With some business reporting background, I really should have a better, more fuller grasp on the complexities of what caused today’s growing financial meltdown. But lots of smart people are having trouble understanding.
For the Philadelphia Business Journal in April, I put together an interesting Q&A on the mortgage crisis with E. Robert Levy, the executive director of the Mortgage Bankers Association of New Jersey.
If only we knew then that that was just the beginning. Now those failing mortgages have collapsed other parts of the global economy, and everywhere – perhaps outside of North Dakota – is feeling the pinch.
A friend forwarded me a good video from American Public Media discussing collaterized debt obligations – the financial products that brought last spring’s mortgage foreclosure surge to the world.
It helps, seriously. See it below.
Photo courtesy of GayFinances.com.