For those who haven't already seen it, there is a terrific documentary on PBS that is worth viewing. "The Ascent of Money" is one of the more detailed accounts of how home mortgages escallated into the world of the derivative products market, with each money guru adding on fees as each product was created. From the derivatives products, they ultimately morphed into the murky world of credit default swaps. It helps explain how an estimated $400 billion in bad mortgages became pumped up to the $63 TRILLION global meltdown we are experiencing today.
You can watch the entire segment on your PC by clicking the following link. It will curl your toes, but it clearly explains to the lay person, the derivatives markets, and credit default swaps.
http://www.pbs.org/wnet/ascentofmoney/featured/watch-full-program-the-ascent-of-money/24/
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate
Myrl, thanks for the post. Fascinating stuff. I wonder if any ones learned the lesson?
Jan 29, 2009 08:20 AM
Inactive - Wailuku, HI
Living the Hawaii Lifestyle
Hi Myrl - Not sure I'm up for more on this subject after already seeing so much. I think I've reached the saturation point and am ready for something new. Thanks though, it's certainly a relevant topic.
Jan 29, 2009 08:41 AM
Home Crossings, P.C. - Davison, MI
Homes For Sale, Genesee County, Michigan
Great Myrl...thanks for sharing...I have a client/friend who would like an explanation...I will check it out! Shawn Davis
Jan 29, 2009 09:22 AM
Sacramento, CA
Greater Sacramento Realtor - Retired
Gabe - Until I hear someone speak of returning more oversight, transparency, and regulation to the process, I don't think we've learned our lesson. Sadly, until we do, we can repeat this scenario over and over again in various forms - whether it's the junk bonds of the 1980s, Enron, or other major fiascoes we are presently experiencing.
Richard - It can certainly become overwhelming to deal with the depth of the problem.
Shawn -I thought the documentary to be more digestible than some accountings.
Cami - Me too!
Jan 29, 2009 01:29 PM
Home Inspection and Investor Services, Clayton - Clayton, OH
Mryl, Izzy is disgusted with the whole process. He is protesting by refusing to pay his taxes this year.
Jan 29, 2009 02:06 PM
Benjamin Realty LLC - Gold Canyon, AZ
East Phoenix Arizona Homes
This sounds like something worth watching - will check it out and tape it.
Jan 29, 2009 03:12 PM
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed
Myrl, thank you for sharing this post. I like Jac's idea...stop paying my taxes. This is craziness. ;-)
Jan 29, 2009 11:13 PM
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast
Hi Myrl, I have bookmarked the page and will check it out when I get back in today. Thanks!
Jan 30, 2009 02:14 AM
Marietta Mural & Decorative Design - Atlanta, GA
It's nice to have it all spelled out with the facts and not opinion. Thanks for the link!
Jan 30, 2009 05:20 AM
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,
Hi Myrl:
That's the first time I heard the phrase, "economic tsunami".
Well, it's makes my stomach turn...
Jan 30, 2009 09:42 AM
Rainmaker
3,550,496
3,550,496
Myrl Jeffcoat
Greater Sacramento Realtor - Retired
Real Estate Resources
Recent Posts
ActiveRain Community
2 days ago
ActiveRain Community
5 days ago
ActiveRain Community
23 days ago
Comments(11)