My Google Earth Vacation

 Here’s where I’ve been lately;

San Clemente Pier, California

Santa Monica Pier from the end of Bay Street, the location of the former POP (Pier at Ocean Park) the West Coast Coney Island

Behind the Hollywood Sign

Overlooking John’s Pass Treasure Island, Florida

Old Man’s Beach San Onofre, California

View from London Bridge Lake Havasu, Arizona

Driving down RT 66 near Essex, California

Overlooking Coachella Valley, California above Palm Springs, Palm Dessert

View from Parker Dam Arizona and California border

Driving past the Airplane Grave yard

Dublins Bar & Grill Downtown Chicago….Great Turkey Sandwiches!!!! Also my favorite place to start off the night

We Are Marshall…Enough Said!

Not So Secret Government Installation Area 51 from the air

Another not so secret Government Installation, The Mars Radio Antenna just north of  Barstow, California…that’s a lot of money for a planet with no life form 🙂

Next time, maybe I’ll find more not so secret government installation…maybe they should have blacked them out 🙂 but then again…they’re not so secret anymore.

So if you get bored try Google Earth….Where will you go?

The Financial Story

From Wikipedia;

The best explanation I’ve come across yet….I’d like to see this.

I just copied this…but I could have not written it any better;
Inside Job

Theatrical release poster
Directed by Charles Ferguson
Produced by Audrey Marrs
Charles Ferguson
Narrated by Matt Damon
Music by Alex Heffes
Cinematography Svetlana Cvetko
Kalyanee Mam
Editing by Chad Beck
Adam Bolt
Distributed by Sony Pictures Classics
Release date(s) May 16, 2010 (Cannes)
October 8, 2010(United States)
Running time 108 minutes
Country United States
Language English
Budget $2 million[1]
Box office $7,871,522[2]

Inside Job is a 2010 documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film is described by Ferguson as being about “the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption.”[3] In five parts, the film explores how changes in the policy environment and banking practices helped create the financial crisis. Inside Job was well received by film critics who praised its pacing, research, and exposition of complex material.

The film was screened at the 2010 Cannes Film Festival in May and won the 2010 Academy Award for Best Documentary Feature.




The documentary is in five parts. It begins with a look at how Iceland was highly deregulated in 2000 and its banks were privatized. WhenLehman Brothers went bankrupt and AIG collapsed on September 15, 2008, Iceland and the rest of the world went into a global recession.

[edit]Part I: How We Got Here

The American financial industry was regulated from 1940 to 1980, followed by a long period of deregulation. At the end of the 1980s, asavings and loan crisis cost taxpayers about $124 billion. In the late 1990s, the financial sector had consolidated into a few giant firms. In 2001, the Internet Stock Bubble burst because investment banks promoted Internet companies that they knew would fail, resulting in $5 trillion in investor losses. In the 1990s, derivatives became popular in the industry and added instability. Efforts to regulate derivatives were thwarted by the Commodity Futures Modernization Act of 2000, backed by several key officials. In the 2000s, the industry was dominated by five investment banks (Goldman SachsMorgan Stanley, Lehman Brothers, Merrill Lynch, and Bear Stearns), two financial conglomerates (CitigroupJPMorgan Chase), three securitized insurance companies (AIG, MBIAAMBAC) and three rating agencies (Moody’sStandard & PoorsFitch). Investment banks bundled mortgages with other loans and debts into collateralized debt obligations(CDOs), which they sold to investors. Rating agencies gave many CDOs AAA ratings. Subprime loans led to predatory lending. Many home owners were given loans they could never repay.

[edit]Part II: The Bubble (2001-2007)

During the housing boom, the ratio of money borrowed by an investment bank versus the bank’s own assets reached unprecedented levels. The credit default swap (CDS), was akin to an insurance policy. Speculators could buy CDSs to bet against CDOs they did not own. Numerous CDOs were backed by subprime mortgages. Goldman-Sachs sold more than $3 billion worth of CDOs in the first half of 2006. Goldman also bet against the low-value CDOs, telling investors they were high-quality. The three biggest ratings agencies contributed to the problem. AAA-rated instruments rocketed from a mere handful in 2000 to over 4,000 in 2006.

[edit]Part III: The Crisis

The market for CDOs collapsed and investment banks were left with hundreds of billions of dollars in loans, CDOs and real estate they could not unload. The Great Recession began in November 2007, and in March 2008, Bear Stearns ran out of cash. In September, the federal government took over Fannie Mae and Freddie Mac, which had been on the brink of collapse. Two days later, Lehman Brothers collapsed. These entities all had AA or AAA ratings within days of being bailed out. Merrill Lynch, on the edge of collapse, was acquired by Bank of AmericaHenry Paulson and Timothy Geithner decided that Lehman must go into bankruptcy, which resulted in a collapse of the commercial paper market. On September 17, the insolvent AIG was taken over by the government. The next day, Paulson and Fed chairman Ben Bernanke asked Congress for $700 billion to bail out the banks. The global financial system became paralyzed. On October 3, 2008, President Bush signed the Troubled Asset Relief Program, but global stock markets continued to fall. Layoffs and foreclosures continued with unemployment rising to 10% in the U.S. and the European Union. By December 2008, GM and Chrysler also faced bankruptcy. Foreclosures in the U.S. reached unprecedented levels.

[edit]Part IV: Accountability

Top executives of the insolvent companies walked away with their personal fortunes intact. The executives had hand-picked their boards of directors, which handed out billions in bonuses after the government bailout. The major banks grew in power and doubled anti-reform efforts. Academic economists had for decades advocated for deregulation and helped shape U.S. policy. They still opposed reform after the 2008 crisis. Some of the consulting firms involved were the Analysis GroupCharles River AssociatesCompass Lexecon, and the Law and Economics Consulting Group (LECG). Many of these economists had conflicts of interest, collecting sums as consultants to companies and other groups involved in the financial crisis.[4]

[edit]Part V: Where We Are Now

Tens of thousands of U.S. factory workers were laid off. The new Obama administration’s financial reforms have been weak, and there was no significant proposed regulation of the practices of ratings agencies, lobbyists, and executive compensation. Geithner became Treasury Secretary. Feldstein, Tyson and Summers were all top economic advisors to Obama. Bernanke was reappointed Fed Chair. European nations have imposed strict regulations on bank compensation, but the U.S. has resisted them.