It always helps to get a well-balanced version of what happened to cause the fiancial collapse that we are still trying to pull ourselves out of. Here's one.
Since the frightening days of September 2008, many folks have wondered about events that lead up to Wall Street collapse, which necessitated extraordinary measures and enormous bailouts, to stabilize the economy and keep it from falling entirely off a cliff.
There is a fascinating documentary titled, "Inside the Meltdown" as presented on Frontline and PBS. This presentation is an excellent accounting of hour by hour developments associated with the handling of the financial meltdown, and decisions made by Paulson, Bernanke and Congress, as events unfolded while trying to quell the systemic disaster in its tracks.
On September 18th 2008, the astonished leadership of the U.S. Congress was told in a private session by Federal Reserve Chairman, Bernanke, that the American economy was in grave danger of a complete meltdown within a matter of days.
Especially interesting to me was the unfolding of events that led to the bailout (packaged as a J.P. Morgan Chase buyout) of Bear Stearns, while later allowing Lehman Brothers to bite the dust.
Essentially the country was forced into a position of tossing the principle of "moral hazard" out the door, because the problem had become systemic financially - both in this country and globally.
Some of you may have seen this video before. For those who haven't and want a better understanding of the events, here is the link to "Inside the Meltdown"... It is streamed from PBS, and can be watched at your leisure. I highly recommend this for your viewing! Prepare to be astonished!
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