MELTDOWN - The Men Who Crashed The World - 2019
The first of a four-part investigation into a world of greed and recklessness that led to financial collapse.
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.
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Think it was bad then? Look at the world right now. It is at critical mass and everyone just pushes their heads deeper and deeper into the sand out of fear of seeing reality. It is already here and everybody just keeps buying, buying and buying. When it goes down now there is no government in this universe that is going to be able to bail the greedy bastards out and it's not coming. IT IS HERE!!!!!
With big managers come big incentives & big wages and bonuses.. so to equalise the game, there should be life jail time for all CEOs who preside over the next crash. They stand warned . . Prison for high to middle managers who share in obscene bonus schemes that incentivize fraud.. JAIL TIME!
It is political, combined with banks policy to insist re--payment of created fiat on a banks ledger at the rate they insist upon! It is this decision to insist that the rate be kept high, and in particular never allowed to sleep, as in the non acceptance of the fact that people could not pay for the period of time. The fault is with regulation, not with the issuing. Fairly obvious who profited to the tune of trillions, and that is those that could buy the property foreclosed at fire-sale rates! It was an old fashioned hold up on the highway using sophisticated ruses.
Whoever made this your a scumbag. I couldn't make it through the intro to know bullshit when its plan as day. It doesn't take much research to be clear who was the creator of this unfortunate situation. BILL FUCKING CLINTON. In 1995, using the powers of the presidency, Bill Clinton turned the 1977 Community Reinvestment Act into an aggressive program that basically forced banks to lend money to "underserved" communities. That meant those with low incomes who couldn't necessarily repay a loan. Meanwhile, his Department of Housing and Urban Development got involved in a big way.
Jack Cashill, writing for the American Thinker, notes: "HUD, which Congress had made the regulator of Fannie Mae and Freddie Mac in 1992, began to pressure these agencies to set numerical goals for affordable housing, even if that meant buying subprime mortgages. The media cheered the agencies on." Those people in the intro are wrong as well, but blame the president who made the housing market into the wild wild west.
Irresponsible use of debt is usually what causes problems; whether it is individuals, corporations, or small countries. What happens when the debt of the United States becomes a problem? 21 trillion and we are about to spend billions more on a wall and infrastructure projects and the costs of entitlement programs are rising every year? There is no easy answer, but our elected officials really need to start getting more serious about our budget.
It's a private debt crisis! That is government territory and it should be the money creating rights of banks via government that can always without fail manage a fiat currency! BUT they can't be bothered because the tax payer (whilst we still have one!) can be fleeced every time. None of the "poor" people needed to lose those homes, not in a fiat currency managed by AI algorithm.
When people are not taught to save. That everyone should be able to possess the American Dream this is the kind of shit that happens. No money down interest only loans. What can go wrong?! In the mean time I had to come up with $80,000 for a downpayment on my home. You can bet your ass I'm gonna bust my ass to keep from losing it. When you actually have your life savings invested you will do what it takes to not let it go back to the bank.
So mathematically speaking, from a first layer look so to speak,- investing in anything of this nature, is like going to the casino right? The way I would say every single game played in the casino, has a probability to benefit the house, there must be a probability in the favor of wall street. Correct? No matter what, they win type of thing going on right?
I’ve been a broker / agent over 25 years. Yes you could buy a house easy. In 2007 keep in mind that somebody turned the money faucet off, even I was freaking out. People these things are planned by the rich for the rich and another crash is on its way so try to prepared. No matter how much you save you won't survive the next crash without making better decisions. I manage tenant that make close 10K a month with a stay at home wife and 2 kids and the guys away broke. It will be interesting to see what the public does this time as no jobs, no credit; nothing else to lose the government must have a plan to control the people. Another big lie is that people were trick into stupid loans, they could have walked out of the closing and do better, but they didn’t which was based on their I want my toy so they signed. I saw this this a lot. People get out of debt, stop smoking and drinking, stop eat out instead eat at home. It sounds like no fun but I tell you its very fun not to be scared of the mail box. You can live cheap. Soon you will go the jail for not paying debt and that means you’re a slave in a labor camp. God sat out the holocaust and everything else so I respect God for not helping when we get on a bus, train whatever without a fight. Why do we let greedy evil little scumbags called our government to do all these things to us? Do you think you’re under their radar? Throw the governments out and the corporations that gave are jobs away and lets start fresh it can’t be any worse that eating dog food that might be coming too. You end timers are just sad. All the death and killing and you think you’re so special that the invisible man in the sky is going to beam you up to safety before the world eats you for lunch or dinner. This on us. Fight. Stop voting see what happens? Make them put you in jail for a broken taillight they wouldn’t be able to pay for everyone in jail so this would all change.
You write like a Russian troll, but some of your advice is not bad even if the economy doesn't crash. In fact, the more you save (that is, don't spend), the better your finances and the nation's wealth become. Your notion that God sat out the Holocaust, etc. seems misplaced, though. God granted man freewill when He made man in His image, as such interfering would be to take our freewill away. Like any good parent, He loves us no matter how stupidly we treat each other. The question isn't whether things must change, the question is whether we're going to handle things like adults and good parents, or just keep acting like spoiled, petulant teenagers. Try to remember, friends, we're always on the brink of Armageddon. It's not something God wants to happen or something that has to happen. It was a warning, and if it does happen, WE ALL HAVE TO ANSWER FOR IT.
The sad thing is that the Sub Prime Mortgage products are still being sold. The name has changed. Greenspan didn't listen and he is partially responsible for not stepping in and listening to whistle blowers. The next major financial crisis might be our last one.
All Bull shit The household was the investor where the demand for payoff was divested into a fictitious note and the multiple to net assets were short selling by Y2K calender defect. Sound bizarre Its not I was there
And how many of these Swindling CUNTS are in jail???
No set of laws for the Luciferian fucken rich and a complete set of ENSLAVEMENT LAWS for the common man.
Wake up Sheeple, wake up!!!
WWG1WGA - WORLD WIDE
Hello Maxine Waters said about the subprime reset did you know how many millions of dollars her husband made from all this they were deep in this shit making money hand-over-fist because of poor people taking out mortgages they couldn't afford check out her husband the banker and her own Investments of loan to fail so we can foreclose after you paid for 25% of the house and make a huge profit on the fact that it's only going to go up yeah she's somebody who really represented our interests God bless President Donald J Trump and blue lives matter and you're a snake Maxine Waters
It's going to be an unpopular opinion, but the British did "fuck" the US and then got it back in spades. Barclays was getting the solid parts of Lehman Bros and the American banks were taking on most of the risk. Instead the Brit regulators decided to stay out of it and didn't realize how interconnected the banking system was. Watch them on the video and they think they did the right thing but a month later - October 13th - Lloyds, Royal Bank of Scotland and HBOS failed followed by a few others over the next couple of weeks. Had they agreed to the purchase of Lehman it is quite possible that the worldwide cascade of banking failures would not have happened.
Remember that all of those shit mortgages were still backed by a house. What was need was time. Time to get those loans modified. Time for the overstretched rubber band of a housing market to bounce back into shape. Time for the foreclosures to happen and to find new buyers. This isn't an opinion, it's a fact proven by TARP's success. Instead, Lehman's bankruptcy created a panic in the system that almost collapsed it. Maybe the banking crash still would have happened but there's a chance it may have a much gentler correction. So those British regulators aren't harmless in this - in fact they may be some of the more foolish actors in this tale.
Funny no matter how many trades they make, they get a profit. The public trusts them & the public always gets screwed. Make them sign a document stating that they are acting as your fiduciary that way you can sue them for loses if they don't act in your best interest
At 10:05 that government official was talking about the"toxic products" and counting the different individuals and sectors as to be blamed, but my question to him is: what about the government?! Why? Was the government in an "intoxicated at that time as well"! He was reluctant to include the government because he was representing that government!
No mention of how Brokers drove oil prices to $140 a barrel
In 2006-2007. Gas $4.50 a gallon. Everyone's budget distroyed,
Then credit defaults followed. It was a planned
perfect storm. Damn Money Junkies.
The real crime is how it was handled. If they had kept people in their homes with an affordable pay-off plan. The recession would of not been so bad or last as long.Once things came right, people would of had wealth to grow on. Now things are better, people are starting again on starting from nothing.
So anyone that want Amrerica to go bankrupt and have an economic crash, know this; it will effect every country in the world worst than America itself. 600 billion took down a few countries and millions of people around the world were broke over night. If 20 trillion is taken out all countries in the world would fall into chaos.
It was government pressure on the lending industry to make loans available to people who had a very weak monetary profile. If you think a subprime loan is a good idea or a adjustable rate loan is a good idea or borrowing 125% the value of a home is a good idea you may be too stupid to own a home. Obama's cash for clunkers put people in car loans they couldn't afford and damaged the used car industry. Any time the government decides to control a product they damage that industry.
You want to know what this was about greed a bunch of people with too much money too much power and too much stupidity trying to get rich off on the backs of others that's all its about they gave credit to do with the didn't deserve credit they were trading with emotion not logic emotion in any situation except love is never a good idea especially in the workplace these idiots forgot that there's this little thing called logic which usually overtakes the motion
Throughout time Financial crisis occur. But. What no one asked or investigated were the Politicians who were Lobbied, Wrote, Passed these laws/regulations which All Firms took the ball and ran with it. You or I didn't pass these laws/regulations to speculate till the "cows come home". Too bad not all the cows came back home. Just asking Questions? Not hating.
Wonderful documentary. The solutions to many of the concerns here are
addressed and solutions provided to make the world a better world for
the average people. In "America! Fight Back! The Foundation For A Better
Country!" (found on Amazon or Barnes&Nobles websites) the solutions
are here for the implementation.
As a self made millionaire/Investor, recessions/inequality are normal parts of capitalism. The economic cycle of boom and bust are normal. When inflation is high due to low interest rates, the rates are leveled out otherwise bubble will bust causing economic meltdown/recession. But even still, it can still happen. Second, inequality is due to lack of financial education + broken homes, drug abuse, crime, mental health, alcoholism, aka individual/personal problems. Not the fault of the overall system: Free Market and Capitalism. Your with it or against it, its a zero sum game.
Same story different day. These guys are thieves and they are policed by themselves. Take a look at what Charles Lindberg Sr. hand to say about the Fed.The Aldrich Plan (History of central banking in the United States) was a forerunner to that which spawned the Federal Reserve.
"To cause high prices, all the Federal Reserve Board will do will be to lower the rediscount rate..., producing an expansion of credit and a rising stock market; then when ... business men are adjusted to these conditions, it can check ... prosperity in mid career by arbitrarily raising the rate of interest. It can cause the pendulum of a rising and falling market to swing gently back and forth by slight changes in the discount rate, or cause violent fluctuations by a greater rate variation and in either case it will possess inside information as to financial conditions and advance knowledge of the coming change, either up or down. This is the strangest, most dangerous advantage ever placed in the hands of a special privilege class by any Government that ever existed. The system is private, conducted for the sole purpose of obtaining the greatest possible profits from the use of other people's money. They know in advance when to create panics to their advantage, They also know when to stop panic. Inflation and deflation work equally well for them when they control finance.
Does Maxine Waters not realize that it was the legislature that passed the laws the allowed the banks to lend to poor people? The laws not only incentivize the banks to loan to poor people, it makes it unlawful NOT to lend to poor people. Never trust a politician. “Hooray!!!! Wow what a wonderful thing we’ve done for the American people. Now everyone can get a loan!!! Wait....oh shit. Now everyone can get a loan. ..... let’s blame everyone but ourselves.” You piece of garbage Maxine Waters. You pile of subhuman filth. Note to the viewers: this video is misleading and does not tell the whole story. Take every word you hear in this video with a grain of salt. Do you own research if you’re truly interested.
I'm at the start and I bet Barney Frank will not get even a mention.
funny how one of the main players in this crises is never mentioned. I can't stand either one of these 2 politicians, but 2x George Bush proposed legislation to reform the banking system before the crash and Barney shot it down 2x because it "discriminated against the poor" I would like to see a documentary on the congressional players in this mess (both the ones who tried to head it off and those who thwarted them)
All these white racists on this thread talking crap about Maxine Waters but have nothing to say about the crooks who took advantage of a majority of Americans. You are all so obviously dense you can't see your ass from your face. Maxine Waters has more knowledge, intellect, and expertise than all of you combined. Haters who don't have any relevance will always hate on someone they think they are better than simply because the color of their skin.
aw can't get away from the leftist NPC memes no matter were you go. Someone can't have an honest disagreement with Mad Maxies point of view. No immediately you start playing the racist card since you can not back up you point of view.
I regret to inform you that that card is so worn out that most people these days just roll their eyes and say here we go again.
The true racist is yourself, you start right in with the racial judgement within 4 words, pretty close to a record got to give you that.
Maybe you go deeper into this crises and learn how the demonrat party were the ones who opposed reforming the mortgage industry when Bush (can not stand that Rino) proposed it hint research Barney Frank (that pervert)
Dave research the hand Barney Frank had in congress opposing mortgage and financial reform because it "discriminated against the poor" Yes the American demonrats had a big hand in it (I by no means am excusing the republican'ts)
+Abel Bekele how was I stating otherwise? my brother in law basically took responsibility for not thinking about the rates going up later and took responsibility. He just looked on the bright side after words.
+Peter Michalski Don't you think it's the responsibility of the home buyer to diligently seek to understand what they are getting themselves into when it's a home loan that will be a debt for a life time?
30:37 “I said Jimmy “stop it, stop it...who cares?” Not like he broke the L-... who cares?!
Lol everything about that guy tells me he knew more than he leads on in the interview and he’s trying to minimize his own role.
Remember this guy knew almost for a fact that one of the most powerful heads of banking was a pot head.
While the global financial system was collapsing...
But who cares!? It wasn’t like it was Illega-
Oh it was....
got to include their enablers the politicians and bureaucratic. I think a good round number would be 1 per million so like a 110 bankers a major bank ceo few mid-level offices some accountants just a nice rounded portfolio as they would put it.
The next crash coming will make the 2008 housing disaster look like a day at Disneyland! The bankers are getting ready to crash the US Dollar so they can go to their new currency control with Bitcoin and Blockchain. DON'T SAY I DIDN'T WARN YOU!
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