Bil Browning

The economic crisis for dummies

Filed By Bil Browning | October 03, 2008 4:00 PM | comments

Filed in: Entertainment, Living
Tags: British actors, economic bailout, economic policy, funny videos, Wall Street, Wall Street bailout

I have to admit, I still don't quite understand all the nuances of the current economic crisis and the Wall Street bailout. I just keep thinking that it seems like the biggest ransom plan in world history. A group of super rich bastards have the cash and they want more; to get an economy back, we have to give them the ransom. It feels more like "bank heist" than "bank help."

I've really been trying to unravel this knot and videos like this help - even if it is rather basic. In fact, I think this is the most honest assessment of the crisis I've seen.

iPhone users: Click to watch

The best part? The video was recorded last year in England. British comics could see it coming, but BushCo couldn't. Jesus Christ. *sighs*

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You know, this is truly a prophetically brilliant piece.

Unfortunately, I also found a bit of racism in it that made me wince while watching it. What was the point of using a young 'black' man in the example? Was it to imply that the mortgage industry was so stupid that it even lent money to a black man because all black men should never expect to get a loan in the first place? As a result of this example, I chose not to post this insightful explanation/satire of our present economic situation.

It's too bad really--because without that touch of racism, the comics really hit our mess head on.

Hey Bo - I can't tell what he says other than "a black man sitting in Arkansas/Alabama (I forget which state he says)" doing something. What is it he says?


Nothing more really. It was simply him naming the ethnicity of his example. That was all he said and it just sort of struck a nerve with me.

He could simply have said, a poor man in Alabama or a man without a job, sitting on his stoop in Alabama. Naming the person as simply black, sitting on his porch, with no mention of his economic situation seemed to be enough for the comedian to make his point. And that in and of itself, felt and sounded racist.


Bush did. Even Clinton did before him.


"I think the responsibility that the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac."
Sept. 10, 2003: Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . .
And lots more. The fact is, that Bush tried to regulate the industry in 2003, and McCain in 2005. And they took political hits for it, oppressing the poor by attempting to prevent them from owning their own homes.
"September 25, 2003: Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing."
So don't blame Bush on this one - he tried to remove the risks. He was prevented by a 9% approval rating congress - one composed of both Republicans and Democrats.

All this is a matter of public record.