Amazing how the “invisible hand” could lead the country astray. Free market, with minimal regulation has absolutely caused a greater gap between the rich and the poor. My husband tried to explain the actual root cause –> he summed up the reason for the US economic crisis to be Asset Backed Commercial Paper (ABCP for short). OK, when his “finance-speak” came to an end my eyes were crossed and the only way I could respond was, “Huh? I don’t get it”. So, to help simplify things, he sent me this….for lay people like me.
Hopefully, after you view this presentation, it’ll all make sense. And maybe, as Barack Obama has suggested, the big corporations and mortgage brokers should become more accountable for the mess they’ve caused.