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Money power and wall street

  1. Apr 28, 2012 #1
    From PBS Frontline:

    http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/

    The first two parts of the most recent and informative documentary on Wall Street and the financial crisis. The next two air next Tuesday.

    Frontline spills the beans and opens several cans of worms.

    9 hours of interviews are also available online from the link.
     
  2. jcsd
  3. Apr 28, 2012 #2

    Astronuc

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    Staff: Mentor

    Richard (Dick) Kovacevich was appointed chairman and CEO of Wells Fargo & Company in 2001and served through 2009 - "This financial crisis should never have happened.", "The financial services industry caused this crisis." and "And quite frankly, it even got into greed and, I think, malfeasance."

    http://www.pbs.org/wgbh/pages/frontline/oral-history/financial-crisis/richard-kovacevich/

    http://www.pbs.org/wgbh/pages/frontline/oral-history/financial-crisis/tags/subprime-mortgages/
    http://www.pbs.org/wgbh/pages/front...al-crisis/tags/should-we-have-seen-it-coming/
     
    Last edited: Apr 28, 2012
  4. Apr 28, 2012 #3
  5. Apr 28, 2012 #4

    russ_watters

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    Hmm....so if people who shouldn't have been able to buy could, that probably increased housing prices due to supply and demand. So the banks created a self-feeding bubble.
     
  6. Apr 28, 2012 #5
    That's the problem with cheap money. If one could always borrow to cover their debts then it is almost like being able to print money. It is almost like counterfeiting.

    http://mises.org/books/fed.pdf

    Well the analogy to counter-fitting might not be obvious it is well accepted that banking policies are often inflationary.
     
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