Best Documentary of the Housing Market Crash (of 2019?) | Inside the Meltdown | Behind the Big Short

[Music] meltdown a four part investigation of the orgy of greed and recklessness that drove the world into financial collapse only now are the hard questions being asked only now are the key players being held to account in this hour the story of the men who crashed the world the billionaire mortgage seller who fooled millions everybody wanted to own a piece of real estate to get into the game the high-rolling banker with a fatal weakness Jimmy came try to handle it look like a joke I'm not kidding the ferocious Wall Street predator I want to reach in rip out their heart and eat before they die and the power behind the throne the de facto president United States with an unelected gentleman from Wall Street melted the secret history of the global financial collapse [Music] [Music] the crash of September 2008 throughout the largest bankruptcies in world history pushed over 30 million people into unemployment brought many countries to the edge of insolvency Wall Street turned back the clock to 1929 [Music] due to the greatest fraction after the Wall Street Crash of 29 fled to the Great Depression the US Congress launched an official investigation panic REO bank investigation at JPMorgan arise protected by JP Morgan was among the business Titans to be called to account by the Pecora Commission flash photography was introduced to heightened respected in 2010 the same model is followed for a new investigation of a new financial collapse mmm panel ladies photographers move aside former California treasurer Phil angelitos is chairman of the Financial Crisis Inquiry Commission I'm honored to welcome as we start this series of public hearings into the cause of the financial economic crisis he has taken sworn testimony from a parade of government and bank official trying to get to the bottom of what really caused the 2008 meltdown the consequences of this financial crisis have been grim also 27 million Americans who are either out of work can't find full-time work or stop looking for work millions who have lost their homes and millions more who are in the foreclosure process trillions of dollars of wealth loss I think one of our jobs is to try to rationally explain to people what the heck happened people want to know how did it all go so wrong the key trigger of the 2008 financial meltdown was ez lending in the US housing market in an era of very low interest rates and reduced bank regulations there was an astonishing building boom across the United States in California banks decided that virtually anyone could qualify for a home loan [Music] Jim cling has been a real estate agent in San Diego for over 20 years really in 2004 2005 if you could fog a mirror you could get a loan that's how bad it was they didn't really know or care about the qualifications of the buyers and whether those people could make those payments or not apparently wasn't much of a concern bills given to me more than you can manage crossroads mortgage has a whole range of solutions here to people just like if you're thinking of buying a home or refinancing even if your credit is less than perfect Ameriquest can help call one banks began making what were called subprime loans to people who could ill afford to pay back the money especially if house prices ever went down [Music] the one man who could have stopped that practice was then US Federal Reserve Chairman Alan Greenspan for 20 years the world's most powerful bank Greenspan was revered in Washington his power feared even by presidents the Federal Reserve was the one agency that had the full authority to regulate subprime lending and despite all the evidence despite all the yellow and red lights going off they chose not to staff reports I mean would you just ask you would you put this under the category of ups should have done it me my experience has been in the business I was in I was right 70 percent of the time but I was wrong 30 percent of the time and there are an awful lot of mistakes in 21 years and I would point out that the captain was I tannic was 99 percent right and 1 percent wrong it's the size of the mistake that matters [Music] we now know that banks and mortgage companies were indulging in all sorts of fraudulent practices to pump up their mortgage business many of the loans were extremely complex and the terms hidden from borrowers there were low teaser rates that would automatically reset to much higher payments after a few months it was no accident that the most complex mortgages were sold to the least sophisticated buyers especially in poor and minority neighborhoods like this one in South Central Los Angeles daily business congresswoman Maxine Waters has represented the district for 19 years in the US House of Representatives information you know I've seen mortgages that were given to 17-year old people who are on a fixed income whose income was never going to increase but that margin was going to reset within a few years where was that money going to come from I've seen mortgages that I think a criminal Angelo Mozilo was the undisputed king of the US subprime market he is called the golden boy because of his permanent tan and because of the height of the sub prime real estate boom he was making about a hundred million dollars a year everybody wanted to own a piece of real estate to get into the game he became the darling of business magazines with a slew of fawning profiles of his rags to riches story he always claimed that he was a friend to the poor and that his lending practices were helping scores of American attain the dream of homeownership it's one thing for him to say that he was a friend to the poor but in the final analysis when you see that these poor people are now in foreclosure now cannot get loan modifications now ending up on the streets then certainly that defies how he could have been you know a friendship or people Mozilla's company Countrywide Financial Group e come the biggest mortgage lender in the United States call countrywide we never stop thinking about what you need and that makes home buying easy really countrywide was sold to Bank of America and almost immediately plunged in value Angela Mozilla was placed under investigation by the Securities and Exchange Commission the SEC uncovered very damaging private emails in which Mozilla expressed his true feelings about the dangerous subprime mortgages he was peddling he wrote in all my years in the business I have never seen a more toxic product at the same time Mozilla was publicly reassuring all his investors in client's countrywide used the product as a sound investment for our bank and a sound financial management tool for consumers it does appear that there was a private view of the markets and there was one that was a spouse to borrowers rating agencies the investing public the FEC has now charged Mozilla with insider trading and securities fraud lenders like Angelo Mozilo really didn't care if people ever paid their mortgages because those loans did not stay on the mortgage companies plus mortgages were bundled together with other loans from across the country and moved to Wall Street there they were packaged up into complex new financial products bankers went wild for these financial securities who were really just stacks of IOUs there was almost no government regulation of this market it became a massive system of buying and selling these IOUs with thieves being charged on each transaction it was just all away to make these and to package up these streams of supposed cash flows and sell them off to investors I mean for a while there anybody who touched the mortgage made money it was like the most perfect product I once had this view that when people started talking about toxic assets but somehow they were like a good piece of fruit that had turned bad well turns out they were a rotten piece of fruit from day one and all along the way whether it was the broker the lender the securitizer the market maker everyone seems to have taken the view that they had no responsibility for the product that they were moving along in the system that became unfortunately this cancerous material that was injected into financial institutions all over the world [Music] one of the first places these toxic products landed was the financial district of London England nicknamed the city there was a golden age here in the years before the meltdown garant Anderson arrived in the city as a young trader in 1996 he had been a hippie selling trinkets on the beaches of India until his older brother found him a job in a London brokerage I literally didn't know what the city was I kind of was aware that there was a stock market and I said well why I mean you have to wear a suit and things like that he said I'll tell you why it's quite simple you'll have about three four hundred thousand pounds within about four or five years and then you can go off and live the life you what you want to live since the selling of trinkets wasn't going down too well I thought why not I had no idea about finance forever I didn't know what a p/e ratio was I didn't know what a yield was when you're in the city all you have to do continually is present of you and present it strongly and pretend you believe in it it was all about schmoozing clients taking them to strip joints taking them to bars getting that company credit card out and really giving a bash the wild atmosphere in Britain was brought about because Chancellor of the Exchequer Gordon Brown was easing financial regulation there he called his new approach the light touch we will advance if there is light touch regulation a competitive tax environment and flick will cordon film like touch with an efforts really to make the City of London the world's greatest financial center and it meant giving the finances giving the bankers a very free hand in the marketplace Paul Martin was Canada's finance minister in those years he says deregulation came about because of a competition between New York and London to become the financial capital of the world the race to become number one it was very very important but how do you attract the financial industry where the most logical way is what they call a regulatory arbitrage which simply says let's gut the regulatory system and therefore people who work more people will come the prevailing culture was one that the markets always go up to is an easy way to make money drinking champagne fat cat analysts it was a joyous time everywhere you look there was great big new offices being put up statues being put in the forecourt people building great monuments to themselves in terms of the buildings occupied in the way that they behaved by 2004 Garant Anderson was making a salary of $300,000 a year plus an annual bonus of seven hundred thousand he already was invited on to business television shows as an analyst strong we had profit before tax growth of nine and a half percent the whole game is increasing your bonus you don't go into the city to do the world some good you go there to make money as quickly as possible and if that means lying cheating and stealing that's what you do regulators and politicians are just deemed to be idiots it's all about we will thrive with light touch regulation and that of course is exactly what Gordon Brown was encouraging as Charles wicks jacker and interestingly he calls my precise period in the city the age of irresponsibility it was partly to do with the fact he just said anything goes and you know to me it's just obvious the way people were behaving was a rational way of behaving in the context of the bonus system and the lack of regulation if one country could be the microcosm of everything that went wrong in the years before the meltdown Iceland is it it is a place of staggering natural beauty [Music] women geyser - its water bottles to its famous blue lagoon it is a magnet for tourists one thing Iceland was never known for was banking and high finance at least until a few years ago Iceland was transformed through the ideas of one man longtime Prime Minister David Ansen he decided to shake Iceland out of its social democratic past and remake the country according to his free-market principles he surrounded himself with like-minded admirers Dobson is somebody who fulfils the two criteria that Machiavelli puts up about political leaders he is cunning as a fox and his creatures as a lion [Music] damnit Austin wanted to privatize almost everything touched by government Iceland's number one resource industry has always been fishing odds had parceled up the country's fishing grounds and pass them off to big ship owners on Eagle helgesson's popular political TV show the reaction was disbelief died in recommen a silver day and for many people this would Santos it's almost surreal you take the fishing grounds official swims in the sea and you give it to a bunch of people who own ships for row for good this is this is the main resource of our country this was the beginning of what came later in 2003 Austin made his most controversial privatisation some of the biggest banks in the country were auctioned off in suspicious circumstances coincidentally they ended up in the hands of some of Jabba Dodson's closest friends mr. Austin spent were father and son who came from Russia with some money they had made from shady dealings in the brewery business in the st. Petersburg and suddenly the label formed themselves to be the owners of the oldest bank in Iceland these guys didn't know the first thing about thanking in retrospectively they're either greedy criminals or complete fools the newly privatized Icelandic banks embarked on an orgy of dangerous financial practices bankers sold securities back and forth to each other at vast markups that falsely inflated their value all life's lenders were encouraged to buy a house or even to the central bank lowered interest rates flooding the country with easy credit as in the United States this triggered an unprecedented real-estate boom Iceland of living and working abroad came home to take advantage of the wild market I lived in the UK till 2000 of 3000 before then I came home I bought a flat for 9 billion kroner here's downtown almost close to where we are now one and a half years later I sell it for almost 16 billion kroner I like hey what what's going on I've done nothing to this lot and here we are a six million foundry in my pocket just for keeping it for one and a half years and of course when you're when you're benefiting from it you're sort of okay well this is great there's a saying now it's something it's extravagant oh this is so 2007 you can't be serious was on the seven is having Elton John in your 50th birthday party as one of the business tycoons did people just went too far people took one loan too many people bought one card too many Iceland was not alone in its reckless financial planning during the boom years [Music] the world champion of the global real estate bubble was surely Dubai in the United Arab Emirates money was no object as every local shake and every booming company competed to see who could erect the most ostentatious building no idea was considered too outlandish when waterfront property rose dramatically in value Dubai decided to make more ships vacuum sand off the ocean floor to make the famous Palm Island on them were built an endless line of luxury condominiums and hotels that were snapped up by wealthy investors from across Europe Africa and the Middle East Canadian Robert Lee went to work for divides leading real-estate company 10 years ago devine its heydays we used to call the sale center of the fish market it's you know people could come and it would say give me an apartment any apartment I don't care what two bedrooms through bedroom just gave me an apartment because in a way people vying options because most people are buying things with zero intention of actually living in it so they are buying coupons to resell somebody else will be selling billion dollars worth of real estate in one day all of this flowed from the vision of one man Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum when he saw the first plans for what would become the world's tallest building the Burj Khalifa he had only one comment to the developer make it bigger I was silly to suggest a 90 storey building and the meeting was very short he's a slip but you know I've been with him a long time so I went again to the Design Studios and then we put something really marvelous and his question was how much higher than anybody else I said about 40% plus it's great he called me the next day and he said they were the crane was there no limit to how high Dubai could fly before it got too close to the Sun there was always a nagging sensation that is - by going to be like the other cities around the world that has seen the fall but at the same time you live here for a few years you basically buy the story you drink the kool-aid anything hey we must be different [Music] the man who would become the central actor in the meltdown took his position on the stage in 2016 former goldman sachs CEO hank paulson was one of the toughest of the Wall Street Titans then he accepted the invitation of george w bush to become the u.s. treasury secretary it was a controversial choice Paulson was not universally loved on Wall Street he was probably the nastiest guy of all they used to call Miss snake and this is coming from the Wall Street executives themselves no you know you really can't believe everything he does there's a lot of Michaels do they can trust Hank Paulson's aggressive combative style came as a bit of a shock in government circles as a guy who would go through a brick wall to achieve his objective leopard doesn't change his spots I mean you know why does scorpions sting they sting because that's their nature and you know Hank Paulson didn't change his nature when he went to Washington shortly after Hank Paulson arrived in Washington the prices of California houses began to slide sales of existing homes are down a full 12% adjusting his prices dropped overextended homeowners threw more properties onto the market triggering a downward spiral hank paulson called me and started talking about subprime mortgages in the united states there was a general consensus that there was too much credit and too much money sloshing around globally we had had discussions about where this excess credit was likely to show itself and it was showing itself in subprime mortgages in the United States and that was a a large problem although if you seem to realize it the world was now infected with the toxic financial products that depended on the u.s. real estate market [Music] it was inevitable but someone somewhere was going to blow the whistle and question what these financial products were actually worked [Music] [Music] as it happened the alarm sounded in Paris in August 2007 the giant French bank BNP paribas discovered that many of its investment funds were filled with toxic US securities they stopped all withdrawals from those funds it was a little bit like an old-fashioned movie where the bank president locks the door and tells people they can't get their money it's kind of it doesn't exactly make you feel good about the world at the Ministry of Economic Affairs in Paris the BNP paribas decision triggered immediate crisis meetings and being by Finance Minister Christine Lagarde como said Monica dismiss vientre vientos KCT interaction becomes immediate autoharp aria a discussion mediate avec LaVon Co second recalcitrant and assess may or his on the the dollar that bank and they do the future the only difficulty the very parable couldn't value their security then one started asking how many other companies couldn't value their securities how did anyone know what the value of asset managers were or even Bank for the Google course banks were holding the same securities and so suddenly faith in some of the foundations of 21st century finance began to crumble [Music] in September 2007 as cracks were appearing in the foundations of the global economy the Titans of the Anglo American financial system began to tremble first up was Britain's Adam Apple Garth a true superstar in London's business class Apple Garth had it all he joined an obscure bank called Northern Rock in 1983 and had a meteoric rise becoming CEO of the bank in 2001 oh he was a boolean fellow full of himself full of confidence tell he could do no wrong love the idea that he was becoming a transatlantic jet setter he'd go over to New York to arrange an exchange of securitize debt and felt he had a model which was much better than everybody else he didn't get if he didn't he didn't get that he developed an unstable model and that the wholesale markets went wrong his bank would fall off a cliff very very fast which is exactly what happened good evening one of Britain's biggest mortgage lenders northern rock is applying to the Bank of England for emergency financial support BBC News has learned that the Bank within hours of the BBC bulletin worried Northern Rock customers lined up to get their money out maybe maybe not but I'd rather know that it was gonna go putting my bank and then I've taken all of my money out most people in the Western world had never seen a bank run before with their own eyes and so it was something they found almost impossible to imagine the British government was very flowed to react to the panic it was egg on our face as the British authorities no doubt about that and letting those cues not only inform but continue for two days was very damaging to the reputation of British banking Adam Apple Garth was hauled before a British parliamentary investigation of the failure of his bank but he was characteristically to fight a circle girl do you actually accept to tell with a row he was in forgiveness modeled which clearly couldn't deal with the until seen global freezing of the liquid news saying it was also seen yet this committee had been discussing it for six months the Northern Rock crisis in Britain could have been taken as a serious warning on Wall Street but it was not I think people saw this as a that's happening over there that's not happening here I think that the sense of interconnectedness was not realized until the very last moment through the spring of 2008 US Treasury secretary Hank Paulson was constantly reassuring his international colleagues that everything was fine with the US economy and that only mild tinkering was required with the global financial system in private French finance minister Christine Lagarde advised her friend that he was being very foolish greedy honk Oh wah lui tsunami quino's at ease dosoo a chola pleasant indeed etcö Locklear diamond on kava potty the first major US casualty of the financial crisis came with the dramatic fall of one company and one man the richest CEO on Wall Street Jimmy Cayne was a legend he had come up through the ranks to become president and chief executive officer of America's fifth largest investment bank Bear Stearns he was famous for his back slapping hard drinking and high living style [Music] Jimmy is really out of central casting I mean I've described him as a as a you know an amiable rogue I mean he's definitely can be quite charming definitely can be quite ruthless has a twinkle in his eye and I think that combination of ruthlessness and charm that people get to the top of that combination Jimmy Cayne was a flashy risk-taker in business and in his personal life in 2007 he was worth over 1 billion dollars and he wanted everyone to know it every Thursday afternoon after the stock market closed he would board a private helicopter a few blocks from his Manhattan office and fly off to his country house on the Jersey Shore for weekends of bridge golf he did have one troubling habit that would come back to haunt him he did used to brag about smoking pot I'm in the elevator of Bear Stearns and it was 2004-2005 and Jimmy Cayne tried to hand me what looked like a joint I'm not kidding Cheng's pot-smoking became public at the worst possible time for his firm in the fall of 2007 Bear Stearns risky bets on mortgage-backed securities began to go wrong the firm started to hemorrhage money then in November the Wall Street Journal carried a front-page story which portrayed Jimmy Kane as an absentee landlord who was always out of touch a tither golf games or bridge tournaments while his firm was in crisis to top it off the journal publicly revealed his taste for marijuana Joe Kernan who's my colleague on CNBC says hey Charlie what do you think about that hatchet job that that the journal just did on Jimmy Cayne and I don't know why I did this but I started imitating smoking a joint horse issue but also apparently yeah smoking one of the high there was a two-minute sleigh with my cell phone rings and it's Jimmy Cayne screaming at me and he's like what are you doing it I don't smoke pot I said stop it stop it I said I said listen who cares I mean you know it's it you know you're not breaking the you know it's kind of a harmless crime once you just laugh it off and I'll never forget what he said to me goes yeah he goes laughing oh if you're trying to laugh it off you're not running a company you know Jimmy had made a lot of enemies on Wall Street that's very competitive normally in place if they smelled you know chum in the water this sharks are going to circle in January 2008 Jimmy Cayne was forced out of the CEO position and became an unpaid chairman of the board Bear Stearns but the firm continued a downward slide it had more exposure to toxic financial products than any other Wall Street firm Caine had left a ticking time bomb behind it and it exploded in March 2008 rumors swept the financial world that Bear Stearns had liquidity problems trouble raising cash when Hank Paulson heard the rumors he told his Washington staff this will be over within days he knew that Bears clients would immediately pull their cash out of the bank causing it to collapse we have breaking business news tonight the story investment bank Bear Stearns is reportedly close to telling Paulson was right on Sunday March 16 bear stearns was taken over by rival JP Morgan in a deal bankrolled by the US government just one year earlier Bear share price had been a lofty $170 get this it's valued at about $2 a share in this deal two bucks a share just last year people thought it was a typo bear stock had traded what in the 30s or 40s the the preview closes in the previous Friday and so you know the idea that it would be worth 2 bucks a share was impossible to fathom in May 2010 when Jimmy Cayne was summoned before the Financial Crisis Inquiry Commission to account for the collapse of his bank he seemed to suggest it had nothing to do with him Kane presented Bear Stearns as a victim of market hysteria the Marcos loss of confidence even though it was unjustified at irrationally became a self-fulfilling prophecy when I hear a lot of the people come before us I'm struck by the extent to which all the fingers point away from themselves and I'm struck by the extent to which so many people on Wall Street somehow do not draw a correlation between the actions and activities and the risks they were undertaking and the crisis that occurred most world investors took exactly the wrong message from the bailout of Bear Stearns that some banks were now considered too big to fail a key message that emerged after the Bear Stearns bailout was no matter what happens the American government and in fact it was presumed the European government will not let a big bank go bass perhaps the most reviled figure to appear before the US Congress in the aftermath of the meltdown was formerly Minh Brother CEO Richard Fuld the 2008 collapse of his Bank certainly caused the most damage to the world economy and it financially ruined millions of Americans who had invested with Lehman I'm very much aware that one day we had a firm the next day we did not and the hearing ful became the prime target for a public that was angry at bankers [Music] Dick Fuld had spent his entire career at Lehman Brothers starting at the bottom and clawing his way up the ladder in later years he assumed all the trappings of unfettered power his word was law his judgment never to be questioned there was a huge Carlile to to to cold as the chief executive the firm people on the one hand admired what Dick Fuld achieved but secondly this was not an organization where you as a matter of casual incident decided it was a good idea to disagree with dick way he created Lehman Brothers it was almost a cult of personality the personality was his personality which was we it's us against them we're going to fight everybody and we're going to win Dick Fuld was determined to intimidate anyone who might cross him in this infernal Lehman UK video he was angry that some traders were driving down his stock price but what I really want to do is I want to reach in rip out their heart and eat it before they died I think in the table that it's a nervous laughter in the auditorium I think that sort of reflects quite a lot about how people within Lehman sorta core the one hand it sounded one-level amusing and then you sort of thought to yourself I suspect if you're in that audience the really scary thing is he sort of could probably do it Lehman Brothers entered its death spiral on September 11th 2008 the stock was plummeting Dick Fuld was advised that it was time for a fire sale of his corporate assets but he resisted telephone records show that US Treasury secretary Hank Paulson spoke frequently with bold but he felt his message was not getting through he was definitely exasperated with Dick Fuld I think everybody was he seemed to be unable to recognize the gravity of the situation as firm was in and unable to do the things that were needed on Friday September 12th Hank Paulson decided that it was time for drastic action to save Lehman Brothers but he did not want to authorize another government bailout he flew to New York on his private jet and summoned all the Wall Street CEOs to an emergency meeting at the New York Federal Reserve building you know the fire alarms are going off the tornado siren is going and so when the Chief of Police and the chief of the fire department says we need the heads of all the major employers in our town to come together to come up with a plan you come at 6 p.m. Hank Paulson started that secret meeting with America's leading bank CEO Jamie Dimon of JP Morgan Lloyd Blankfein of Goldman Sachs John Thain of Merrill Lynch and John Mack of Morgan Stanley I began working on a plan Paulson told them that they all knew why they were there without their help Lehman would not open for business on Monday and the consequences for everyone sitting around that table would be disaster me across town Dick Fuld was astounded that Hank Paulson had not invited him to the crisis meeting here his company is basically being carved up and he's not allowed to be there he's calling and they're not returning his call inside Lehman Brothers there was an air of unreality the firm had been in existence since 1850 they had survived the Great Depression of the 1930s they had survived the 9/11 attack that destroyed their offices in the World Trade Center sure they could survive this biggest investment firms is in serious trouble Lehman Brothers with a four Lehman Brothers stock has been plummeting along with confidence and its ability to survive these people have been through it before they were going through it again do you know what the rest of the world hates us but that's ok because we're going to emerge on top here and I believe that was what was persisting at Lehman Brothers right until midnight on the famous weekend I don't think anyone really at the senior management believed it was going to happen on Sunday the bankers finally came up with a private-sector plan to save Lehman Brothers the company would be divided into the solid assets of Lehman would be purchased by Barclays of redish Bank the American Bankers agreed to take over the questionable parts of the company just as everyone was about to celebrate word arrived that the British government would not approve the deal Hank Paulson placed an emergency call to British Chancellor Alistair Darwin but couldn't budget I understand Hank Paulson's problem he had to sort out at LeMans problem key we get the conversations we had were very amicable and we understood each other's position but I was quite clear I could not agree to something with the British taxpayer was taking on a liability that people didn't fully understand Paulson hung up feeling deflated and frustrated he announced to everyone in the room the British screwed us objectively this deal was never gonna happen and the most striking thing about this whole story is how little effort the Americans gave to talking to the British authorities until literally the last minute Paulson knew Lehman failure would bring financial catastrophe millions of people around the world would lose their savings and pensions at this moment of maximum tension Hank Paulson had a panic attack he slipped out of the room and called his wife I just said Wendy Lehman Brothers is going to fail and it's going to be very bad and a lot of people are looking to me and I don't have all the answers and I'm afraid would you would you pray for me this has been a historic Sunday on Wall Street nm is not over yet at this hour the Lehman Brothers Investment Bank appears headed toward bankruptcy with 613 billion dollars in debt Lehman is by far the largest bankruptcy ever in this country dwarfing on the sidewalks of New York investment houses around the world there was a rising sense of panic [Music] one who felt it was Mohamed el-erian of PIMCO in California among the world's largest institutional investors with one trillion dollars under management I remember calling my wife the telling has go to the cash machine take cash out because I'm not sure that the banks are going to open tomorrow there was a feeling that the system was incredibly fragile that the unthinkable was clearly thinkable Lehman Brothers officially declared bankruptcy at 2:00 a.m. there was widespread fear that could trigger a chain reaction that would take down the world banking system at the New York Federal Reserve then President Tim Geithner told his staff to prepare for the crash landing of Lehman he told them to put foam on the runway the problem is they didn't put nearly enough foam on the runway and there were all sorts of unintended consequences the ripples advantage abated turned out to be a tsunami the tsunami unleashed by the crash of Lehman Brothers would sweep around the globe destroying millions of jobs and wiping out the economic future of entire country protests rocked world capitals from Reykjavik and to Beijing to London [Music] you

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Views: 1,592,824

Rating: 4.607688 out of 5

Keywords: Wall street, stocks, commodities, gold, oil, trader, warren buffet, million dollar traders, traders by the millions, market, trading, analysis, stock, technical, investment, futures, options, day, currency, markets, news, euro, financial, bloomberg, system, stock market, hedge fund, education, dow, business, charts, top 10, top 50, billionaire, life hack, trump, secrets, world, richest, minecraft, billionaire boys club, new, documentary, crypto, bitcoin, ethereum, cryptocurrency, crash, super rich, 2019

Id: 0yZ5mjbB11I

Length: 42min 30sec (2550 seconds)

Published: Fri May 19 2017