Friday, February 20, 2009

The crisis of credit

It's an overly-simplistic view of what went wrong, but if your still confused about what went wrong with our financial system watch
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.'>this video.

There are additional issues related to commercial real estate, the shift to a service economy, etc, but this is a pretty comprehensive overview.

BTW - DID YOU SEE THE MARKET? Oh boy, we almost really broke down. The intraday low on the S&P 500 was 755. If we'd cracked 752 it would be all over - the market might have gapped down another 3-5% (amazing that just as the market was on the verge - news from Washington saved the day. I think someone needs to pull the Bloomberg terminals from the White House).

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