Understanding the US Financial Crisis for Dummies

Last month, I posted something about the fall of Lehman Brothers (Red Arrows and Red Blood). This entry would be a sequel to that one.

For the past month, it had become a routine to turn on the TV and switch the channel to CNN, Channel News Asia, BBC or Bloomberg. Honestly I really tried to digest everything I hear from the news about the economy, but only when sports news are shown on CNN do I stop my nose from bleeding. I really can’t figure out why a whole country like Iceland can file for bankruptcy? Or where does the money go, do they burn cash literally? With these odd stupid questions in my mind, I started to look for sources on the internet to help myself in understanding the financial crisis. A simple googling solved the problem.

If you want a lengthy explanation from the source of the problem to the probable solutions, you can go to Obstinate Observations. If you want a very practical explanation for dummies in Tagalog go to Red Arrows and Red Blood. If you want a visual explanation, you can go to the Financial Times. However I was not relieved by this graphic explanation because some heavy finance jargon were still there. I still looked for something that you can show to a 12-year old, an 80-year old, or to someone like me who all the while thought that my three units of accounting only covered addition and subtraction and make him understand, I would recommend How To Explain The 2008 US Financial Crisis to your Kids (and Most Adults) by Say it Visually. It also comes with Spanish subtitles too. 🙂

BTW, I’m also inviting you to join a get-together on Understanding the US Financial Crisis by Fernand Tansingco. Go to http://www.mayniladstudycenter.net/ for more details.

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