We all know there is a recession. We have heard the words "In these troubled times" over and over again. Thousands of people are getting laid off (unemployment is an all time high), people are losing their homes, banks are closing. It's pretty grim.
And I sort of, but didn't really, understand why. I knew it had to do with giving out mortgages to people who didn't deserve them- but not the intricacies.
Here is a neat visual doc that shows you what happened and what was the first step that got us to where we are today. There's more to this story- but let's take it piece by piece...
The Crisis of Credit Visualized from Jonathan Jarvis on Vimeo.