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"The End of Wall Street: What Happened"
Old 01-06-2009, 10:00 AM   #1
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"The End of Wall Street: What Happened"

If you're like me, you may still be suffering from shell shock due to the economic calamity of 2008. Today's Wall Street Journal has an excellent documentary with an interesting perspective on what caused the economic collapse of 2008 and what to expect in the future.



End of Wall Street: What Happened - WSJ.com
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Old 01-06-2009, 10:42 AM   #2
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If you're like me, you may still be suffering from shell shock due to the economic calamity of 2008. Today's Wall Street Journal has an excellent documentary with an interesting perspective on what caused the economic collapse of 2008 and what to expect in the future.
End of Wall Street: What Happened - WSJ.com
I think it's interesting that a print publication named "The Wall Street Journal" would do a video titled "The End of Wall Street".

I watched all three parts, but I didn't get the "what to expect in the future" part. What I heard was "nobody knows" and "it's going to be a long time". Nobody seemed to be saying that Wall Street is going away.

The video starts with the notion that politicians wanted more people to own houses. That's been true for 70 years. One perspective I haven't seen so far is "Where do we get mortgages in the future?". The way I see it, a 30 year fixed rate mortgage with no pre-payment penalty in a world where house prices could go down is a lousy investment for anybody. We've been able to get these things because the gov't insured them, or guaranteed the bonds that raised the cash, or private firms hid the real risks from investors.

Are we going to continue to do those things? Or, are mortgages going to get a lot more expensive? Or, ... ?
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Old 01-06-2009, 11:03 AM   #3
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Thanks for the link.

I found it too slow and artistic (video and music interspersed with people who like to hear themselves talk). I watched the entire third chapter ("What happens next"), and found that their answer is "nobody knows."
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Old 01-06-2009, 02:57 PM   #4
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In other countries mortgages are not fixed for 30 years but rather adjustable. I could see that happening here in the USA; the one part of the whole subprime fiasco that won't go away is that people are going to have to self-insure against financial risk. The guv is no longer going to be able to fix your housing costs for 30 years.
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Old 01-06-2009, 03:32 PM   #5
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In other countries mortgages are not fixed for 30 years but rather adjustable. I could see that happening here in the USA; the one part of the whole subprime fiasco that won't go away is that people are going to have to self-insure against financial risk. The guv is no longer going to be able to fix your housing costs for 30 years.
I tried the link, but it did not work for me. So, I have to read following posts after the OP to make the following comments.

I am afraid Americans are spoiled and no elected officials would dare say no to us, meaning 30-yr fixed mortgages have to stay. Then, how are things going to work out? Oops, forgot that "No one knows".

And about foreign mortgages having floated interest rates, I recently read that citizens of some Eastern European countries (Hungary? Czech? I forget) had to obtain mortgages in Euro, though they have not joined the Euro zone! That is now hurting them to no end, since their local currency has been down.

About housing, we've got to admit that Americans have been "overhoused". Construction of McMansions goosed up the GDP, and created many jobs that were transient in nature. Once the boomers age, the maintenance and operating costs are going to kill us. I'd better start looking to downsize in a few years.
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Old 01-06-2009, 03:35 PM   #6
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"The End of Wall Street" sounds a bit like "The Death of Equities" to me....
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Old 01-07-2009, 01:13 AM   #7
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Thanks for the link.

I found it too slow and artistic (video and music interspersed with people who like to hear themselves talk). I watched the entire third chapter ("What happens next"), and found that their answer is "nobody knows."
I agree Al slow, artistic, and not particularly insightful. I can put up with rather dull documentary as long as I am learning something new.

I think the WSJ (and for that matter most newspaper) should stick with words, this is probably the tenth video I've watched on the WSJ site, and they just haven't learned to tell a story with pictures yet.
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Old 01-07-2009, 03:06 AM   #8
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I couldn't get through the first five minutes. Death to videos?
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Old 01-07-2009, 09:18 AM   #9
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Watched all 3 parts. I though they were good. One new kernal a learned & somehow missed when we were living thru this entire fiasco was the role of the rating agencies. If I learn one new thing, it's a good day.
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