The Great Recession (2007 - 2008 Global Financial Crisis) Explained in One Minute

A one minute video which explains what the great recession (also known as the Global Financial Crisis of 2007-2008) was all about. Understanding the Great Recession is a must because to this day, we're still figuring out how to deal with its aftermath.

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[OneMinuteEconomics]

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[kimchik]

As someone who didn't know ANYTHING about the great recession, this video was quite helpful

[HickoryJ]

I was 9 years old in 2008, and my father worked for AIG. It was a mess

[OneMinuteEconomics]

If you liked this video, I think you'll love The Age of Anomaly, my Wall Street Journal and USA Today best-selling book about preparing for financial calamities (whatever they may involve). You can buy it over at:

[xxstarbritexx]

It just occured to me that my best friend from kindergarten had to move because her house was foreclosed on because of the housing crisis and I was just too dumb to realize since my house was complete and paid for. That's... a little depressing.

[_.christiana._]

Thanks for explaining this to me for my project

[TheSurferdude]

That was a terrible explanation, one min or otherwise, when you start throwing around terms like Credit Default Swaps, without properly explaining the meaning in simple terms, you have failed in your explanation, you are just regurgitating what others have said before, and equally as confusing..

[bokuwatoki]

i remember how scary it was when i was 10 years old. i afraid that my mom and i were going to lose our home and starve. it was a mess.

[Horinius]

It's sad that nobody ever mentioned that China's holdings of US Treasury securities during the 2008-2015 period indicate that China was a significant investor in those securities, and that their investments played a role in helping the US recover from the 2008 financial crisis.

[hemacherukuri]

Good explanation as can be done in one minute. Of course one can not detail all the intricacies in one minute. Can you please take out the back ground music that starts around 14 secs or so into the video. Thanks

[chrishalla]

That greed was on both sides. People saying they make 80k a year working at Churches Chicken. Banks, being middlemen selling these houses, going through with these loans. Everyone involved is to blame except for the investors, they were just looking to grow their money while interest rates were very very low.

[josh]

"Interest rates are at zero"

Oh how times have changed.

[justbriian]

I think this video was interesting and summarizes details in the simplest form but I think that it leaves a lot of details out, although I love visuals. When you state "Simply put, banks got greedy, " like what kind of banks, investment banks right?

Also I have a question, were the Investment banks who bought the Mortgage backed Securities both Prime and Sub-prime the ones who sell these to investors, and what do they gain in return, money? Or was it that Investment Banks bought the Mortage-backed securities, creating 3 levels of tranches in the form of Collateralized Debt-obligations and when housing-prices dropped, they were worth less than they could be sold to repay loans made by the investment banks?

[fahadmatt]

When u said they pay gave subprime loans and insurance companies gave laplâplâp ... is this only in America happened then after they collapsed they effected the worldwide ? must of the countries banks and increase companies did that and all of them collapsed together ?

[jamesrichards]

An explanation video where nothing is explained. I can't hate on you for needing to make a buck with animations; However this video can't even be considered informative, let alone an explanation. This gives a kitschy, incomplete overview with the only take-away being the easy narrative of "greedy people are being greedy".

Anyone with a need to be entertained while being informed to actual cause and effect are better off listening to longer form explanations by Mark Blyth and Yanis Varoufakis for starters.

[Krissy_Bunnie]

Watch on 0.75 speed for better comprehension

[RK]

Would the financial crisis have not occurred if none of the sub-prime lenders overstated their incomes when they first applied for them?

[africanwarlord]

I was 9 in 2008 and my dad bought me an Xbox for my birthday🙂

[seana]

The recession would have bankrupted the rich, people could walk away from their homes leaving the rich holding the bag, so the govt bailed them out to keep them in power.

[rattigesmoerchen]

So your explanation is that companies got greedy…Wow.That doesn’t make ANY sense!Companies are ALWAYS greedy, so why didn’t it happen in 06?06?1996?2014?Blaming greed (which is always around) for the 2008 crisis is like blaming a cluster of airplane crashes on gravity!