5 Lessons from Paddy HirschSubmitted by Treg on Sun, 03/28/2010 - 16:09
Let’s all go to school and get a lesson at the White Chalk board…. Marketplace Senior Editor Paddy Hirsch gives us all a 5 short lessons….
Lesson 1: The champagne glasses looking for mortgage interest or “collateralized debt obligations” CDO’s explained…. (or how Capitalism shot its self in the foot… http://www.youtube.com/watch?v=eb_R1-PqRrw&feature=channel
Lesson 2: Privately created Toxic Assets such as Derivatives are losses; there is no question about that. Personally as a tax paying American, I did not own them and I did not stand to gain from them. Now that they are worthless, these are getting “socialized”,…. Via Public Private Partnerships …heck if I owned one of these toxic assets, I would want to socialize my losses too… here how it’s done. http://www.youtube.com/watch?v=QLUxZVh_1e4&feature=related
Lesson 3: The credit crisis as Antarctic expedition
Lesson 4: Tarp Funds & Shadow Banking … http://www.youtube.com/watch?v=v3rfgkTAlho&NR=1
Lesson 5: Untangling credit default swaps http://www.youtube.com/watch?v=DdEI6PkGZK8&feature=related