The party is over – the financial meltdown
March 14, 2009
Over the past six months, we have all seen how the market’s been tanking – bankruptcies, nationalization and job lost make up the headlines everyday. It is astonishing how values of many corporations have sliced into half; large organizations have either gone under or been taken over by the government.
So the question is, how did it all start?
I am no financial guru, and all I knew like many others I’m sure, is this being a result of toxic mortgages – banks lending to home buyers who did not have sufficient means of paying back their loans. And that one downfall caused another and before we knew it, everything was falling apart. Well yes, this is the gist of it, but not all of it.
Recently, I came across a video presentation by PBS Frontline – “inside the meltdown”; giving insights into how it all began, it was an hour well spent. The presentation explains to an average man, what led to the fall of multibillion dollar corporations.
Since the past two months, I’ve become a fan of PBS Frontline. I’ve watched amazing videos on various issues in our daily lives. Going forward, as I come across presentations like these, I will post them here.
Enjoy the video presentation.
(Photo by Scott Olson/Getty Images)
