On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," says Sen. Christopher Dodd (D-Conn.).
In case you missed PBS' "Inside the Meltdown," aired tonight, February 17, 2009 at 9:00am, it is an in-depth 1-hour program detailing the breakdown of the financial system over the last year. Its very well done, and provides some valuable insight into the credit and financial markets meltdown we have experienced during the course of the last year. Click play to view:
Hover over the dots next to the clock for the story chapters.
Jesus christ what a piece of journalistic bail-out! No mention whatsoever of just who made the bogus morgage derivatives-driven economy possible in the first place (Wall Street). No mention whatsoever of how the bail out-money was spent (bonuses and hostile take-overs). Not a single voice representing the people who years ago warned about how this would happen (N.Roubini, N.N. Taleb, Leap 20/20 et al). The cover-up-and-keep-your-fingers-crossed-policy continues...
To Alex see the other docs. this was not a tackle of the roots of the crises or it causes but rather the events around the failures of investment banks.
I think it was excellent good piece