The Credit Crisis

My assumption is that a majority of the people on this site that make claims about big spending and the debt that is going to supposedly last forever don't really have a solid grasp on what really went down to cause all of this. I am not trying to call anyone stupid, though it does seem like people make claims a lot faster than the facts can reach them. I believe everyone should watch this to get a clearer picture.

I believe anyone who has been involved with following the market and economy over the years can probably agree with me when I say that this video is an excellent beginners guide to what happened.

Though the main reason I am posting it is simply to show just the absolute far reaching scale of what happened in a way that everyone can understand. We all talk about debt and government spending, but imagine if the government did nothing to save the economy and waited it out?

Lehman Brothers and New Century Financial were high risk firms which dealt with high risk CDOs. They deserved to fail, but that fact that they fell so hard and so fast should show everyone just how dire of a situation it was. If the government had waited just 1 or 2 more weeks, we might of ended up in a drastically different world than we are in now. So before you start going crazy about government spending, take a moment to consider just how close we were to the brink.