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This July 2008 Video Outlines Current Financial/Housing Crisis in Easy to Understand Terms

28 Jun

This original video by Karl Denninger from back in July 2008 makes the whole housing market and mortgage meltdown collapse very clear and very directly understandable.

What’s interesting about it from today’s perspective is that virtually nothing has changed since the video came out: the new financial reform bill addresses none of the key issues of a financial sector over-run by speculators; the foreclosures just keep coming; loan modifications are not working; courts are filling up with cases that are for the most part still missing the mark; and homeowners are now less able than ever to sustain their mortgages as unemployment moves to beome the new number one cause of foreclosures.

What does it take to get to real change? First, as several speakers in the video point out, it helps to start by telling the truth.

This video does that, and so it is an excellent place to start.

 

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