I found this earlier today and sent out a quick Tweet on the subject, and Powerline just picked it up within the past few minutes. The basics of the commentary by Kevin Hassett is that although the financial crisis seems quite complex, it’s really not too hard to understand.
It’s been described as an “all you need to know” wrap-up of the current situation. If you have additional questions, send them our way and we’ll try to get some solid answers for you – that are easy to understand.
The financial crisis of the past year has provided a number of surprising twists and turns, and from Bear Stearns Cos. to American International Group Inc., ambiguity has been a big part of the story.
Why did Bear Stearns fail, and how does that relate to AIG? It all seems so complex.
But really, it isn’t. Enough cards on this table have been turned over that the story is now clear. The economic history books will describe this episode in simple and understandable terms: Fannie Mae and Freddie Mac exploded, and many bystanders were injured in the blast, some fatally.
Continue reading over at Bloomberg.com.
By the way, Twitter is still in beta for me. I’ve only got a couple of readers subscribed so if you’re interested start following.
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I just want to link you to an enlightening article. Note the date of October 27, 2005: Link