So easily explained. That it was right in front of us and no one saw it.

Ask your mortgage company for a copy of your loan contract or refinance contract and a statement of your payment history if you are current on your payments, they have to give you this information by company policy and law.

The Big Short is a good movie to watch if you don't understand what happened in 2008. The fact that no one got prosecuted might just piss you off beyond repair.

Greed, incompetence, and...criminality! It's 2010, where are the indictments?

excellent synopsis especially the idea that swaps are basically fake insurance sold to support the swaps. the thing is, many people knew about this stuff for many years and noone did anything. Accountants stop being professionals more than 20 years ago, for example. When I was taking accounting in the late 70's everyone thought of auditing as a way to get a job with the client... nothing having to do with audits....

"something like this comes around 50-100 YEARS" corona virus: "hold my virus"

we are only free to be a bum in this country that is all. yet corporations aren't called bums when THEY get tax payers money. Stop it. Don't pay your taxes next year. hold it ransom until the liars are held accontable.

these people are the real gangsters

You didn't read what cybervisionstar said: He said what we have is socialism MASQUERADING as Capitalism and he's right. What we really have is socialism for the rich where gains are privatized and risk is socialized (ask anyone with a 401k!). Wall street banks get bailed out - CEO's get their bonuses - and the shareholders get the shaft (Ask Bear Stearn's/Enron employees)

So we credit card holders do not have to pay back the money the banks never had the money to loan in the first place right?

"Nobody Really Saw" -- yeah, it wasn't everybody's JOB.

Anyone knows if a selling document like Frank Partnoy shows at 2:09 is publicily availabile anywhere?

Between 10:44 and 10:46 it blanks out just as the speaker is listing companies' responsible. Is a company being censored out?

Frank Partnoi 2:42: "Obviously they were wrong... because you can't model human behaviour with math."

"because you can't model human behavior with math" -- wsb has entered the chat

They won’t learn. This is why I don’t invest in 401k. Buy shit you can see, touch, feel. Don’t allow others to do it for you.

This is a great great report. It should be required viewing to graduate from any school, but the housing crisis didn't happen by accident. "Credit Default Swaps" incentivize destruction, the same way 16 fire policies on your house creates the incentive for the holders of those policies to burn it down. When you look at how mortgage defaults were preceded by 17 Fed rate hikes and changes to lending and appraisal standards, as well as all the bank consolidations that resulted between the counter-parties of the swaps, it's obvious the housing crisis was orchestrated at the highest level of business and government. 21 million people lost their homes, and the world has been falling apart ever since. Meanwhile, $100 million dollar vacation homes in Palm Beach are selling like hot cakes. Wake up America.

Corporate Psychopathy!!! As long as THEYRE making millions. What do they care?

Robert Pickle. "Robber Pickle"

Blame both parties!

Robert Pickle. Why cant he stop smirking?

What makes us think human behavior has not changed and all their mistakes have been cleaned up?

Don't forget the upper class who still make big bux

There is a disconnect between Main Street and Wall Street. Cost of money to Main Street and the institutionalization of big business ( WalMart , Luxotica, CVS, Walgreens, Amazon , QSR chains ) is driving Main Street out of the realm of the American urban landscape. Further along , that easy money that trickled down to a few too many to fund flaky pie in the sky business models might just eventually disappear, since cost of money is about to double in 3-4 years, some are betting it will triple. If this scenario materializes , then say goodbye to job creation, entitlement programs, government discretionary spending programs. Whatever is left will be earmarked to feed the 800 lb gorilla in the room, the Federal Government entitlement programs , the military industrial complex , and debt service. Your interest rates will soar since you will compete on the supply side for loans against Federal and State Governments. Meaning unless there is overseas money coming from gullible investors, the only other source of capital will be through shysters, in other words , organized crime. Or whoever has liquidity will set terms on what salaries are to be paid , where money is to be invested, what tax concessions one will get to open the purse. This is already happening ( Amazon bidding for a second HQ city is as good as an example of things to come as it gets ). And btw, those overseas investors, well they have choices too....India, Brazil, China, now the Sub Sahara Africa. I would cut loose and move overseas. China, Mexico, Costa Rica, Brazil, Russia , some of the better well off to Eastern Europe, Southeast Asia. Lock, stock , and barrel.

irrational exuberance...thats nature and great fun while its good

People from 2008 are so unaware of what's going on in 2020😂😂😂

If these “complex algorithms” simply tracked peoples spending habits and modeled risk accordingly the products wouldn’t have become so widespread.

It's beyond crazy that the American Citizens had to dig Wall Street out of the mess they created

In life, there are followers and then there are leaders. It is simple! It sucks to be them.

Bunch of crooks.

"Why is an idiot CEO being paid 100 million dollars??" That's what we call HUSH MONEY

We can't talk about corporate greed and not talk about consumer greed

lmao the head of ISDA should have just declined an interview

The thumbnail... the thumbnail

i am not familiar with any of this, but if i am not understanding this correctly please let me know, Wall Street bought up all these mortgages on these run down houses from low income areas, and then turned around and sold them or swapped them as if being something different then what they actually were poor peoples homes who probably just could not pay their taxes and were thrown out on the streets, i am understanding this correctly? If that is what Wall Street did, they have come and taken away the only opportunity for another poor person to buy an affordable home for themselves and their family and have put the poor Americans into the streets, and now the poor working peoples taxes have bailed them out and they get to keep the money and nobody goes to jail, am i understanding this correctly?

how can we have a market grow to 50 trillion and not have any regulation?

i wont forget this - btw the guy who bailed out the banks years later became an international war criminal - (BUSH) -

Challenge: name one responsible or complicit individual that was prosecuted.

So a bank robber calls bank robbery a unilateral self determined bank transaction the bank robber is not prosecuted for bank robbery?A wise man once commented The people will have nothing to loose but their chains.

Robert Pickel. Joker smile! Wow. No vaseline on that pickle. Dry. We are screwed.

Credit Default Swaps arent the problem. The problem are the bad CDO and MBS. The CDS simply shows the people have bet how bad the original asset is. If a CDS is like an insurance policy, blaming the CDS is like blaming State Farm for Ford building a Pinto that explodes

This article does Not get to the heart of the matter since despite mentioning the issue it fails to see the most relevant fact. That fact is mentioned only briefly:- The sub prime loans and those toxic debt did not exist without them. The cause of what seems a sudden appearance of toxic debt was legislative decisions in the courts that restricted banks from risk assessing applicants as they had previously done.. That was the actions of lawyers who challenged the banks who had refused loans on the basis of previous history, low income, history of bad credit, and other criteria..

A den of thieves

crime?

They made 2 financial products that sucked ass and fucked everything up

This is what happens when you take away THE GOLD STANDARD. Money's been unpreserved since 1971. Now it stinks.

Google UNIFIEDMARKETS.

haha greed and competence.

I got algorythym! it's pay me my money!!!!

Eat the rich

They bet the farm! Lol

I didn't see this video when it aired originally, but seeing it now I realize 60 minutes was doing some very good journalism! yoursalso.com/family/

Bush and Rothschild.

Buy $AMC

no such thing as topx or not or supposed to be smartest about those, those not smart or not

Time to start buying PHYSICAL SILVER METAL and throw all the fiat currency thieves to the gutter.

One argument that can be made is that some of these hedge funds may have saved the financial system by buying credit default swaps

gamblers don't care about the others, as long as they can make more money and doing more coke. lol

Don't be so obtuse. You are choosing to believe that Stalinist USSR was a communist system, and it wasn't. It was plagued by the same levels of greed, corruption, and lust for power. What we have in the USA is not capitalism, and what the have in the Soviet Union was not communism. Our form of systematic oppression in the US is simply much less brutal, but no less real.

You can’t get kind of pregnant

I’m glad I own Bitcoin