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Economist Barry Asmus believes that our recession is based on a number of past congressional mistakes made by our government. From a number of crucial political errors to the increasing severity of our present economic situation, the speaker looks at the downside of what he calls our “toxic assets.”
Asmus delves into America’s obsession with loans, most often associated with housing property purchases. When offered a loan sum, individuals are often too quick to jump on the bandwagon, proving ignorant and unprepared for the ultimate consequences resulting from their rash decisions.
Expert Barry Asmus calls these loans ‘collaterized debt obligations,’ explaining how individuals are lured into an endless sea of debt. Obsessed with spending money they do not have, these individuals are often faced with the terrifying reality of infinite unpaid bills and bankruptcy.