Are you confused about the current economic crisis? I certainly am! I saw this YouTube video as I was doing some research, and it seemed to explain it in a way that I can understand. This becomes a McCain ad somewhere around the 8:30 mark, so you may not want to watch through to the end, but the facts regarding the subprime mortgage business, and Fannie Mae/Freddie Mac are a matter of public record.
http://www.youtube.com/watch?v=TxgSubmiGt8
I’m not suggesting that there is a “right” explanation of the problem, or even that there is one single mistake that caused it. I just think this could help you explain it to your children.
Again, “when are we going to use this stuff?” Today!
Check out The HomeScholar Channel on YouTube for some snippets of my public speaking and videos.
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- Speaking of Ponzi Schemes. . .
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Christianbook.com Curriculum Page
J W says:
Hmmm… When else in US history did we have people spending far more than they could afford… Anyone? Anyone?
Both times we bought houses we were approved for mortgages that were far beyond our means to pay. Both times, we set our own personal limits. So – whatever happened to personal responsibility? Just because the government forces the banks to offer subprime mortgages doesn’t mean the government forces Americans to overextend themselves.
So what does this mean for homeschoolers? Keep teaching history, personal finance skills, and morals.
October 6th, 2008 at 4:09 pm