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5 Lessons from Paddy Hirsch

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

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Not good info.

I just breifly watched one segment and he said banks loan customers deposits. Well that is just not true, they create the money they loan, and charge you interest on something they don't really have.


well your confirming

That they also can, ten fold, the amount to loan by using the deposit figures from the depositor ..Deposits are probably considered cash reserve.

I'm sure many/most of us here

I'm sure many/most of us here knows how it works. I was just pointing out that (or attempting) that this man is part of the game, an economist, and isn't worth my time to watch it because he doesn't understand the system.

Or maybe he does and he's lying, who knows. It's not good freedom information anyways in my opinion.