America\'s Bankrupt Banks: Inside the Meltdown(Economics)

On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. "There was literally a pause in that room where the oxygen left," - Sen. Christopher Dodd (D-Conn.)

The inner workings of the US Federal Reserve are often the subject of conspiracy theory and sensationalist rhetoric concerning what is wrong with the global Financial situation. Rarely do you get the more comprehensive view which this PBS documentary gives us, as it "goes inside", behind the glass walls of Wall Street, introducing us to many of the men who control the US economy, specifically Ben Bernanke (then chairman of the Federal Reserve) and Henry Paulson (Secretary of the Treasury Department).

Starting with the intricate machinations behind the collapse of Bear Sterns, it's eventual bailout, and the rise of the key concepts "toxic investments", "Systemic Risk" and "Moral Hazard" which together sum up the financial collapse of 2008, "America's Bankrupt Banks" gives us an excellent overview of how the forces behind America's banking industry actually work, who makes the decisions, and why the relationship between goverment and the financial district doesn't need to be shrouded in masonic mythology to make an interesting story.

added by: bill