[Tams]

In the first episode of Meltdown, we hear about four men who brought down the global economy: a billionaire mortgage-seller who fooled millions; a high-rolling banker with a fatal weakness; a ferocious Wall Street predator; and the power behind the throne.

The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.

But how did it all go so wrong?

Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place.

Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced 'light touch regulation' - giving bankers a free hand in the marketplace.

All this, and with key players making the wrong financial decisions, saw the world's biggest financial collapse.

http://english.aljazeera.net/program...518615434.html

[zdo]

… this is part of and indistinguishable from the huge global ‘story’ being made up…something’s fishy … for example re the mortgage crisis, some say it was “regulation” (in a way the prevailing paradigms won’t permit and prevailing‘story’ doesn’t allow us to categorize as ‘regulation’, of course) that literally forced lenders into making questionable loans…the real story started way before these ‘four men’ were even born. Any ‘story’ that packs this ‘story’ into the actions of a few and into 10 – 20 years is just a misguided ( or worse, a misleading) ‘story’…

[joshdance]

Can we please close this thread and file it away under "propaganda"? I'm disappointed that the moderators of this thread would headline the newsletter with this crap. Some of those who "crashed the world" are still in power, and some of those who tried to stop it are blamed. Give me a break.

[Avalon7]

This is definitely propaganda.

Take a look at coherent government policy over the last 40 years that made individual households so financially weak that people could not pay their mortgages, coupled with a coherent public policy that made sure that "everyone should have a house" whether they could afford it or not, with the full faith and credit backing of yours truly the Federal Gov't, in case people defaulted on their loans. And of course, this is exactly what happened. And then people have the audacity to be surprised when there is a mass default.

The problem is both social and systemic. You cannot tear apart the fabric of society without also effecting its financial structure.

It is not Wall Street's fault, and is most certainly NOT four sole individuals. This is nothing but leftist propaganda.

[laurus12]

Yes, please file this thread under propaganda. The "who's" who did all the poo-poo'ing ought to be pretty clear by all this time. Very sadly they are still allowed to spread their droppings all over the place.

[Tradewinds]

Originally Posted by joshdance »

Some of those who "crashed the world" are still in power, and some of those who tried to stop it are blamed.

First of all, I didn't watch the video, so I'm not commenting on the video. But it's an interesting subject. Do you have any information about those who are still in power? Just curious.

[snowbird]

[QUOTE=Originally Posted by joshdance »
Some of those who "crashed the world" are still in power, and some of those who tried to stop it are blamed.[/QUOTE]

I didn't watch the video either... but searches on both Brooksley E. Born and Raghuram Rajan will bring up good info on how they tried to warn of he impending risk prior to 2008 and were shunned by those in the establishment with more power.

[MaxLobster]

I watched the video, I enjoyed it. I will parse the information myself by checking it on wikipedia, thank you. Truth and propaganda are two sides of the same coin.