi scheme with (domestic and international) investor money was the root of this evil.

    Comment by Jay — October 28, 2008 #

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