US Financial Collapse - the Reason

Clip from HBO's Too Big to Fail (http://www.hbo.com/movies/too-big-to-fail), a great movie which I recommend highly.

This three minute clip succinctly, albeit somewhat simplistically, explains the 2008 financial meltdown, which led to the recession which we still live in today.

Actors:

William Hurt - Henry Paulson
Secretary of the Treasury
http://goo.gl/WyEcJ

Topher Grace - Jim Wilkinson
U.S. Treasury, Chief of Staff under Henry Paulson
http://goo.gl/kD3q8

Ayad Akhtar - Neel Kashkari
Special Assistant to Treasury Secretary Henry Paulson
http://goo.gl/Od18A

Cynthia Nixon - Michele Davis
Director of Policy Planning
http://goo.gl/Jgvnf

Note to HBO: If this infringes on your copyrights, please let me know and I'll take it down. Having said that, I think this clip would serve the public well in informing the details of the financial collapse.

Category:

Entertainment

Tags:

• hbo
• financial
• collapse
• fail
• economy
• crisis

[imfasho]

Among the best explanations on what happened to the US economy. Greed was the main culprit. 

[CRAPCANNONS]

@vivamaliengus

Watch this whistleblower testimony:

/watch?v=kp_i9GUq2BI&feature=c­hannel_video_title - (sample clip - skip to 5:00 first then rewatch)

/watch?v=3erD4QyhCQ8&list=WL1E­E292F7EBBC6517&index=1&feature­=plpp_video - (Full interview: Part 1 of 9, starts at 4:45):

[CRAPCANNONS]

@vivamaliengus

/watch?v=LPSDnGMzIdo

/watch?v=w-YtqVIKTTE&feature=r­elated

Also I never laid sole blame on the CRA, but it wasn't ALL Wallstreet. It was also government's insistence on home ownership as a right even for those who couldnt afford it..

[CRAPCANNONS]

@vivamaliengus

So Fannie Freddie and their involvement in the Secondary Mortgage Market had nothing to do with it?

/watch?v=y4A0RuXhnQA

[vivamaliengus]

@CRAPCANNONS -- CRA had little to do with this mess. LISTEN to this clip. LISTEN.

[TheBlackLagooner]

@condor1087 - at least SOMEONE gets it. *internet high five*

[condor1087]

The CRA didn't cause the crisis. They are the scapegoat for the guys that did. Less than 5% of the CRA mortgages defaulted. If anyone really thinks that some heavily screened low income mortgages collapsed the WHOLE world economy, they need to read more. This video explains exactly what happened. The entire financial industry got greedy, relaxed their lending and investment safeguards and there was no industry or govt regulators to stop them. Too much regulation is bad, NONE is worse

[CRAPCANNONS]

did this film mention the CRA and its role in starting all this?

probably not.