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October 06, 2008

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DK

Great use of visuals to explain a complex situation - I guess the question remains is this: how do we (the customers/consumers) know if loans or mortgages or pensions etc are from the first or second champagne bottle...?

Thanks for sharing.


Morten

Great video!

Perhaps it could use a little more on the actual problem - repackaging of insecure "10% bb-loans" to (perceived) safe "3% aaa-loans".

Morten

Correction:

Perhaps it could use a little more *emphasis* on the actual problem [...]

Michael Sporer

Sometimes, you can't beat a whiteboard or flip chart. And, it really illustrates how unchecked greed has a rolling effect on things. You can't blame individuals; blame the system that let it happen!

Dean

Mortein wrote:
> You can't blame individuals; blame the system that let it happen!

Not sure if that comment above is tongue-in-cheek or not ...

Sarah Palin suggested the same in the VP debate .. that the crisis is the fault of predator (sic) lenders preying on American homebuyers. It seemed to me to be a blatant populist appeal to voters to say "It's not your fault" But where is personal responsibility in this ?

If you sign up for a loan which has a honeymoon period of say 5% for 2 years ... and you KNOW it will reset to a higher amount later ... how can you be surprised that the repayments go up ?

It's like running up 50K in credit card debts that you can't repay and then saying "It's not my fault ! Why did the banks give me the credit cards?"

I don't get it.

- Dean

Charles Martineau

That was a superb video! I thought once of making a video in this sort but to push more in details while using only pictures to describe the present crisis and present it to finance students. Has a honours finance undergrad and future master in finance student, I always thought that finance was tooo left brain! I had some chances where some of my teams at school were very open to make presentation very creative and not only we got a good grade, but now I am a student that everyone turns to when its time for a presentation (But that is all thanks to Garr and his class I attend in Japan).

Next, when I'll have time, I will buy a white board and make my own video, not on CDOs but on CDS (Credit default swaps)..now that's some fun stuff!!

Dean

Another YouTube clip on the sub-prime .. this time from a British perspective.

http://www.youtube.com/watch?v=UC31Oudc5Bg

Morten

@Dean
It was Michael Sporer, not Morten, who wrote that..

The name appears below the comment (which I too find a tad confusing from time to time).

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Nice post.
Thanks for sharing.

Tibor

About an other crisis with emotional photos:

http://www.youtube.com/watch?v=yj8KZNI6-W8

Ken

Brilliant!

I would think this is something ripe for conversion into a slick animated infographic.

David

I think those fellows are highly immoral and their behavior should be illegal and they should end up with their bones in jale and their assets confiscated...

Andee Sellman, One Sherpa

The best simple explanation that I've seen.
How we got in the mess has always been a mystery to me but after watching the video it's really easy.
It was fund managers trying to over sell investments and using the rating agencies to support them.
Who was at fault? I guess it was the system rather than one individual but man what a mess to clean up!!!

Christophe Harrer

Thank you for this amazing example of whiteboard presenting!

The scene has a great setup, because even when the speaker is writting, the camera angle doesn't make it looks like he is showing his back to the audience. Wouldn't it be harder in a real life situation with no camera?

Sriram

Along the same vein, but using a screen-capture sketching app instead of a whiteboard are the Khan Academy videos.

His banking crisis series is really good & totally worth the time to check out. So far I've only watched the "Bailout" series (highly recommended viewing), but will definitely see the others.

Youtube links:

Credit crisis playlist:
http://www.youtube.com/view_play_list?p=945E4F0ED131E4D1

Channel home page:
http://www.youtube.com/khanacademy

Steve

On a different topic but a very entertaining whiteboard presentation!

http://www.youtube.com/watch?v=ap68EG2K6Bc&feature=related

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Hootan Dehbonei

Dear Michael

Well done.

Kind regards,
Hootan

Dvir Reznik

Excellent video Garr, thanks for sharing!
Although analog - now I understand what CDOs are, and how this crisis came to be.

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Nobil Varghese

Hi,

Somebody can tell me how can I convert my presentation slide into PDF file which have got lot of graphic. The graphic get blur and quality is very poor. Please HELP me

Creative

Sometimes, you can't beat a whiteboard or flip chart. And, it really illustrates how unchecked greed has a rolling effect on things. You can't blame individuals; blame the system that let it happen!

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Good post.Financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value...
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Financial Crisis

Interesting video. It is a bit abstract, but it gets the point and the bottom of raging financial crisis.
Here you can find a similar video that explains source of financial crisis but in a much simpler way.

http://financial-crisis.co.cc/birth-of-crisis-for-dummieso

also, on http://financial-crisis.co.cc there is a lot of interesting and funny stuf related to financial crisis.

NN

One arrow is missing - the one where the expected wealth from the second pyramid "trickles back" to the people paying the original mortgages in the first place. Appropriately missing, it turns out, because this is the support that has actually been removed.

Until we find a cycle to replace the one we can no longer trust, it's not an economy. The way we get trust is through transparency, and we're a long way from there, but clear explanations like these all help a little bit.

Michelle Boudreau

Nice post on legal aspect on financial government sectors ,it implicates standards as key to ensure changing demands .

Michelle Boudreau

Nice post on legal aspect on financial government sectors ,it implicates standards as key to ensure changing demands .

Michelle Boudreau

A great presentation on financial crisis , enhanced knowledge achieved .

Michelle Boudreau

Simplified presentation on economic crisis and financial crisis brings clear conceptual understanding . nice post!

John Beck

The economic crisis and recession have diverse impact on businesses operating in different fields of operations .

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