This morning we talked with Mr. Parise about how the Financial Crisis happened. I loved the fact that before the conversation I was hard to get a straight answer about what really happened. He outlined 4 key factors:
1.no one wanted to take risks
2. no liquidity left in bank circulation
3. mark to market issues
4. market crash because there was no trust
He also said that TARP did what it need to do. It was made to buy problem assets and to take the risk off the books to make the band "look better."
He also gave us a copy of part of the JP Morgan Chase annual report by Mr. Dimon. I am currently reading it and will blog about it when I am done reading and noting it.
In the afternoon we went to Alexis. We visited a fire truck manufacturer and seller. Because they sell overseas and because the owner seems to be optimistic and loves finding new clients they are not hit by the recession; therefore, he does not believe that there are a recession.
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