An Incredibly Informative, Revealing & Damning Documentary
meddlecore from Canada
9 February 2014
In this documentary we follow investigative journalist/filmmaker Danny
Schechter (maker of In Debt We Trust), as he dissects and analyzes the
2008 financial collapse.
While this subject has been addressed by nearly every single major
media outlet from NBC to FOX to CBC to Al Jazeera and even PBS...this
is by far, the best filmic expose on the topic.
Unlike most of the aforementioned examples, which largely rely on
testimony from the highest ranking criminals responsible for creating
the fiscal "products" which led to this situation, Schechter interviews
the little guys, but manages to uncover a bunch of new info in the
process. People like traders from Bayer Sterns who lost their jobs
during the collapse; former financial analysts and hedge fund managers,
and even some of the young traders whose unfettered greed drove the
He focuses on analyzing the scheme that was put in play to purposefully
crash Bayers Stern and Lehman Brothers, carried out by the hands of
Hedge Fund Managers the world over....through their use of derivatives
and derivative related products like Credit Default Obligations and
Credit Default Swaps.
He elaborates on this by explaining how all these financial instruments
where unethical and borderline illegal; seeing as the were predatory
loans (mostly sub-prime mortgages) that targeted the poor and working
class who were not knowledgeable enough about fiscal matters to realize
they were being conned.
He particularly focuses on "PUTS" which are bets by Hedge Fund Managers
on a company failing. These "puts" are insanely risky bets, which- as
Schechter points out- started coming into play right before the 2008
collapse (much like right before the occurrence of 911)...in the
He notes how these puts are not available to regular traders, and how
no one in their right mind would ever invest in them....unless they new
for certain that something bad was going to happen to that company.
The next level of the scheme was put (pun intended) into action when
someone (no one knows who) released a rumour into the media that
Bayer-Stearn was running the risk of becoming insolvent. This spread
through the media like wildfire, and it created a run on the bank
(where everyone goes and takes their money out, for fear the bank will
go bankrupt and they'll lose everything ala It's A Wonderful Life).
Despite the fact that this was absolutely untrue....and Bayer-Stearns
execs were all over the media trying to save face. It was too late. The
company imploded and a government bailout (and takeover of control) was
required to save it. The same scheme was enacted to bring down Lehman
Brothers (who would also front the bulk of the blame for the collapse,
because of their focus on predatory sub prime mortgages and the
re-packaging of these bad mortgages which were sold off to investors-
mainly pension funds).
When all was said and done 200,000,000 people had been driven into
poverty; 1000's lost their homes; even more lost their jobs; and entire
economies began to collapse, forcing them to initiate austerity
measures which further impoverish the public. Meanwhile, the unknown
cabal who was responsible for all of this had invested $1.7 million and
walked away with $250 million...hence why Schechter refers to it as the
"Crime of the Century".
An incredibly revealing and informative documentary, damning to those
dastardly bankers. A must see. 8 out of 10.
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