The Short and Simple Story of the Credit Crisis. By Jonathan Jarvis. Crisisofcredit.com The goal of giving form to a complex situation like the credit crisis is to quickly supply the essence of the situation to those unfamiliar and uninitiated. This project was completed as part of my thesis work in the Media Design Program, a graduate studio at the Art Center College of Design in Pasadena, California. For more on my broader thesis work exploring the use of new media to make sense of a increasingly complex world, visit jonathanjarvis.com Or email me at jonathan.jarvis@gmail.com Support the project! Buy a T-Shirt! cafepress.com/crisisofcredit
Tags: Credit, crisis, Part, Visualized
i found one mistake in this vid, the .com bust happened before september 11 therefore not because of it.*
and the end this video gives the best understanding....
What program was used to create this?
@worIdcitizen It wasn't difficult to become a criminal in the soviet union, no? What's wrong with being Ukranian or Anti-communist? I love the moral relativity..."no system is perfect" and "bad glitches". What if someone said that of Nazi Germany? Both systems are socialist. Reagan, Thatcher and Mulroney didn't win the cold war, they stood guard as the ussr collapsed on itself, despite much aid from "decadent western states". You're glorious red revolution failed miserably. Laughable. Hee-Hee!!
Well done!
@Borneomann holy fuck somebody pissed through his nose? I gotta see that.
i found one mistake in this vid, the .com bust happened before september 11 therefore not before of it.
ive been looking for a video like that for eveeer!
i am sad that such an outanding video gets less than a million viewers while some kid pissing through his nose gets 30 million hits
They should have called it a BOW ( Bag of worms) instead of a CDO then the investors would have known they were being swindled out of their money and would not have bought them in the first place and then we would have had cheaper houses and no crisis.
@filerocktheworld
A higher risk investment has a higher interest rate. It is because it is riskier that the interest rate is higher. It's kind of like gambling: the higher the prize, the smaller the chances of winning.
@abf617 and sara palin sucks ass... lol
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@abf617 plus you maybe lying...you are a liar...you are 21 years old, and you came to USA in 1980? Or you were a kid with no clue when you left USSR, or you are a liar who is trolling my comment...do you speak russian???
@abf617 if you ran to US in 1980 you had issues with the system...maybe you are a criminal or maybe you were just a ukrainian or anti-communist?
no system is perfect...ussr had bad glitches too...but it wasn't total hell and shit...people lived, worked, etc. I lived all right, not poor, not wealthy. My parents were teachers.
@worIdcitizen From a Ukranian who came to America in 1980, I can tell you that the Soviet Union was indeed complete and total shit. That being said, anyone who thinks that the Obama administration is socialist is beyond retarded.
The moral hazard of the housing bubble was definitely magnified by allowing the originators of mortgages to pass them off onto Fannie and Freddie, which everyone knew were backed up by implied govt. guarantees. What must be understood is that all of this leverage and eventual collapse would've been impossible without the Fed. Not only did holding interest rates down drive investors to seek returns in riskier areas, it flooded us with artificially cheap credit which amplified the housing bubble.
peoples must die!!! kill this ugly and terror "race: human!"
I am from Romania - the center of "life terror" from whole Europe! i live here with brain washed every day! i am a modern slave! I work 10 hour/ day for 200 euro /month! I pay the rent 150 - i pay other expanses - and i remain with..nothing! what the fuck is this life? many romanian people live in realy poor life status but no one have currage to say something..why? becouse here are more than 500,000 very rich man! and 2,000,000 of poors! please sell me a gun i want to kill peoples!!!
love the silhouette of the sub-prime family
I almost got it now. But i quite misunderstood the thing about adding risk. How is that a better deal for the loaners?
@wakeamerica1 Just a few factoids, but fannie mae and freddie mac don't actually make home loans, they can be petitioned to guarantee or buy ones that lending and investment banks make..And all of those originate in the private sector, as the animation demostrated.
The biggest thing that people miss in this whole thing is the key part to it all: Rating agencies. Its a pretty well known fact that these CDO's were being valuated improperly but nobody cared because everyone could offload risk.
Very well made video...but i have to wonder how you make a video about the housing crisis. And not include anything about Fannie and Freddie? Your video is correct but you slant all guilt towards what can be perceived as greedy evil bankers. With no guilt given the Carter, and Clinton for signing the 1977 Community Reinvestment Act. thus forcing banks to loan a small amount of loans to "high risk" families. Hmm Fannie and Freddie own 94% of the sub prime loans? and yet no mention? I smell Obama.
Very well made video...but i have to wonder how you make a video about the housing crisis. And not include anything about Fannie and Freddie? Your video is correct but you slant all guilt towards what can be perceived as greedy evil bankers. With no guilt given the Carter, and Clinton for signing the 1977 Community Reinvestment Act. thus forcing banks to loan a small amount of loans to "high risk" families. Hmm Fannie and Freddie own 94% of the sub prime loans? and yet no mention? I smell Obama.
@lgwelsh1 well said but let me add one more line please, a major point we should have learned from this crisis is that people are on the other site of the markets, not numbers and people make irrational things that can't be explained by mathematic algorithms.
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You certainly outdid yourself with this. Color me impressed.