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View Full Version : PBS: "Money , Power & Wall St "MUST SEE (Euros, Yanks; Regardless Of Ideology)


tennisbum79
May 2nd, 2012, 03:32 AM
This is a fantastic documentary about not only the US financial crisis, but also Europe.


Only public TV like PBS, could have done such an in depth documentary.
Thank God Republicans were unsuccessful in gutting its funding.



Bloomberg: “Money, Power & Wall Street” “Takes No Prisoners”


In 1994, a team of young, 20-something JPMorgan bankers on a retreat in Boca Raton, Fla. dreamed up the “credit default swap” — a complicated derivative they hoped would help manage risk and stabilize the financial system. Fourteen years later, they watched in horror as that global system — weighed down by the risk of credit default swaps tied to mortgage loans — collapsed.


The ensuing saga between that pivotal retreat and the start of the 2008 global financial crisis are “defined by daunting complexity,” writes Greg Evans in Bloomberg Businessweek (http://www.businessweek.com/news/2012-04-22/frontline-blames-bankers-lawmakers-for-crisis-review) today. But the first two hours of Money, Power and Wall Street (http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/), he adds, does an “exemplary job of walking viewers through .”


FRONTLINE’s four-hour epic on the global financial crisis — the first two hours of which air tomorrow evening — goes inside the struggles to rescue and repair a shattered economy, exploring key decisions, missed opportunities and the unprecedented and uneasy partnership between government leaders and titans of finance.
[I]“Money, Power and Wall Street is demanding — this isn’t Finance for Dummies,” Evans writes in the review. “But it’s a compact and thorough lesson.”


In the first hour, FRONTLINE takes you inside the rapid rise of credit default swaps, including the voices of those who created them. With the real estate market booming, bankers successfully tweaked the credit default swap to bundle up and sell home mortgage loans to eager investors. But despite the money flowing into banks’ coffers, credit default swaps also loaded the financial system with lethal risk. And when the housing bubble burst, the credit default swaps — originally designed to stabilize the system — brought the global economy to its knees. Regulators, who had often stood on the sideline and allowed Wall Street to police itself, saw the ugly consequences rapidly unfold before them.


In the second hour, FRONTLINE investigates the largest government bailout in U.S. history, a series of decisions that rewrote the rules of government and fueled a debate that would alter the country’s political landscape. It offers play-by-play accounts of several secret meetings that permanently altered the financial system.


“The program feels fresh and vivid — and takes no prisoners,” writes Evans. “FRONTLINE finds plenty of blame to go around (Goldman Sachs and CEO Lloyd Blankfein take a particular bruising), but is most devastating in its dissection of the chummy collusion between bankers and the government leaders who should have been watch-dogging them.”


Watch a preview for the film above, and tune in tomorrow and next Tuesday (check your local listings (http://www.tennisforum.com/wgbh/pages/frontline/local-schedule/)) for more of FRONTLINE’s coverage of the financial crisis.


Source:http://www.pbs.org/wgbh/pages/frontline/business-economy-financial-crisis/money-power-wall-street/bloomberg-money-power-wall-street-takes-no-prisoners/

tennisbum79
May 2nd, 2012, 03:39 AM
This video, part four of the series, deals with the complex inner working of trading, focusing on highly profitable derivatives, but questionable ethical value with regard to the customers, while the bank make big profits.

Some young traders, with technical and science(math, physics) degrees, graduate from ivy league schools, who were highly successful with trading techniques they design themselves, were disillusioned by the practices and joined Occupy Wall ST movement

http://video.pbs.org/video/2229573868

PhilePhile
May 2nd, 2012, 08:05 AM
Prof Michael Hudson starts @ 4:17 (http://www.youtube.com/watch?feature=player_detailpage&v=oJUr64yPztI#t=257s)

"In America and Europe, Crime has been Decriminalized"
oJUr64yPztI

tennisbum79
May 2nd, 2012, 12:39 PM
Prof Michael Hudson starts @ 4:17 (http://www.youtube.com/watch?feature=player_detailpage&v=oJUr64yPztI#t=257s)

"In America and Europe, Crime has been Decriminalized"
oJUr64yPztI

Instead, the perpetrators have turned themselves to the victims, claiming they are being persecuted because they are successful.
This notion has been perpetuated by their allies in congress and aggressively pushed by the so called investment experts appearing on TV .

Vlover
May 2nd, 2012, 02:49 PM
“FRONTLINE finds plenty of blame to go around (Goldman Sachs and CEO Lloyd Blankfein take a particular bruising), but is most devastating in its dissection of the chummy collusion between bankers and the government leaders who should have been watch-dogging them.”
What is more troubling is that the collusion will cemented if Romney is elected and we are sure to have a repeat of this all over again. All those who want to think all this money was "earned" and deserved and want to turn over every aspect of our lives to these people are not operating in the interest of the rest of us or for the public good but soley in their own personal interest.

They couldn't careless how many people lost their homes, jobs and other assets because of their bad judgments. All they care about is accumulating their personal wealth and get all mad if you dare to try and regulate these practices. What is even more pathetic is that you have the low information people defending them as if they created a product that is beneficial to the rest of us. To even add more insult to injury they are allowed to pay lower tax rates than the rest of us.:help: Case in point, their poster boy Romney needs so much time to calculate all his off shore accounts in order to pay minimal taxes he couldn't file his taxes on the deadline like the rest of us. Yea, Romney sure does feel our pain!:rolleyes:

fantic
May 2nd, 2012, 07:53 PM
no sinister Jewish plan to rule the world, as anti Semitists claim? :lol:

Rocketta
May 2nd, 2012, 08:28 PM
I really don't feel like being even more disgusted than I do now and it's not those who scam us to get rich who disgust me. It's those of us that vote based on our economic fantasy/ambitions as opposed to our reality and those who vote based on the need to control other people's morals as opposed to the majority of the countries best economic interests who are the problem. They disgust me as is and this program would just fuel that so therefore I couldn't possibly watch... but thank goodness for PBS... I love their Independent Lens series. :yeah: