Breaking the Bank (full documentary) | FRONTLINE
Рет қаралды 1,211,142
Күн бұрынThe bets were huge and risky: billions of dollars on the housing market. The upside was undeniable: superbanks reaped billions of dollars, dominated the landscape and gobbled up competitors. Then the bottom dropped out. (Aired 2009)
This journalism is made possible by viewers like you. Support your local PBS station here: www.pbs.org/donate.
Starting in 2008, in the worst economic crisis in decades, brand-name banks were on the brink. As the federal government implemented a massive intervention in the financial industry, FRONTLINE went behind closed doors to tell the story of how things went so wrong so fast and to document efforts to stabilize Wall Street. Veteran FRONTLINE producer Michael Kirk untangled the complicated financial and political web surrounding one particular superbank - Bank of America.
Explore additional reporting in connection with "Breaking the Bank" on our website:
www.pbs.org/wgbh/frontline/do...
#Documentary #Banks #Financial
Subscribe on KZfaq: bit.ly/1BycsJW
Instagram: / frontlinepbs
Twitter: / frontlinepbs
Facebook: / frontline
FRONTLINE is produced at GBH in Boston and is broadcast nationwide on PBS. Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation.
CHAPTERS:
Prologue - 0:00
Wall Street Bankers and the NY Federal Reserve When the Housing Bubble Burst in 2008 - 2:05
A Deal to Save Merrill Lynch: A Merger with Bank of America - 10:17
Lehman Brothers’ Bankruptcy and the 2008 Financial Crisis - 22:50
The U.S. Government’s Role in the Bank of America-Merrill Lynch Merger - 33:20
The Obama Administration, Congress and the Bankers - 45:52
Credits - 52:19
@jerrycampbell-ut9yf 21 күн бұрын
There will likely be no end to the current banking crisis very soon. Experts with over ten years of experience know that credit problems don't go away in two weeks. It's funny to see how some individuals think everything has already finished so quickly. We are seeing a contraction of credit that will eventually lead to a significant downturn of the economy as a whole.
@Peterl4290 21 күн бұрын
I've come to realise that corporations are not trustworthy over time. I suffered greatly during the 2008 financial crisis. I've just started concentrating on investing through a financial advisor since 2020, and it's been profitable. Since I began in 2020, there has never been a significant loss reported. I will never work full-time in a bank again.
@Mrshuster 21 күн бұрын
With the help of the same investment advisor, I diversified my 72K portfolio across several markets and in a matter of months, I was able to produce over 356K in net profit from high dividend yield equities, bonds, and exchange-traded funds (ETFs).
@sabastinenoah 21 күн бұрын
Hello, how did you handle it? I believe I require a pro after reading these comments
@Mrshuster 21 күн бұрын
Vivian Carol Gioia is the manager I use. Just research the name. You'd find necessary details to set up an appointment.
@sabastinenoah 21 күн бұрын
Appreciate this recommendation, hopefully I can get some insight to where the economy is headed and strategies to beat inflation with when I hear back from Sonya
@GorkemHernandez 2 ай бұрын
Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.
@JamesThomas-zl8ub 2 ай бұрын
Many people underestimate the importance of advisors until their emotions lead them astray. I recall a few summers back, amidst a lengthy divorce, when I required substantial support to keep my business afloat. Seeking licensed advisors, I found someone with top qualifications. Despite inflation, she aided in growing my reserves from $275k to $850k.
@GorkemHernandez 2 ай бұрын
I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.
@JamesThomas-zl8ub 2 ай бұрын
Lisa Ann Moberly, one of the best advisors out there. she’s well known, you should look her up.
@GorkemHernandez 2 ай бұрын
Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.
@leondonald 7 ай бұрын
The disastrous decision to repeal the Glass-Steagall Act in the late 1990s led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent a future catastrophe, Dodd-Frank and this Act both need to be revived right away. What happened with SVB is just the start of what will happen if nothing is done to address the current problem.
@berkrix4312 7 ай бұрын
I think SVB was attempting to restructure their bond holdings. Yes, they would lose money if they sold their low-yield bonds. However, they were attempting to make up for it by repurchasing bonds on the open market at the higher interest rate.
@jeffery_Automotive 7 ай бұрын
The SVB scenario warns that the effects of the Fed's rate hikes are still being felt, despite the economy's so far successful resilience. Investors need to be cautious about the upcoming inevitable in situations like these. I'll suggest hiring a financial advisor because you don't have to act on every forecast. For a time, I've been using this as my backup strategy.
@DavidRiggs-dc7jk 7 ай бұрын
@@jeffery_Automotive Would you please let me know how I might use their service to get in touch with this particular coach? You seem to know everything, unlike the rest of us.
@jeffery_Automotive 7 ай бұрын
Can't reveal much, but the advisor guiding me is Julie Anne Hoover. She has gained a good deal of expertise over the past two decades in the financial system and her credentials speak for itself, you can simply look her up.
@DavidRiggs-dc7jk 7 ай бұрын
@@jeffery_Automotive Thanks for sharing this. I did my own little research, and your advisor looks advanced and experienced. I wrote her and dialed her twice but she didn't pick up so I scheduled a phone call.
@bernadofelix 8 ай бұрын
The banking situation is a reminder that Fed hikes are having an effect, even if the economy has held up so far,” It’s precisely at times like these that investors need to be on guard against the next certainty. First SVB, then signature bank and now first republic bank, these are all the signs of yet another 2008 market crash 2.0
@hersdera 8 ай бұрын
My primary concern at the moment is how to increase revenue during uncertain times. I cannot afford to witness my savings erode away to nothing.
@XueLin-pe9fg 7 ай бұрын
This is undeniable! The economy is in the midst of an ongoing series of crises
@John-PaulHunt-wy7lf 5 ай бұрын
When this happened with bear stearns back in 2008 I just knew we were going to war within 20-30 years of this happening. The clock started to tick on the west once bear stearns and AIG melted down.
@hankmarks69 5 ай бұрын
The ongoing banking crisis is far from reaching a resolution. Those with more than a decade of experience understand that credit crises do not dissipate within a mere two weeks. It's amusing to witness some people believing that everything has already concluded so swiftly. We are currently witnessing a credit contraction that will inevitably result in a substantial overall contraction.
@PatrickLloyd- 5 ай бұрын
Over the years, I have learnt not to trust corporations. I was badly hit by the '08 financial crisis. Since 2019, I've just been focused on investing through a financial advisor and it has been paying off. No major loss has ever been recorded since 2019 i started. I'm never going back to banks full time.
@PhilipDunk 5 ай бұрын
I diversified my 62K portfolio across multiple market with the aid of same Investment-Adviser & I have been able to generate over 356k in net profit across high dividend yield stocks, ETF and bonds in few months.
@sattler96 5 ай бұрын
@@PhilipDunk That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?
@PhilipDunk 5 ай бұрын
My Financial adviser is “Vivian Carol Gioia” she’s highly qualified and experienced in the financial market. She is considered an expert in the field. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market
@sattler96 5 ай бұрын
@@PhilipDunk Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
@thehealthychefri Жыл бұрын
"Banks are more dangerous than standing armies." ~Thomas Jefferson
@ronaldholden7551 Жыл бұрын
Absolutely. Jefferson knew a central bank like the Fed would impoverish the people.
@bicyclist2 Жыл бұрын
Amen! And the Bankers tried to kill him.
@kashlolong2641 Жыл бұрын
Indeed!
@John-PaulHunt-wy7lf 5 ай бұрын
And more than dangerous with standing merc armies if the banks had their way!
@tamanimaiesia5344 3 ай бұрын
that's deep!
@matposton87 Жыл бұрын
As blue collar worker, I cant understand how these rich executives think they deserved huge bonuses for selling the company that they practically bankrupted.. WTF..
@zaberfang 8 ай бұрын
They're paid on the assumption that they won't run the company they're running into the ground.
@ronkirk5099 Жыл бұрын
And yet no one at the top was ever held accountable for this fraud and misery foisted on people around the world. That is the real tragedy.
@y_limit_yourself Жыл бұрын
Enron Theranos FTX…
@y_limit_yourself Жыл бұрын
aka Skilling Holmes and soon to be SBF all gettin prison time
@thesilentgeneration Жыл бұрын
Because they are all part and parcel of the elite and the Federal Reserve Bank leads the fraud. It is simp;y a giant Ponzi scheme between government and the Fed. The government needs money, so it sells bonds to the Fed who buys those bonds with money created out of thin air. The thing is that to keep up the scam money needs to be printed continuously which causes inflation. It is a never ending spiral and none of the money is backed by anything but trust in the government. Eventually it becomes so unmanageable that the bubble ex[lodes, and we are very close to that now. You can blame Nixon in 1971 for taking us off the gold standard and creating massive government control and excess.
@mikerinaldi7170 Жыл бұрын
@@y_limit_yourself talking about the banking crisis. I mean....Wells Fargo gets busted for fraudulent activity every few years.
@BluetheRaccoon Жыл бұрын
And a new housing bubble was created too, only this time it was in investment real estate and not merely in family mortgages. Will they be held accountable this time, despite even more people being put on the street? And then add the humiliation of being accused of being a drug addict or criminal somehow deserving of your homelessness when your only crime is not being wealthy enough to afford the increasingly painful rent increases.
@gggnumber1 Жыл бұрын
I'm sitting in a Real Estate class, early 2000's, and being told about bundling home mortgages, and marketing them as a real product. I'm thinking, 'this sounds like a real bad idea,' and said so, much to the laughter of the rest of the class. I bought a home in 2001 for 67,000, and two years later it was assessed at 180,000 and thought, 'This is bullshxt.' However, most people were thinking, 'Wow, look how much more (phony [my word]) equity I have. And then people borrowed from that equity. And then, ............. Jeez, who woulda seen this coming?
@cherylcampbell7495 Жыл бұрын
Dave Ramsey, “never use your home as a piggy bank’’. I didn’t neighbors did..😂
@CyclingLasVegas Жыл бұрын
You didnt foresee anything shutup
@SlidTossedPissed 11 ай бұрын
Id be scared shitless. (Honestly, something is fucky when something goes from 67g to 180k.) This bubble is going to burst. Id sit my fat ass down.. cover my head with a Dorito and wait till this mess is over. I remember reading in the Phila Inq that their Assessors for Property were having problems assesing values for homes. Took them 4x to figure out.. something is screwy. I love Philly to all hell.. but when Property Assessment cant be done 4 different times.. and or not updated since the 70s... we got a problem.
@IndigoBellyDance Жыл бұрын
Man, I need one of these jobs where I can Completely fail And Still get a 40million dollar bonus /compensation package
@1Whitetail Жыл бұрын
I agree, we all need a job like that.
@Mavendow Жыл бұрын
It's called "criminal." The tricky part is knowing who to pay so you don't get jailed.
@PrivateBanker1911 Жыл бұрын
I don't need that much if my company wants to fire me. $400k would be fine 😁
@Stoneface_ Жыл бұрын
Be a CEO of a major bank or firm in any industry
@RushAustin Жыл бұрын
Just get born rich.
@juaquincastro4271 Жыл бұрын
Will Lyman has the perfect narrator's voice it just grabs my attention.
@jozzylzubell Жыл бұрын
Lehman brother in 2008 crisis
@robertbeerbohm1800 Жыл бұрын
I thought I knew a lot about the meltdown, then I absorbed this Frontline. Thank you for being here for us!
@hotttt28 Жыл бұрын
And look where we are today !Nothing fundamentally ever changes!
@IndigoBellyDance Жыл бұрын
Truth it’s sick AF
@kirilmihaylov1934 Жыл бұрын
@@IndigoBellyDance because they control the world
@kijana2030 Жыл бұрын
Just buy bank stock and rest easy. Don't fight the system.
@ronaldholden7551 Жыл бұрын
We are seeing another wealth transfer now. Rinse repeat.
@BeboTVreal Жыл бұрын
It's because our country is ran by morons
@larry-2 9 ай бұрын
Over the years, I have learnt not to trust cooperations. I was badly hit by the '08 financial crisis. Since 2019, I’ve been focus on investing through a financial advisor and it has been paying off. No major loss has ever been recorded since i started. I’m never going back to banks full time.
@Barbara0015 9 ай бұрын
Fascinating, I've been considering taking my money out of the banks as well. Please who is your financial advisor? Help would be greatly appreciated.
@larry-2 9 ай бұрын
My financial advisor is "COURTNEY HEATH WILLIAMS" He's highly qualified and experienced in the financial market. He has extensive knowledge of portfolio diversification and is considered an expert in the field, he has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
@Barbara0015 9 ай бұрын
@@larry-2I just discovered his exceptional resume when I searched up his username. He appears to be knowledgeable and well accredited ! Thanks so much for the information..
@morganholmes7225 9 ай бұрын
Oh my you people are pathetic crooks, beware of these scammers
@eara8426 8 ай бұрын
@@larry-2ASS
@viscountslappy5085 Жыл бұрын
Frontline taught me more about economics, history, and politics than school ever did
@vincent5318 7 ай бұрын
This is why the common citizen shouldn't put all of their faith into a specific political party. Because, in the end all of the rich people and politicians are making decisions to keep themselves rich and in control and they don't give a damn about you and your 100k a year job.
@blackspider1405 Жыл бұрын
These PBS docs are incredible. Nicely done.
@chrispaul3778 8 ай бұрын
Most people venture into crypto to be a millionaire meanwhile I just want to be debt free
@haydencraig7149 8 ай бұрын
That's very practical and smart goal a wise man once said do everything in your power to get out of debt one of his tips on getting rich
@madiezancanellatl9205 8 ай бұрын
Just do the right thing by trading with an expert, trust me you will be successful and debt free
@christianajoe8563 8 ай бұрын
Starting early is the best way to getting ahead of build wealth, investing remains the priority
@christopherhobb7702 8 ай бұрын
@@christianajoe8563True
@markdamascus7878 8 ай бұрын
I advice everyone to start investing and never rely on just salary. No billionaire made it through salary
@donwon7592 Жыл бұрын
Broke it. We gave them their money back and they’re breaking it again.
@IndigoBellyDance Жыл бұрын
That’s the F’ed up part….. these people rob average joe worker, they steal for themselves, they cheat/lie scandalize And Somehow Americans continue to bail them and their multi Million dollar bonuses out. Obama’s choice to bail them out helped create the Tea Party …. Which became a Huge thorn in his presidency
@jwatts56 Жыл бұрын
you do know the bailouts were loans that were paid back with a 10 billion dollar profit
@d0uble_O Жыл бұрын
they should have let them consum themself and make it a clean slate!
@bgilley8199 Жыл бұрын
@@jwatts56even if that's true, which is extremely dubious, that doesn't change the fact that they literally helped destroy the economy again, and are doing it as we speak.
@we8608 Жыл бұрын
@Ajit Adonis Manilal they sure did.
@roc7880 Жыл бұрын
the worst legacy of 08 is the fact that everyone now accepts big bailouts for failing private companies by the government.
@mariaguzman1552 Жыл бұрын
I think all politicians should be investigated on how they are connected to Banks and Wall Street.
@lorascelsi8102 Жыл бұрын
100 % Agree.
@snowballeffect7812 Жыл бұрын
keep voting in crooks and you'll never get your wish. Welcome to America.
@kristensorensen2219 Жыл бұрын
The real criminals remain in Congress to this day and Biden is now the godfather of the gangsters; AKA Democrats😤
@snowballeffect7812 Жыл бұрын
@@kristensorensen2219 I didn't realize the democrats were the bankers during Bush's presidency. It's always interesting seeing a person who lives in an alternate reality.
@mikeoveli1028 Жыл бұрын
Absolutely
@simplethings3730 Жыл бұрын
When bad people do bad things and become independently wealthy as a result. And are allowed to continue doing so. And no, it isn't over.
@MrKelvinPage Жыл бұрын
Those banks should have been allowed to fail not bought out by the government
@sharonh2991 Жыл бұрын
If the banks had failed the federal government still would have had to come in and take over through the FDIC which insures depositors.
@kellyname5733 11 ай бұрын
@@sharonh2991 You mean just like today? Today 5/2023 the FDIC is wiped out after paying all depositors for SVB and Signature bank. The FDIC borrowed money from the US Treasury, not a good thing on any level.
@dreamtheater6343 Жыл бұрын
Thank you, PBS.
@ConradGosling Жыл бұрын
Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. 2023 will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust
@geraldantonio3160 Жыл бұрын
@Alexander Webber Avoid too-good-to-be-true scam schemes. Seek advice from a fiduciary counsellor they provide personalized advice to individuals based on their risk appetite, placing them among the best of the best. There are bad ones, but some with good track records can be very good.
@KingDavid-jj7tk Жыл бұрын
@Patricia Martin How can I get in touch with Sharon Louise, what are her services, is she verifiable, do you think she can help me, I live in Canada?
@KingDavid-jj7tk Жыл бұрын
@Patricia Martin I did check her out, I see why she's booked up, her creds/resumé is topnotch. I booked a consultation with her regardless.
@SamSitar Жыл бұрын
demand a normal economy like pre 2019.
@Therionx Жыл бұрын
Do a story on stock manipulation and insider trading on all politician's.
@Jin420 Жыл бұрын
I believe they did upload something like that couple of years ago or so (I think)...
@clemclemson9259 Жыл бұрын
LMAO.... yea OK....
@tomschmitt6911 Жыл бұрын
abolish useless politicians.........
@Therionx Жыл бұрын
@@tomschmitt6911 Agree and term limits
@towada1066 Жыл бұрын
If you're not good at your job,... shouldn't you be fired?
@ChevonneReynolds Жыл бұрын
I’ve been trying to find this episode for the longest! Please post Inside the Meltdown if possible.
@dayemassey1132 Жыл бұрын
Could you tell me what inside the meltdown is. I learned how to read the stock market when I was 12 years old. I read bearings at my gate. And predators ball about Michael milkens. Good to see your sister interested in this you're probably raising some financial geniuses if you get time post me with that information thank you
@cmansfield3 Жыл бұрын
It's on the official Frontline web site under Documentaries. Go back to 2011, roughly page 7. I've posted the link twice now but Google/KZfaq is butt hurt that I'm posting a link that will take you away from their site and they keep deleting my comment.
@cmansfield3 Жыл бұрын
@@dayemassey1132 It's on the official Frontline web site under Documentaries. Go back to 2011, roughly page 7. I've posted the link twice now but Google/KZfaq is butt hurt that I'm posting a link that will take you away from their site and they keep deleting my comment.
@dayemassey1132 Жыл бұрын
@@cmansfield3 thank you
@okboomer6201 7 ай бұрын
I remember this well. 😖 I watched bank after bank implode. Unfortunately they just kicked the can down the road bailing out the automakers, AIG, and took interest rates to near zero. Now the chickens have come back to roost.
@cheekychupakabra Жыл бұрын
PBS frontline make the best documentaries. I wanna binge on them one day
@clemclemson9259 Жыл бұрын
if you like being lied to
@zmh8595 Жыл бұрын
And I'm glad to see everybody learned their lesson, right guys?
@lcostantino7931 Жыл бұрын
End of 2022 n we are still suffering from the banks GREED....
@spookytyster4712 Жыл бұрын
But we need them ....
@Therionx Жыл бұрын
@@spookytyster4712 Wrong
@claireconover Жыл бұрын
@@spookytyster4712not THAT bad.
@jakebredthauer5100 Жыл бұрын
@@spookytyster4712 Why not use gold?
@JusticeAlways Жыл бұрын
@@jakebredthauer5100 That would probably screw up their plan.
@effychase62 Жыл бұрын
Wow, excellent presentation of the story behind the Housing Market / Banking Crisis of the time. In the era of this, I was fascinated by what was happening in the economy and the housing market as its impact was nationwide.
@Mavendow Жыл бұрын
This video cut out the part where the DOJ wins a lawsuit against Goldman for 4 billion and S&P for 1 billion. Why? Because they colluded to sell Lehman bad securities. Which company was the Merrill Lynch CEO and the Treasury Secretary from? Oh, right... Goldman. They _designed_ the entire collapse. Now this video makes them look like heroes.
@junglecat_rant Жыл бұрын
You are wrong. This crisis was a world wide crisis. You Americans think that you live on an island. I know people in their retirement age, that lost 100% of their life savings because their banks sold them questionable certificates, in part Lehman Brother certificates, that were worthless in a couple of days. The banks who advised them, told them that the investment is 100% safe. Unfortunately this is not what was written in the TOS. They tried to sue banks in a class action but European laws prevent consumers to get big compensations if ruled in their favor. Some got pennies on their dollar, some got nothing.
@davianoinglesias5030 9 ай бұрын
While others are out hiking, visiting relatives I have decided to use my holiday watching PBS documentaries😁learnt so much eaoecially about the Financial Crisis. Being in the Finance sector I never thought there was anything new I'd learn about the crisis until I watched PBS.
@chrisp7110 Жыл бұрын
Thank you. This is a great documentary
@all2031 10 ай бұрын
Well done! A good public summary of the situation. It left out what misdeeds the banksters had committed in creating the toxic assets!
@emiliog.4432 Жыл бұрын
We need another documentary like this. The corporate world is helping to destroy this country. Where is anti trust?
@jakebredthauer5100 Жыл бұрын
The United States gave a money monopoly to the Federal Reserve in 1913.
@emiliog.4432 Жыл бұрын
@@jakebredthauer5100 what is a money monopoly??
@jakebredthauer5100 Жыл бұрын
@@emiliog.4432 They create every dollar. When gold was money anyone could open an independent bank.
@mimiboucher1182 Жыл бұрын
I'll Google anti trust
@mimiboucher1182 Жыл бұрын
@@emiliog.4432 someone who owns everything
@Kurlyq 8 ай бұрын
I would LOVE to know how Thane responded to the “comp” comments.
@bicyclist2 Жыл бұрын
This was chronicled in the movies, "Margin Call", "The Big Short", "Inside Job" and "Too Big to Fail" by Hollywood. I also highly encourage everyone to see the important documentaries "America: Freedom to Fascism", "The Corporation", "Confessions of a Economic Hitman", and "Capitalism a Love Story". Henry Ford was once quoted as saying, "It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning". Thank you.
@kimberlychodur3508 Жыл бұрын
Ya I wonder why the public turned on him, they’re only losing their house, their savings, retirement and he’s decorating his office with more money than most people make in a lifetime. Makes sure those at the top get cushy paychecks, and perks!
@solarwind907 Жыл бұрын
Another good documentary by Frontline! May we all learn from it.
@matthew-jy5jp Жыл бұрын
Frontline is the best journalism on TV today and you cannot beat better programming than PBS. And I don't care what anybody says. I've been abused since I was a little kid and I have learned more from PBS than I have from any other thing
@kellyname5733 11 ай бұрын
I have just discovered PBS/Frontline here on YT. I never watched it till about a few weeks ago. I love Frontline and learn much.
@markhomer8567 Жыл бұрын
Part of this show includes a portion of an older show, but the scene of Paulson leaving his reassuring speech to find the markets crashing, and Paul Krugman's comment, followed by the meeting in Nancy Pelosi's office, are among the most powerful television I have ever watched.
@Mavendow Жыл бұрын
It's all a ruse. The guy who authored HR 1295 "Responsible Lending Act," a 2005 law intended to audit mortgage-backed securities, was tossed in jail. The bill died without a vote. I could go into all the other corruption, but that's beside the point. Everyone you just watched was profiting from our bank accounts while claiming to help. _Everyone._
@John-PaulHunt-wy7lf 5 ай бұрын
Even Paulson knew the days of lazzei-faire capitalism were coming to an end with Leaman brothers.
@irenesorina3934 11 ай бұрын
Thanks Frontline, another great documentary.
@lisapittman4788 Жыл бұрын
This was very informative. Thank you
@clemclemson9259 Жыл бұрын
LOL sure it was.......
@gswdeclan 8 ай бұрын
Predictably, the "government now holds all the cards" turned out to be short lived, as we're gradually rolling back many of the consumer protections and financial regulations we passed after this catastrophe. And the people who got screwed the most by it vote for the politicians who are doing their best to make it happen again.
@sumsara9255 Жыл бұрын
And numerous folks complain endlessly about forgiveness of student debt or WIC/SNAP or etc.
@dannyschwertner7785 Жыл бұрын
The high school graduate that lost his house in 2008 now has to pay for the college grads loans?
@dennisholliday2454 Жыл бұрын
@@dannyschwertner7785 The "high school graduate" didn't do it ALONE.(stop watching fake Faux News) He/She played a small part. AND In 2008 the "high school graduate" along with MILLIONS OF OTHER AMERICAN TAXPAYER DOLLARS bailed out Billion dollar banks, whats FAIR IS FAIR. Either that's how the game is played or it isn't .....and the "rules" were set back in 2008 when we GAVE TRILLIONS to BIG BANKS because .....(wait for it) ...all of a sudden CAPITALISM didn't work and we NOW HAD TO USE SOCIALISM TO GET CAPITALISM TO " " "WORK?" " " again. If the people's money is used to save a company/corporation then that corporation should be the new PROPERTY of the WORKERS (not the management /owners) If this crap ever happens again and the US government uses our tax dollars to save the company; then the CEO's and upper "management" should get the boot and the workers should be allowed to continue the business as a cooperative. Talk about cutting the fat.
@dannyschwertner7785 Жыл бұрын
@@dennisholliday2454 not sure how you can equivocate "hs grad who typically makes $35-45k/ yr bailing out a college grad who typically makes $57k-$70k" with American taxpayer bailing out multimillion dollar corporations. Funny thing is, I'm 100% with you on NOT bailing out banks/insurance and automakers. That is the definition of capitalism. You made bad investments? Welp, sorry for you. Make better decisions next time.
@stephenc2481 Жыл бұрын
How many of those debt comes from attending high cost colleges/universities? You want that "college experience," you pay for it.
@vincentanguoni8938 Жыл бұрын
I had zero idea just how complicated things were!
@frontlineworkers Жыл бұрын
Happy Holidays to our frontline workers and the communities we serve!
@cjohnson784 Жыл бұрын
Do a story on wages and the lack of them keeping up with rent. Everyone I know is going through hell because the wages are not keeping up with rent prices.
@eara8426 8 ай бұрын
Too many illegal immigrants rising the cost of living.
@cjohnson784 8 ай бұрын
@@eara8426 nonsense. Lack of the southern states raising wages is the reason for it.
@JohnDoe-iv7yu Жыл бұрын
M.I.T., Stanford, Yale, Princeton etc etc. All CROOKS!
@snowballeffect7812 Жыл бұрын
i like how your takeaway is that some schools who are leaches on the wealthy elites of the world are somehow the culprits when they literally show the wealthy elites and the trillion dollar banks that run your life and own your house.
@purushottamsapkota7696 Жыл бұрын
This documentary of yours along with 2008 crisis has strongly created the desire in me to be a career central banker. After your documentary, I read Stress Testing by Timothy Geithner. Thanks for all these great documentaries. I just wish these were more technical.
@dannyschwertner7785 Жыл бұрын
I read Geithners book on tax preparation. Can you put money in my prison commissary?
@Mavendow Жыл бұрын
Just FYI, Goldman colluded with S&P to repackage low-rated mortgages as AAA CDOs. They then tried to sell as many of these as possible to Lehman and their subsidiaries. This is the reason why Lehman collapsed. Then, Goldman's ex-C Suite members organized the whole collapse and subsequent cleanup. They were merely copying J.P. Morgan's 1907 playbook. If your goal is "career central banker" then I recommend you study the history and manipulation of financial statistics like LIBOR, CPI, the M2 money supply, etc. Books written by the "big names" are no more reliable than the consolidated figures offered by large institutions. You will only succeed when you know the games being played.
@shouvikroy3178 Жыл бұрын
preparing for rbi grade b ?
@femto02 8 ай бұрын
@@shouvikroy3178 Nah he wants to go into Audit
@John-PaulHunt-wy7lf 5 ай бұрын
Nepotism runs deep and dark in banking crypto precis metals or crypto based worldwide. If not in the big club you're not of worth to these people when you work for them or work against them here in those smoke filled back rooms where deals are made and broken in secrecy.
@SALVADORANFIRE Жыл бұрын
Great documentary as always.
@FinancialShinanigan Жыл бұрын
Golden parachutes everywhere
@mrmustangman Жыл бұрын
except for the peasants....
@nzimandelenono 8 ай бұрын
😮this is one of the best documentaries from PBS ...... KEN LEWIS! What a humble guy 👦
@taxirob2248 3 ай бұрын
Huh? He's a complete sociopath!
@laurasmith9407 7 ай бұрын
As soon as the interviewee starts stuttering and stumbling over their words, you can tell they’re trying to tailor an answer to cover their butt/save face on the fly. 😆😆😆
@imba619 Жыл бұрын
Thank you PBS ! Please fix the subtitles being out of sync :-)
@joshuasoto8490 Жыл бұрын
Is there a reason PBS is sharing this video again?.... Feels like They're reminding us of what happened.... Is this going to happen again?!
@elevatormechanic7120 Жыл бұрын
It’s happening right now, this time we lose reserve currency status. Get out of the dollar system. All currencies will fall to gold or tertiary wealth.
@lrigco Жыл бұрын
Happen again? When did it stop?
@jakebredthauer5100 Жыл бұрын
Fed is Ponzi.
@JusticeAlways Жыл бұрын
I suspect we are living under the most corrupt financial system ever.
@salukitrader Жыл бұрын
The giant in Twin Peaks warned us, "It is happening again."
@joseorjuela6897 9 ай бұрын
I still get tingles when I think of how our government is so intertwined with what appears to be a capitalist system, but really isn’t.
@donchichi10 Жыл бұрын
Thanks for sharing… 👌
@nosuchthing8 Жыл бұрын
So there WAS a meeting as shown in Wallstreet
@elevatormechanic7120 Жыл бұрын
Central Banks are purchasing gold like never before, do as they do. A worldwide currency shift is happening. The dollar died in 2008 and has been on life support since. Food, water, protection,Gold and Silver. Keep a couple thousand cash on hand in small denominations, fives, tens, twenties.
@snowballeffect7812 Жыл бұрын
dig a hole and stick your head in it while you wait for the world to implode instead of doing something to fix it. truly the american way lol.
@lostcat9lives322 Жыл бұрын
The Sky is Falling!!! Run Chicken Little! Run!
@troyarrington5492 Жыл бұрын
…no
@elevatormechanic7120 Жыл бұрын
@@troyarrington5492 Do whatever you want, no sweat off my back. I prefer to be free of debt, and stockpile gold and cash.
@troyarrington5492 Жыл бұрын
@@elevatormechanic7120 you made that clear in your first comment. Stay paranoid. Keep proclaiming
@sarahuber8567 7 ай бұрын
People lost their homes and jobs due to the bank decisions. But John Thayne collects 40 million dollars. Awesome.
@oldschoolguy80s Жыл бұрын
Another great video!👍
@IndigoBellyDance Жыл бұрын
I remember the meltdown. I had a job at a garden nursery. People were constantly coming in asking if we were hiring (was a small company so no). I Honestly felt bad having a not high paying job Cause I had a job . Wondered why I deserved a job and others did not
@mebeingU2 Жыл бұрын
Probably just lucky that you were in the right industry at the right time. I kept my job, too. Very lucky. There were lots who didn’t.
@___beyondhorizon4664 Жыл бұрын
I was lucky enough to offer a teaching job in China from January 2009
@CatSpew1000 Жыл бұрын
What area was this in?
@kellyname5733 11 ай бұрын
I kept my job as well. This whole meltdown did affect me in that I finally was able to sell my house with 0 profit. Yep..I walked aways from that house penniless. I did however satisfy my loan amount and was not stuck with paying a loan on a house that I had sold as many did. I had to start all over like a 20 year old. I 'had' to bilk my 401K twice to pay for a different house which I am paying for that 401K withdrawal to this day. I dont think anyone should touch their retirement but I had no choice. At least I was able to take money out to start my life over.
@Steve.191 Жыл бұрын
Untouchables
@rodolfocabrera7552 5 ай бұрын
The most important thing about being a good person to yourself in life because it means the world to me to know how much I really love and support people and people who are genuinely good friends to me is knowing how much love and respect and respect I have with you in life and the 😊
@midwestcharm 8 ай бұрын
We should have never bailed them out. They are in 5 times worse shape now. Corruption is rotting this country at the core
@johndoh5182 7 ай бұрын
This doc is kind of strange because there's a much better PBS doc on this topic that tells a much more complete story. For instance this doc almost paints a picture of BOA being a victim of the govt by having to take over Lynch, but this doc FAILS to talk about how TRADITIONAL BANK, INCLUDING BOA were part of the problem by making SO MANY BAD LOANS!! Because these banks could roll these up into investment instruments, they didn't have the risk of the loans they were making. I don't really like this doc because telling an almost one sided story of what created the Great Recession gives a wrong impression. BOA created part of the problem that the Fed pushed right back at them instead of allowing the economy to fail. It was a very good move.
@deborahdarling1799 Жыл бұрын
I remember the time well. My neighbourhood was a simple place of families and retirees. Before this bank thing concluded every family/home, except two which mine was one, had foreclosed. I remember a particular hard working family with two special needs children, a contractor father who couldn’t work, a mom packing into their station wagon what she could, their kids not understanding, to leave for Florida without a job waiting. It broke my heart and boy were we angry. I will always remember that. The tears, the fear, that poor family. And why was this happening? Wall Street greed. Thank you for this very frank report. I can see all the parts now. I am still angry because Main Street didn’t deserve what happened to us. And I thank President Obama now that I see he was fighting for us where that wasn’t clear at the time.
@LyndseyMacPherson Жыл бұрын
It was an horrendous time by all reports. I know someone who was living on $10/month for food whilst unemployment in his area was at 25%. He ate dandelions and whatever he could forage, plus cheap bags of rice from walmart. Job hunting, he said, became a beat-the-clock game--if his resume wasn't one of the first dozen to arrive, it surely wouldn't be seen among the many hundreds that followed, as employers were simply overwhelmed. After nine months and thousands of resumes, he finally found work, but like so many others remains scarred by the experience. Money is power. Doesn't matter who holds it--banks or the government--it's a power that can be carelessly ruinous to others, if not held in check by personal integrity woven from a healthy spiritual life and understanding. That is, love, at its basic and purest form, must always come first. Sounds idealistic. But without such ideals, this kind of shite happens.
@kevinherd3437 Жыл бұрын
Sadly Obama was looking out for everyone but the homeowners, they should've let the bankers go to prison and the companies be made to pay with their assets and then shut down.
@stupidminotaur9735 Жыл бұрын
he wasnt the banks gave him tens of millions after he left.
@morganholmes7225 9 ай бұрын
He wasn't unfortunately. It's sick and sad all round
@tommysmith2409 8 ай бұрын
Obama fighting for you? How naive.
@wvo72 Жыл бұрын
Aired in 2009, closing comment suggesting the financial world as it was would be reformed for the better...meanwhile in 2023....
@nellienewyork 8 ай бұрын
This is gonna happen again. I know 2 familys that got approved last year for a 350k home loan with a 60k year income.... one of them is already think on selling the house...
@JohnHoffman65 Жыл бұрын
A financial crisis such as this (2008-2009) leaves a landscape of ruins and opportunity for riches of those still standing (Ken Lewis, Bank of America).
@XueLin-pe9fg 7 ай бұрын
It's still the same
@uniqtraveller2162 Жыл бұрын
Another great documentary! Thank you so much
@lyndastarwriter8507 Жыл бұрын
I'm a real estate broker in CA x 20 years. 2007-2012, or so, was a learning experience - I'm not going to focus on the housing market, rather Mr. Paulsen, Mr. Bernanke and President Bush. They were all cast into the fire of unimaginable global and US economic crisis. I've watched many documentaries, newsreels, etc for both my professional education and personal edification. I wouldn't have wanted to be in any one of those representatives' shoes, at all, ever. I lost my home, too - at the time, I thought I was the few (global comparison) going through foreclosure. I watched a documentary where football stadiums across the nation were filled with homeowners waiting to pencil out a deal with bank reps who had the field lined with tables, computers, assistants, etc. I had no idea. My hats off to Mr Paulson and Mr. Bernanke for carrying the untold, weighty burden of fixing a US economic crunch. My hats off to the citizens of this fine nation, too, who were ultimately resilient. Out of the blue, far out things happen, seemingly in the blink of an eye; of late COVID 19 - shutting down everything over a deadly virus in 2020. God bless America.
@Asiaguydude 8 ай бұрын
Everyone is blaming the banks, but why is no one blaming the homeowners who bought expensive houses they knowingly couldn’t afford or keep if they lost their jobs. They are just as “greedy” and short-sided as the bankers and are entirely complicit.
@ulteriorwonderer3483 4 ай бұрын
Totally. Unfortunately now the same thing is being done in every country in the world. Sadly, greed will be everywhere and history will be forgotten until repeated.
@melaniblackmon3389 Жыл бұрын
We (the people) became the 'bank' once TARP was enacted. Did any of these banks pay us back yet? Interest is accruing - daily, plus, late fees. Let us see how they like being treated the way that they treat us.
@carpo719 Жыл бұрын
As soon as I saw the title I decided I didn't want to watch it because I've heard everything about Banking and I can't stand how screwed up the monetary system is. But I'm watching it anyway because there's always something new, or something to process. Of course it's 12 years old so I doubt it. But I'll watch anyway With billionaires doubling their wealth in the last few years while inflation is killing the poor, it's hard to have any hope for the future of society
@elevatormechanic7120 Жыл бұрын
The middle class will be wiped out this time. The Bankers want their slave class.
@scottishdude9682 Жыл бұрын
Words of a person that has no understanding of the system.
@n1mogator Жыл бұрын
This why GOP wants PBS Gone!!!
@jakebredthauer5100 Жыл бұрын
It started in 1913.
@JusticeAlways Жыл бұрын
@@scottishdude9682 Mind explaining what you said?
@vikikay74 7 ай бұрын
After watching this, i have a high regards to Ken Lewis, he was strap to the wall and cant move. they really did come with a bad decision during those time, we will never know if there is really just one option left for the government and wall to take.
@___beyondhorizon4664 Жыл бұрын
So few views for a great report,*? People doesn't want to learn from mistakes which affects our life??? The issue started when people felt they are entitled to a house while they can't really afford it. I remember when I was in Texas, the JCPenney corporate office is across from Countrywide. Everyone was planning to buy a house, while I knew I can't spread my roots in Texas, and buying a house is stressing me out. I survived the 2008 financial crisis by taking a teaching job in China from January 2009- 2013. I continue to live frugally since the nightmare. Maybe it's why I am still alive living through this pandemic economic impact, but for how long?
@winewoman224 Жыл бұрын
Ken Lewis bought a very expensive shit sandwich before he knew what was inside.
@maxmartin2763 Жыл бұрын
His shareholders smelled the shit inside the sandwich the minute he arrived back from New York. For some reason, they were NOT as "patriotic" as Mr. Lewis. LOL!!!
@subelildirty491 Жыл бұрын
🤣🤣💀💀
@alanskinner7031 Жыл бұрын
He was forced to buy a shit sandwhich by the gov'ment !!!
@DJL0455 9 ай бұрын
BoA did due diligence over a weekend. That's why they got a shit sandwich. That's on Kenny-boy.
@chrisbaxter489 Жыл бұрын
And in the end, nothing changed. Politicians grandstanded and then bought their way into club with bailouts. Greed has no shame and continues to this day.
@dannyschwertner7785 Жыл бұрын
Politicians have campaigns to fund. You don't expect them to actually represent their constituents do you?
@rossmeldrum3346 8 ай бұрын
This was one of the biggest crime sprees in the history of finance, and yet no one went to jail for their sins. But the bigger sin is , government was complicit with these robber barons.
@camadams9149 4 ай бұрын
It's clear from this no one on wall street accepted responsibility. This is why everyone involved needed to go to jail 1) These people have 7 figure annual compensations. Accepting that compensation is a self made declaration of your extreme competence & responsibility. Saying you were "not aware" or "didn't know" is not an excuse, it's exactly why you need to be punished 2) They acted like they didn't deserve the massive public hatred. Their actions lead to 6 million Americans losing their homes & families losing an average of 47% of their net worth (evaporated all the economic gains made since the 60s). They were lucky all they got was vitriol
@Crackle-Crackle Жыл бұрын
I worked for Bank of America from 2006-2012 so I was there for much of this. I worked in Small Business Loans, which in the end we lost our job they moved them out of state and our branch was bought out by First Data. So I went from a non customer facing job calculating risk to working in a call center (customer facing.) Calling customer with credit card terminals to basically tell them they were going to buy more terminals or they couldn’t process credit card payments anymore. So needless to say I in the end hated my job hated the company. But I even being an employee absolutely put all my hate into Ken Lewis and I always thought he was to blame now I see this and I feel so bad that he was the fall guy for so long. Even being an employee we got the same hate news against him.
@DawnAskham Жыл бұрын
Ken isn't some innocent fall guy and no one should feel bad for a man that walked away with tens of millions of dollars after almost destroying Bank of America with his excessive and poorly thought-out deal-making driven by his personal inferiority complex. Ken is the one who purchased Countrywide (a mortgage company that was the originator of a large amount of the toxic mortgages that nearly toppled the economy), a deal that produced losses for BofA in the tens of billions of dollars and tanked the bank's reputation for years (almost all the claims and settlements around the mortgage crisis and the fall-out that tied back to BofA were from Countrywide).
@lilblackduc7312 8 ай бұрын
..@user-rj6jd9qm1x ..You're right...Regardless of his past performance, Ken Lewis was bound with barbed wire & shafted by the New York boys.
@RC-sv7mt 6 ай бұрын
@@lilblackduc7312He did it to himself🤡
@colty7764 5 ай бұрын
the day the "shotgun marriage" deal (BAC and Merril) was revealed.. Jan 15, 2009 was the same day of the Miracle on the Hudson (USAIR flight from NY to Charlotte) crash landing that resulted in no deaths. A notable synchronicity (symbolically showing that maybe this did save the economy from total disaster)
@mimiboucher1182 Жыл бұрын
5.8 billion wow just for compensation
@climatefascism9870 Жыл бұрын
2008
@twistedoperator4422 Жыл бұрын
Every CEO shown should be in prison right now.
@jakebredthauer5100 Жыл бұрын
What charges?
@twistedoperator4422 Жыл бұрын
@@jakebredthauer5100 Fraud.
@jakebredthauer5100 Жыл бұрын
@@twistedoperator4422 The dollar has no intrinsic value. We all act like it is real. Inflation is a tax. They delayed the collapse. Do you want honest money or what?
@twistedoperator4422 Жыл бұрын
@@jakebredthauer5100 It's value is whatever people say it is. Money is all fake in the end.
@jakebredthauer5100 Жыл бұрын
@@twistedoperator4422 Precious metals have intrinsic value. The Federal reserve Note is purely imaginary. It has no material substance at all. It is not even paper.
@roserouge3791 Жыл бұрын
Welcome to the shelter system..Thanks Dr.Phil
@coastsidewest Жыл бұрын
Been waiting for this
@carpo719 Жыл бұрын
Well it's 12 years old, so you've been waiting a long time
@dianenelson5179 Жыл бұрын
Amazing documentary...now I'm understanding the birth of crypto and FTX being the Merrill Lych of crypto currency; here comes SBF like the former CEO of ML putting investors money in harms way And now here we go intersecting the govt for help...the concept of true democracy is no longer due to men's greed and deceit...its true when they say history repeats itself..kudos to Frontline on this documentary.
@John-PaulHunt-wy7lf 5 ай бұрын
Who you know who you blow basically in this business. FTX was basically BofA in 2009.
@rimnour2646 Жыл бұрын
Here we are a few years later. What has changed effectively? I can't see it in all honesty. Can someone please explain?
@ericklou2013 Жыл бұрын
I remember doing an internship at Merryl Lynch. Oh boy!! Those people were living the dream. Their Fridays was full of drinks and cocktails. I remember those days and it was so scary.
@user-py5kg4yw1r 11 ай бұрын
Hope not Shrimp ones thought 😂😂😂 unless they like BronxTails XXXXX’sLL 🎉🎉🎉🎉😂😂😂👍👏👏👏🥂😉🫶🏼🌹🌹🌹
@zanychelly Жыл бұрын
What Paulson tried was some sort of advice: If you, Wall Street, don’t make this and avoid other situations like this, guys like Geithner are going to step in… unfortunately nobody listened, they only worried about their bonuses and tried to hide troubles. 4:58
@bluntforcetrauma2141 Жыл бұрын
This is how the government can give you or take your money.
@patmaweini952 5 ай бұрын
Dodd Frank, Glass Stegeal all need to be reinstated
@LouielamsonTranNguyen 9 ай бұрын
"Michael Lewis is an incredible writer. He has delved deep into the secretive underbelly of Wall Street, particularly with regards to the scandalous Subprime Mortgage Crisis."😂 😂
@gregorychalmers2466 6 ай бұрын
Al Capone was a piker compared to these educated thugs
@PonziZombieKiller 7 ай бұрын
Oh it ain't over ! They going down hard n fast.
@benjaminduval6054 11 ай бұрын
We still haven’t recovered from this, our economy never healed, even 15 years later. At some point, people will need to be honest about what happened. Not to dole out punishments, but to ensure it doesn’t happen again, and the economy can be balanced again.
@VLove-CFII Жыл бұрын
How was Lehman Brothers and Paulson punished? Ken Lewis was manipulated and nobody defended him. What a joke.
@snowballeffect7812 Жыл бұрын
They're all bankers. Lewis knowingly lied to his board and investors. No one needs defending and no one will be punished. This is how banking works in todays capitalist society. If you have a problem with it, you have a problem with capitalism. Do something about it or keep quiet.
@clemclemson9259 Жыл бұрын
Frontline is a bigger joke
FRONTLINE PBS | Official
Рет қаралды 1,2 МЛН
FRONTLINE PBS | Official
Рет қаралды 4,8 МЛН