The heads of Wall Street's biggest investment banks were summoned to an evening meeting by the US Treasury Secretary, Hank Paulson, to discuss the plight of another - Lehman Brothers. After... See full summary »
A close look behind the scenes, between late March and mid-October, 2008: we follow Richard Fuld's benighted attempt to save Lehman Brothers; conversations among Hank Paulson (the Secretary of the Treasury), Ben Bernanke (chair of the Federal Reserve), and Tim Geithner (president of the New York Fed) as they seek a private solution for Lehman's; and, back-channel negotiations among Paulson, Warren Buffet, investment bankers, a British regulator, and members of Congress as almost all work to save the U.S. economy. By the end, with the no-strings bailout arranged, modest confidence restored on Wall Street, and a meltdown averted, Paulson wonders if banks will lend. Written by
I spent my entire academic career studying the Great Depression. The depression may have started because of a stock market crash, but what hit the general economy was a disruption of credit. Average citizens unable to borrow money, to do anything. To buy a home, start a business, stock their shelves. Credit has the ability to build a modern economy, but lack of credit has the ability to destroy it, swiftly and absolutely. If we do not act, boldly and immediately, we will replay the depression ...
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HBO and Peter Gould did a disservice to the American people by stuffing their nose up the ass of Wall Street and the Federal Reserve bank by not even coming close to laying blame where it belongs. The film is almost comical in its representation of Paulsen, Bernanke and Geithner. All three of these clowns are characterized as heroic as they struggle to save the American economy from collapsing. The film is mostly fiction and is clearly an attempt to hide the truth from the American people. I would recommend watching a more truthful depiction of what actually happened, as for example "Inside Job" which is actually a documentary and not a fictional representation. This is all in all, nothing but propaganda.
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