Breaking the Bank (full documentary) | FRONTLINE

[@leondonald]

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]

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]

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]

@@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]

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]

@@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.

[@jerrycampbell-ut9yf]

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]

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.

[@larrypaul-cw9nk]

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]

That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@larrypaul-cw9nk]

Her name is Annette Christine Conte can't divulge much. Most likely, the internet should have her basic info, you can research if you like

[@sabastinenoah]

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

[@HodgeChris]

It was a very bad decision to remove the Glass-Steagall Act in the late 1990s, which led to the spectacular failure of huge banks during the financial crisis of 2007-2008. To prevent another disaster, Dodd-Frank and this statute both need to be reestablished right away. What happened with these banks is only the beginning of what will happen if nothing is done to address the current situation.

[@PatrickFitzgerald-cx6io]

In my opinion, some of the banks was attempting to restructure their bond portfolio, which involved selling their low-yielding bonds despite the potential loss, and compensating for it by buying higher-interest-rate bonds on the open market.

[@NicholasHarmon-ow3jl]

Despite the economy's resilience thus far, the banks scenario cautions that the effects of Federal Reserve rate hikes persist. During such periods, investors must remain alert to anticipate what comes next. It is not necessary to act on every prediction, so I recommend seeking the guidance of a financial advisor, which has been my go-to advice for some time now.

[@Justinmeyer1000]

I'm intrigued by your experience. Could you possibly recommend a trustworthy advisor you've consulted with?

[@NicholasHarmon-ow3jl]

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Aileen Gertrude Tippy” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

[@Justinmeyer1000]

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

[@hankmarks69]

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-]

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]

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]

@@PhilipDunk That's fascinating. How can I contact your Asset-coach as my portfolio is dwindling?

[@sattler96]

@@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.

[@vhufeosqap]

@@PhilipDunkthank you for polluting this thread with fake comments

[@ronkirk5099]

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]

Enron Theranos FTX…

[@y_limit_yourself]

aka Skilling Holmes and soon to be SBF all gettin prison time

[@thesilentgeneration]

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]

@@y_limit_yourself talking about the banking crisis. I mean....Wells Fargo gets busted for fraudulent activity every few years.

[@BluetheRaccoon]

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.

[@bernadofelix]

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]

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]

This is undeniable! The economy is in the midst of an ongoing series of crises

[@viscountslappy5085]

Frontline taught me more about economics, history, and politics than school ever did

[@robertbeerbohm1800]

I thought I knew a lot about the meltdown, then I absorbed this Frontline. Thank you for being here for us!

[@PeterAllen09]

Watch Frontline's 4 hour doc about the recession, particularly part 4. You'll feel differently about the Obama administration's role. He failed

[@thehealthychefri]

"Banks are more dangerous than standing armies." ~Thomas Jefferson

[@ronaldholden7551]

Absolutely. Jefferson knew a central bank like the Fed would impoverish the people.

[@bicyclist2]

Amen! And the Bankers tried to kill him.

[@kashlolong2641]

Indeed!

[@tamanimaiesia5344]

that's deep!

[@gggnumber1]

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]

Dave Ramsey, “never use your home as a piggy bank’’. I didn’t neighbors did..😂

[@CyclingLasVegas]

You didnt foresee anything shutup

[@SlidTossedPissed]

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.

[@hotttt28]

And look where we are today !Nothing fundamentally ever changes!

[@IndigoBellyDance]

Truth it’s sick AF

[@kirilmihaylov1934]

@@IndigoBellyDance because they control the world

[@kijana2030]

Just buy bank stock and rest easy. Don't fight the system.

[@ronaldholden7551]

We are seeing another wealth transfer now. Rinse repeat.

[@BeboTVreal]

It's because our country is ran by morons

[@juaquincastro4271]

Will Lyman has the perfect narrator's voice it just grabs my attention.

[@jozzylzubell]

Lehman brother in 2008 crisis

[@GorkemHernandez]

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]

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]

I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you.

[@JamesThomas-zl8ub]

Lisa Ann Moberly, one of the best advisors out there. she’s well known, you should look her up.

[@GorkemHernandez]

Thank you for this amazing tip. I just looked the name up, wrote her explaining my financial market goals and scheduled a call.

[@constitutionalstacker5701]

You get it. Most people aren't bright enough, motivated enough, or driven enough to learn how to invewst, when to invest and in which class. Most people just don't understand that the can build wealth.

[@IndigoBellyDance]

Man, I need one of these jobs where I can Completely fail And Still get a 40million dollar bonus /compensation package

[@1Whitetail]

I agree, we all need a job like that.

[@Mavendow]

It's called "criminal." The tricky part is knowing who to pay so you don't get jailed.

[@PrivateBanker1911]

I don't need that much if my company wants to fire me. $400k would be fine 😁

[@Stoneface_]

Be a CEO of a major bank or firm in any industry

[@RushAustin]

Just get born rich.

[@larry-2]

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]

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]

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]

@@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]

Oh my you people are pathetic crooks, beware of these scammers

[@eara8426]

@@larry-2ASS

[@simplethings3730]

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.

[@matposton87]

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]

They're paid on the assumption that they won't run the company they're running into the ground.

[@joelherzog6571]

because the public has zero options to implement consequences. A corrupt government, media and legal system. This is their story and everybody better play along with it.

[@b1646717]

Because they can.

[@ColdSid]

Because this country believes there’s two types of people .. the ones who are rich and the ones who aren’t

[@mariaguzman1552]

I think all politicians should be investigated on how they are connected to Banks and Wall Street.

[@lorascelsi8102]

100 % Agree.

[@snowballeffect7812]

keep voting in crooks and you'll never get your wish. Welcome to America.

[@kristensorensen2219]

The real criminals remain in Congress to this day and Biden is now the godfather of the gangsters; AKA Democrats😤

[@snowballeffect7812]

@@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]

Absolutely

[@Therionx]

Do a story on stock manipulation and insider trading on all politician's.

[@Jin420]

I believe they did upload something like that couple of years ago or so (I think)...

[@clemclemson9259]

LMAO.... yea OK....

[@tomschmitt6911]

abolish useless politicians.........

[@Therionx]

@@tomschmitt6911 Agree and term limits

[@ronobrien7187]

If they did, they would lose their public funding quickly.

[@johninsalisbury2010]

i am lucky PBS released some of these documentaries. the 2008 crisis has been something we should all learn from

[@blackspider1405]

These PBS docs are incredible. Nicely done.

[@davianoinglesias5030]

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.

[@ChevonneReynolds]

I’ve been trying to find this episode for the longest! Please post Inside the Meltdown if possible.

[@dayemassey1132]

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]

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/KZbin is butt hurt that I'm posting a link that will take you away from their site and they keep deleting my comment.

[@cmansfield3]

@@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/KZbin is butt hurt that I'm posting a link that will take you away from their site and they keep deleting my comment.

[@dayemassey1132]

@@cmansfield3 thank you

[@matthew-jy5jp]

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]

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.

[@cheekychupakabra]

PBS frontline make the best documentaries. I wanna binge on them one day

[@clemclemson9259]

if you like being lied to

[@donwon7592]

Broke it. We gave them their money back and they’re breaking it again.

[@IndigoBellyDance]

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]

you do know the bailouts were loans that were paid back with a 10 billion dollar profit

[@d0uble_O]

they should have let them consum themself and make it a clean slate!

[@bgilley8199]

@@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]

@Ajit Adonis Manilal they sure did.

[@roc7880]

the worst legacy of 08 is the fact that everyone now accepts big bailouts for failing private companies by the government.

[@dreamtheater6343]

Thank you, PBS.

[@Asiaguydude]

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]

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.

[@zmh8595]

And I'm glad to see everybody learned their lesson, right guys?

[@towada1066]

If you're not good at your job,... shouldn't you be fired?

[@twistedoperator4422]

Every CEO shown should be in prison right now.

[@jakebredthauer5100]

What charges?

[@twistedoperator4422]

@@jakebredthauer5100 Fraud.

[@jakebredthauer5100]

@@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]

@@jakebredthauer5100 It's value is whatever people say it is. Money is all fake in the end.

[@jakebredthauer5100]

@@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.

[@MrKelvinPage]

Those banks should have been allowed to fail not bought out by the government

[@sharonh2991]

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]

@@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.

[@banjohombre7252]

Banks are quasi-governmental institutions as it is. They are the politician's conduit to all sorts of illicit wealth.

[@chrisp7110]

Thank you. This is a great documentary

[@lcostantino7931]

End of 2022 n we are still suffering from the banks GREED....

[@spookytyster4712]

But we need them ....

[@Therionx]

@@spookytyster4712 Wrong

[@claireconover]

@@spookytyster4712not THAT bad.

[@jakebredthauer5100]

@@spookytyster4712 Why not use gold?

[@JusticeAlways]

@@jakebredthauer5100 That would probably screw up their plan.

[@bicyclist2]

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.

[@vincent5318]

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.

[@effychase62]

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]

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]

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.

[@markhomer8567]

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]

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._

[@egx161]

We need another documentary like this. The corporate world is helping to destroy this country. Where is anti trust?

[@jakebredthauer5100]

The United States gave a money monopoly to the Federal Reserve in 1913.

[@egx161]

@@jakebredthauer5100 what is a money monopoly??

[@jakebredthauer5100]

@@egx161 They create every dollar. When gold was money anyone could open an independent bank.

[@mimiboucher1182]

I'll Google anti trust

[@mimiboucher1182]

@@egx161 someone who owns everything

[@purushottamsapkota7696]

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]

I read Geithners book on tax preparation. Can you put money in my prison commissary?

[@Mavendow]

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]

preparing for rbi grade b ?

[@femto02]

@@shouvikroy3178 Nah he wants to go into Audit

[@purushottamsapkota7696]

@@femto02 Spot on. My education is about audit too.

[@lisapittman4788]

This was very informative. Thank you

[@clemclemson9259]

LOL sure it was.......

[@ConradGosling]

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]

@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]

@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]

@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]

demand a normal economy like pre 2019.

[@duro845]

Guess it's lack of ambition but will never understand greed to this extent. Disquising Self preservation as what's best for the public.

[@elevatormechanic7120]

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]

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]

The Sky is Falling!!! Run Chicken Little! Run!

[@troyarrington5492]

…no

[@elevatormechanic7120]

@@troyarrington5492 Do whatever you want, no sweat off my back. I prefer to be free of debt, and stockpile gold and cash.

[@troyarrington5492]

@@elevatormechanic7120 you made that clear in your first comment. Stay paranoid. Keep proclaiming

[@sumsara9255]

And numerous folks complain endlessly about forgiveness of student debt or WIC/SNAP or etc.

[@dannyschwertner7785]

The high school graduate that lost his house in 2008 now has to pay for the college grads loans?

[@dennisholliday2454]

@@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]

@@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]

How many of those debt comes from attending high cost colleges/universities? You want that "college experience," you pay for it.

[@joshuasoto8490]

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]

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]

Happen again? When did it stop?

[@jakebredthauer5100]

Fed is Ponzi.

[@JusticeAlways]

I suspect we are living under the most corrupt financial system ever.

[@salukitrader]

The giant in Twin Peaks warned us, "It is happening again."

[@cjohnson784]

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]

Too many illegal immigrants rising the cost of living.

[@cjohnson784]

@@eara8426 nonsense. Lack of the southern states raising wages is the reason for it.

[@solarwind907]

Another good documentary by Frontline! May we all learn from it.

[@nzimandelenono]

😮this is one of the best documentaries from PBS ...... KEN LEWIS! What a humble guy 👦

[@taxirob2248]

Huh? He's a complete sociopath!

[@kimberlychodur3508]

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!

[@irenesorina3934]

Thanks Frontline, another great documentary.

[@Kurlyq]

I would LOVE to know how Thane responded to the “comp” comments.

[@all2031]

Well done! A good public summary of the situation. It left out what misdeeds the banksters had committed in creating the toxic assets!

[@imba619]

Thank you PBS ! Please fix the subtitles being out of sync :-)

[@govindagovindaji4662]

50:38 I rather agree w Mr. Lewis of B of A regarding "no good deed goes unpunished" @ 50:30. After all, his bankers' median income was $75 thou compared to Wall St's (including Merrill-Lynch's) at $230 thou. Not to mention the enormous bonuses Thain insisted on for his head honchos who'd caused their own bankruptcy!! Lewis was right to seek backing out of the merger, once he saw the real losses, but he ended up going through w it b/c Paulson pulled on his 'patriotic' trigger. Lewis was wronged here, clearly.

[@maxmartin2763]

I disagree. Thain offered Lewis 9% of ML. Paulson would have been happy with that deal. Lewis said no and wanted 100% knowing ML had toxic assets and only 48 hours to perform due diligence. That was STUPID! His "patriotism" surfaced when he agreed to take the original $15B in TARP money when he thought he didn't need it. His shareholders didn't feel "patriotic." They smelled a sh*t Lewis deal! Then when the real losses emerged he had no choice but to take more TARP money. He couldn't legally back out! He already signed the original TARP deal. The compensation issues could have been sorted by purchasing ML in small chunks over time. Instead of taking the stairs into the pool, Lewis jumped head first off the diving board, looked down and the pool was empty.

[@govindagovindaji4662]

@@maxmartin2763 You have some points but Merrill wanted them to take the "credit market" portion which my guess is where most the risk lies. I agree though re: shareholders+ more than explained here too according to other comments similar to yours.

[@maxmartin2763]

@@govindagovindaji4662 Thain asked Lewis for a credit facility. That's an admission that ML was going to need cash at a later date. Lewis could have converted any of those loans to ML shares and ended up with more than the 9% at a discount. ML stock would be getting cheaper as cash was needed. When Lewis said Ok to $50B for 100%, Thain must have been giggling inside.

[@govindagovindaji4662]

@@maxmartin2763 Shows ya what I don't know, nor understand. I thought the " credit need" was money for Merrill to loan out, not borrow. Thanks for clarifying.

[@jc.1191]

That guy got the much needed capitalization he needed to clear up his over leveraged bank, and has the nerve to complain. He's a psycho.

[@JohnDoe-iv7yu]

M.I.T., Stanford, Yale, Princeton etc etc. All CROOKS!

[@snowballeffect7812]

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.

[@frontlineworkers]

Happy Holidays to our frontline workers and the communities we serve!

[@SALVADORANFIRE]

Great documentary as always.

[@Dan.50]

Privatize the profits and socialize the losses. That's US economics 101.

[@michaelhogan9531]

It’s also sort of bullshit to say the government is in control, most people realize that Wall Street is in control of the country

[@meredithcook9586]

They never should have been bailed out

[@scottishdude9682]

Your right. The second Great Depression would have been such a better idea.

[@1jesus2music3duke]

@@scottishdude9682 Correct. This system needs a dramatic purge and if that requires a major depression, so be it.

[@jennaywilliams1024]

@@1jesus2music3duke yes.

[@snowballeffect7812]

@@1jesus2music3duke millions would be dead and the US would basically no longer exist. war would be nearly guaranteed. your infatuation with the flaws of unregulated capitalism is beyond irrational and is clearly self-destructive.

[@deborahdarling1799]

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]

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]

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]

he wasnt the banks gave him tens of millions after he left.

[@morganholmes7225]

He wasn't unfortunately. It's sick and sad all round

[@tommysmith2409]

Obama fighting for you? How naive.

[@gswdeclan]

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.

[@yoswifty303]

PBS you are the truth of America. I enjoy watching every segment. You have facts, evidence and knowledge that I can truly depend on. Thanks!

[@carpo719]

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]

The middle class will be wiped out this time. The Bankers want their slave class.

[@scottishdude9682]

Words of a person that has no understanding of the system.

[@n1mogator]

This why GOP wants PBS Gone!!!

[@jakebredthauer5100]

It started in 1913.

[@JusticeAlways]

@@scottishdude9682 Mind explaining what you said?

[@IndigoBellyDance]

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]

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]

I was lucky enough to offer a teaching job in China from January 2009

[@CatSpew1000]

What area was this in?

[@kellyname5733]

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.

[@zanychelly]

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

[@AnnoyedKelpie-kd2cd]

Wow! This is deep! Powers and principalities!

[@vincentanguoni8938]

I had zero idea just how complicated things were!

[@stephanietrapasso1447]

Good recount of the era. I was at Merrill 2000 - 2003. Jumped to Smith Barney. This is a fair and accurate account of what happened.

[@FinancialShinanigan]

Golden parachutes everywhere

[@MrMustangMan]

except for the peasants....

[@camadams9149]

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]

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]

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]

..@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]

@@lilblackduc7312He did it to himself🤡

[@colty7764]

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)

[@nosuchthing8]

So there WAS a meeting as shown in Wallstreet

[@KackieMoss]

It's amazing, the blogger is really creative and worth watching

[@JohnHoffman65]

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]

It's still the same

[@JohnnyBarnes-n1u]

Thank you frontline. I really enjoyed this story

[@johndoh5182]

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.

[@joseorjuela6897]

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.

[@okboomer6201]

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.

[@jamesisengard1210]

Great job and thank you. I have some hope now. Great subscription!

[@Steve.191]

Untouchables

[@marlbboro8091]

PBS is the best. BBC and PBS .

[@VLove-CFII]

How was Lehman Brothers and Paulson punished? Ken Lewis was manipulated and nobody defended him. What a joke.

[@snowballeffect7812]

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]

Frontline is a bigger joke

[@tomroberts9794]

It seems to me, in light of where we are, all of'trouble' described in this piece meant nothing for America. We should have the banking system fail then. 54:18

[@chrisbaxter489]

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]

Politicians have campaigns to fund. You don't expect them to actually represent their constituents do you?

[@lyndastarwriter]

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.

[@patmaweini952]

Dodd Frank, Glass Stegeal all need to be reinstated

[@cdsilber]

"Our neighbors to the north in Canada have a banking system that is generally viewed as one of the most stable, if not the most stable, in the world. The Canadian banking system certainly has a far better historical record than does that of the United States." (my comment: Canada has never had a banking crisis while the United States has had approximately 17 going back to the Panic of 1792) "There is no Glass-Steagall in Canada: all the large Canadian banks combine commercial banking and investment banking, as well as other financial businesses, and the Canadian banking system has done very well. Canada thus represents a great counterexample for Glass-Steagall enthusiasts to ponder." -Alex Pollock, "Glass-Steaall didn't Glass-Steagall never saved our financial system, so why revive it?" (2011)

[@dianenelson5179]

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.

[@PonziZombieKiller]

Oh it ain't over ! They going down hard n fast.

[@sephirothprime8403]

If that’s not the most “the south will rise again” thing I’ve heard @ 9:56 …idk what is. If that is indeed the sentiment, could this be a cause of the divisiveness in US politics and the rise in extremism in the Republican (former Democrat party for those in the unknown); the influx of financial capital to those sharing that sentiment being able to finance candidates of the same ideology?

[@snowballeffect7812]

no lol. the divisiveness has been part of the republican and big oil strategy since the southern strategy was begun decades ago.

[@stephenking9114]

This rise of conservativism and populism also seems to be affecting the entire country (Arizona, Pennsylvania, and Michigan GOP are just as crazy as those in South Carolina). The rise of conservative talk radio and the resulting media bubble it created is probably the most responsible for conservative populism, but stagnating wages and economic turmoil also bears responsibility. Another cause of divisiveness is the democratic party moving to the left (Obama and Biden have acted far more liberal than Clinton, suggesting the party is returning to it's new deal style politics)

[@markmark6198]

I love Frontline ❤

[@melaniblackmon3389]

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.

[@wvo72]

Aired in 2009, closing comment suggesting the financial world as it was would be reformed for the better...meanwhile in 2023....

[@bluntforcetrauma2141]

This is how the government can give you or take your money.

[@rimnour2646]

Here we are a few years later. What has changed effectively? I can't see it in all honesty. Can someone please explain?

[@mimiboucher1182]

5.8 billion wow just for compensation

[@climatefascism9870]

2008

[@marioreyes1603]

I ‘d remember the words at the beginning of “Road Warrior”. This is going to get worse. Saludos de Ciudad De México!! 🫡

[@winewoman224]

Ken Lewis bought a very expensive shit sandwich before he knew what was inside.

[@maxmartin2763]

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]

🤣🤣💀💀

[@alanskinner7031]

He was forced to buy a shit sandwhich by the gov'ment !!!

[@DJL0455]

BoA did due diligence over a weekend. That's why they got a shit sandwich. That's on Kenny-boy.

[@yesimemoin0935]

The Civil War references from the BofA guys are odd, to put it mildly