Thank you, Frontline. Magnificent documentary; I learned so much.
So much awesomeness! What a fantastic documentary. Having lived through it with my aluminum manufacturing company and rental properties on the line, I remember every news story on CNBC from that time. It was constantly “waiting for the other shoe to drop”
It’s gross how the ones who caused the crisis faced no consequences
As a taxpayer – and I know I speak for all of us here – I am so glad that I got to help bail out all of these crooked, greedy banks. I’m SO glad that none of their executives had to go to jail over this! “Privatized success, socialized losses.” It’s the American way! ‘MURRIKA!!! F YEAH!!
The rich got richer and the poor got homeless with this crisis. I remember that very well
At 51:00 my stomach dropped. Learning that there were no rules put in place as to how these banks should act or use the money they were given makes no sense. Zero logic. Imagine receiving billions of dollars for doing a horrendous, criminal job.
“They didn’t see how the financial system was rotten over years” Of course they didn’t. Watch part 1 of this series and you will understand why. In the 1990s the government failed to regulate such markets. Yes there were some signs missed by the government, but those signs were just crumbs compared to the whole issue beneath.
I think this debacle was really the inevitable result of our system, where more money and more growth is always considered better. There is no incentive not to push everything to the limit, especially when you yourself won’t be held accountable.
No punishment. How unfair. Nobody comes to rescue me from my debt. What happened to no government entervention? Welfare for the rich.
Ron Paul “How do all wall street CEO’s become the Chairman of the Federal Reserve?” Ben Bernake “We are the only ones who understand how the economy works.” —proceeds to run the economy into the ground. Yep that’s how it works.
The economy hardship, recession, unemployment and loss of job caused by covid pandemic is enough to push people into financial ventures.
I love how everyone talks about the evil government. You didn’t see those same people complaining when they got a zero down mortgage with an adjustable rate or refinancing their over valued home to go buy hummers and a boat. There is blame to go around for everyone.
It is difficult to relive this without breaking my phone in a fit of rage.
Thank you frontline for being a great source of info and educating the ignorant people of the U.S
What I’ve learned here is a few hundred people should of been pulling time in a federal prison.
I couldn’t even imagine getting crushed by a market collapse, and then immediately after, learning my life savings invested with Madoff were completely gone. These people are soulless greed hounds and deserve lengthy prison terms instead of multi-million dollar bonuses.
I’m on limited fixed income. I buy a $1 scratch off lottery ticket once in a while. I have no empathy or compassion for the arrogant people who were involved in these matters.
The excessive level of greed involved in this was beyond biblical.
Thank you PBS. This is the kind of documentary we need to see in the USA
Imagine taking orders from liars, thieves, paedophiles, psychopath’s and mass murderers, and thinking you’re more virtuous than those who disobey.
Congratulations for your insightful analysis of the 2008 financial crisis or bankruptcy, which was the largest bailout in U.S. recent history and rewrote the rules of government on this economic sector due its bast impact on social well-being!!!.
I had just graduated college and this was the first time after 9/11 that the only thing I watched was this. All my friends lost their jobs and had to move back home. I was one of the “lucky” ones that was able to keep my job but did not get a raise or cost of loving adjustment for 4 years straight.
Love how these criminals and gambling addicts try telling us whats going on as if we the tax payers are too stupid to see through the bull poo and know what they are doing
As I understand and remember it, the Carter administration forced lending institutions to loan money to home buyers regardless of their ability to repay or show the required collateral to secure a loan. So the lenders did their best to CYA against unsecured loans, to protect themselves. Im shocked that Frontline left out this important tidbit of info. Once again, the situation is directly linked to government interference.
The curses of our times; politics, banks, greed, and the lack of any kind of accountability.
The rich got richer and the poor got homeless with this crisis. I remember that very well
What worries me is that the main actors in all this catastrophe are described as smart, astute etc. It leaves you with the only conclusion – they knew, they just didn’t care
Assuming most ppl watched part 1 as well. This started during the Clinton era, Bush let it continue, alongwith Fed and SEC and then Obama was left with two very bad choices between bailing out Wall St or letting the economy completely collapse. He went for the former. Both parties are responsible for this, in fact the whole system incl FED and SEC. I dont know what it will take America to being stop owned by the big banks.
so we solved their greed and corruption by giving them a blank check and a pat on the back. nice
This had me at the edge of my seat. Frontline is the GOAT.
Wait so from the previous episode of the documentary, some people from JP Morgan came out with the idea for baggaging everything, then everyone followed suit, JP Morgan stopped and then the federal reserve payed them 30 billion dollars to fix the very problem they created. This is absurd. Correct me if I am wrong but wow.
I was paying for my house during this period of time and lost two jobs a year apart and i did not hardly have food to eat and money to pay the rest of my bills because I had to pay the mortgage payment with unemployment checks when ever they came
Frontline is my all-time favorite investigative program; no other programming can compare. I would say, Implement All of the “H. R. 4173, The Dodd-Frank Wall Street Reform and Consumer Protection Act.” Most of all, hold the Banks and Wall Street accountable. Also, this video should be used as a learning tool in our schools as it points out just how things can go wrong.
The question is, “Who are the people responsible for world crisis?” It is interesting to know who are those maneuvering all these economic collapsed worldwide which causing the misery of the people who are working hard to survive 
Screw correcting the market, government needs to focus on correcting the economy.
its stories like this that killed my faith in this country and capitalism forever. america is a cesspool and ‘too big to fail’ really shows who has the real power.
I think we are about to experience something even worse … god help us.
700 billion is going to look like child’s play in the next financial crisis. And it’s coming sooner or later .
Also, I don’t know how I missed that press conference with Paulson. Where he literally ran away from the podium before anyone could ask a question. Pretty sure I’d remember something that alarming, had I seen it? Maybe not. There were a lotof alarming things going on.
Every single one of those bankers that created the CDOs should be fired should never be allowed to work in the financial institute again or have any type of impact on our economy But yet they all still have Top jobs at other fortune 500 companies affecting our economy
I dont like how so many of these people are smiling when talking about the damage that happened and their part of it.
Isn’t it awesome how this episode made it seem like the candidate, backed most by wall street in this race, would fix the problem.
A big FU to every banker, CEO, CFO and all of those hedge fund investors.
“Concentration of economic power in all-embracing corporations results in a private government which is a power unto itself – a regimentation of other people’s money and other people’s lives. – Franklin D. Roosevelt (32nd U .S. president).
I wonder if there is a reason they put this nearly 10 year old series back up on youtube? I know why. What do you people think?
How did the government bailed these banks yet these banks and mortgage companies were allowed to foreclosed people’s homes?
Frontline is such an amazing source of information. This is such a fascinating example of the inner workings of Wall Street.
I want this guy to narrate my funeral.
Its messed up the people that create this whole chaos get bailed out and get another top job at a fortune 500 company so therefore they face no consequences! While some of us are still dealing with this from 2008 where our families were affected through property and there networth!
“Early estimates for the total cost of the bailout to the government were as much as $700 billion, however TARP recovered funds totaling $441.7 billion from $426.4 billion invested, earning a $15.3 billion profit or an annualized rate of return of 0.6% and perhaps a loss when adjusted for inflation.”
Let me get this straight, all the risk the banks keep moving on down the road, became embedded in the financial system and almost collapsed it and average Americans had to pay to clean up the mess. This really does not say alot for your Ivy League MBA types.
Great education, a reminder of investment bankers greed Truly, corporations need to pay higher taxes.
It’s a club and obviously we ain’t in it
Good video but I can’t believe they let Chris Dode, Chair of Senate Banking Committee (Senator from Country Wide) and Barney Frank who as Chair of Financial Service committee assured us things were ok with Freddie and Fannie, off the hook. They has as much blame as anyone.
Frontline is so informative
The world is so close to experience one of the worst economic meltdown ever experience by man kind in the great tribulation.
I remember Bush’s remark on the whole crash. He said, and I quote, “Oh boo hoo. You had 7 good years, what are y’all complaining about?” Then he left office and left Obama to clean up his mess.
It all comes down to spending money you don’t have
. They all knew that these folks working at Wendy’s couldn’t power and water a 500k home. They got rich by scamming people, got caught, and got away with it. The American way. Take care of the rich and powerful. Let the poor die off after they work.
. They all knew that these folks working at Wendy’s couldn’t power and water a 500k home. They got rich by scamming people, got caught, and got away with it. The American way. Take care of the rich and powerful. Let the poor die off after they work.
Amazing documentary!
Greed will always be a CEOs Downfall! Unfortunately the customers as n everyday folks are the 1s who feel it the most!
Great non-fiction story telling!
I think the next meltdown is just around the corner. I remember 2008 I hated my job & was looking for something else. Luckily I didn’t loose my job, but had to continue working it for another decade. Good jobs were hard to come by for a long time. Save your money & don’t trust the government to take care of you.
49:28 The modern times version of “I’ll make you an offer you can’t refuse!”
How did they manoeuvre ? Greed, pure and simply greed.
Buckle up, 2022 looking like round 2. 2008 never stopped, they just pushed the pause button.
And a happy ending. Thank goodness all the responsible rat finks retained their fourth beach front properties w/enough left over for hefty bonuses. Really had me worried there for a moment. Now if you’ll excuse me I need to get back to my spot under the overpass before the rain starts (it’s loud but relatively dry) Bless you Wall st.
51:00 “… we still end up losing millions of jobs… trillions of dollars of wealth is wiped away…”. Not enough air time in this video devoted to the millions of lives of regular folks changed forever by this. I was right in the middle of this, being laid off early 2009, along with just about all my co-workers, many of whom, in order to survive, were going to need to dip into that 401K which had now fallen to almost nothing. A major life-changing event that many never recovered from.
Is there a reason your airing this nine years later ? YES !
I do understand the logic of bailing out the institutions- but the actual people who caused this should have no longer had any hand in those instutitions. That’s number one. NUmber 2, there should have been major upgrades in the regulatory environment. Huge, sweeping new rules.
Gene Ahart
5 maanden geleden