I found these videos that explain the credit crisis on Joshua Dorkin’s Blog. I think these videos give a great illustration on how Las Vegas and in fact the entire country got into this credit crisis. After watching these videos, it makes you realize it’s going to take years before we will get out of the credit crisis.
The Las Vegas Credit Crisis Explained
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This is a great representaiton of what has happened to our lending industry since the de-regulation of the banking industry. The only important point that was missed was that Alan Greenspan, the last chairman of federal reserve board, allowed the de-regulation to take place during the Clinton administration. With banks no longer needed to be checked and balanced, they had carte blanche to do what they wanted to make more and more and more $$$$.
Casey Moseman
credit crisis