Some Helpful Explanations

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Erik Kain

Erik writes about video games at Forbes and politics at Mother Jones. He's the contributor of The League though he hasn't written much here lately. He can be found occasionally composing 140 character cultural analysis on Twitter.

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9 Responses

  1. Avatar Bob
    Ignored
    says:

    My gripe with the link Dave provided is the seeming innocuous nature of the bundling of mortgages. As I remember the video it seems to depict the various levels of risk, AAA etc., as being kept separate. But in actuality, as I understand it, solid mortgages were bundled with very risky mortgages. This subterfuge, mixing, was condoned by rating agencies. That is, the agencies provided false information to investors. The entire enterprise was designed to defraud investors. As T.R. described them, “malefactors of great wealth.”Report

  2. Avatar jfxgillis
    Ignored
    says:

    E.D.:

    Thanks!!

    Way cool and you excerpted one of my favorite paragraphs to write. When I immersed myself in all this all week, the wingnut/moonbat coalition leapt out at me.

    And I will add by way of further exampole, the last time that coalition was so strongly in accord with each other was on the Iraq War Resolution. Remember when it was pretty much Ralph Nader and Patrick Buchanan against it while the rest of us (myself included) just kind of went along?

    Thus the wingnut/moonbat rule: When they hate each other as expected and as usual, just pick your side and fight the good fight. But when you see them agreeing with each other, back up a step and reconsider your premises.Report

  3. Avatar E.D. Kain
    Ignored
    says:

    Funny thing. I was vehemently opposed at the time both to Iraq and Afghanistan. Then, I got into a hawkish phase when I felt as though there was the potential of just abandoning Iraqis to their fate – something I still don’t particularly like the idea of though honestly, at this point I think we’ve done enough (damage) in both arenas and need to get the hell out.Report

  4. Avatar E.D. Kain
    Ignored
    says:

    Bob, I agree that there was a whole lot of shady dealings going on and the video is sparse in regards to that, but I honestly think that works. It gives a broad, almost flat (non-biased) look at what happened. If you add to much blame or insinuation or even detail to a presentation like that, you lose the effect and the simplicity of it to some degree. That’s why we bloggers need to spice up such videos with lots of opining, whining and finger pointing…Report

  5. Avatar Bob
    Ignored
    says:

    E.D., I try not to criticize, and in fact did not criticize, what might have been lacking in the cartoon video. I’m “whining and finger pointing” about what I found wrong in it, misstatements. Obviously a seven minuet cartoon can’t cover everything. On the other hand Dave did posit it as an easy answer to your lament that the situation is not easily comprehended. So if that was Dave’s purpose I think he failed, or at least the cartoon failed. I am pretty sure you still hold your original view. Right?

    Another thing, and I hope my memory is substantially correct. Towards the end of the cartoon the narrator says something along the lines, “everybody goes bankrupt” and things are turned upside down. Well that is just plain wrong. We, taxpayers, are footing a f*****g big bill, probably to be in the trillions of dollars, to keep the malefactors from bankruptcy. Sure, sure, we are told it is for our own good, save the financial institutions, but you know I’m having some doubts on that front.

    I’ve had my doubts about this administration on two counts, 1) it’s reluctance to look into Bush era crimes, oh, lets be clear, torture and illegal domestic spying and 2) AfPakistan. But I’m thinking of adding number 3) his handling of the economy.

    I’m fast getting to Peter Townsend’s position, “meet the new boss, same as the old boss.” Obama increasingly sounds like a well spoken Bush. I can’t believe I said that.Report

  6. Avatar E.D. Kain
    Ignored
    says:

    I do keep my original view, Bob, however I still like this video as I think it very nicely illustrates at least the mechanics of the collapse, if not always the intent or shadier aspects. I also think it helps illustrate one of the major flaws with supposedly free markets. Greed is good, sure, but it can also lead to disaster. So it must be limited.

    And I’m feeling fairly disappointed with Obama also. I thought he might actually I don’t know – stop bankers from profiting off of their mistakes; make substantive moves to get us out of Iraq and Afghanistan; start moving toward justice toward the Bush admin; not make really stupid jokes on late night TV….Report

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