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Financial crisis in 10 mintes

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by

Peter Daniel Ketelsen

on 2 February 2012

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Transcript of Financial crisis in 10 mintes

mortage mortage
lender homeowners investment banker rating agency CDO Collateralized
debt obligation amazing financial
math magicians CDO 4 % 7 % 9 % X X hedge funds bankers Pension funds
Insurance Companies
Sovereign Funds
Mutual Funds
ETC. investors X 1000s $ The Credit Crisis The rising real estate market Risk and interest rates part 1: how your neighbour's granny
gets to own the front porch of your house Alan Greenspan lowers federal fund rates from 3.5 % to 1 % after 9/11 and some accounting scandals in 2002 70 TRILLION USD 34 TRILLION USD Pre 2000 Post 2000 $ $ hedge funds bankers investors investment banker more! more! more! CDO more! mortage ? "prime"
borrowers subprime
homeowners toxic
mortage The stupid idea CDO = meanwhile.... median income real estate prices DEFAULT X part II - how it starts:
shaping up to the crisis NO DOWNPAYMETS
NO PROOF OF INCOME
INTEREST PAYMENTS ONLY
FREE MONEY interest
only
in the beginning... % the problem: X X X X X X The bank always wins $ Skydiving of real estate prices... bursting the bubble... AAAhrg! sell! Me too!!! away with the house! now the REAL problem... weaker economy -> no money for PINCIPALS -> lose the house X X X X CDO bank's debt:
- 999'999'999 US$ $ X FIXED INCOME SECURITIES -
The big global investment money pool BUT: yipiiieee! investment banker oh oh... investment banker golden parachute $ (NOT)
THE END CDO = neighbour's granny
Full transcript