The financial calendar can be divided into Before Lehman and After Lehman.
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Roosevelt took office in , Congress legislated a complete transformation of Wall Street and the banking sector with the creation of the Securities and Exchange Commission and the Federal Deposit Insurance Corp. What, if anything, have we learned from the experience?
Once they did that, they could put together a financial package loaning the banks at very favourable terms, enough billions that everyone who wanted their money could get it and their would be enough left over to invest and hopefully restore the banks to their usual obscenely greedy profit-making.
So now is the time for regulating the banks and how they spend these vast sums that are being loaned to them. The bankers won't accept any meaningful regulation at all. Its fine by them if the banks collapse, they've all been drawing huge salaries and bonuses often in the millions.
And knowing the collapse was coming you can be sure their money was holed up somewhere safe. So the government had a three way choice. One, let the banks collapse and the government along with it producing a Depression so major that it would reverberate around the world and make the depression of the 30s look like some minor thing that happened way back when. Two, call the bankers' bluff and bail out the banks and regulate their investments so that our homes, our small businesses and our money was safe by stopping the bankers risky behaviour this would have benefited the average person, you and me.
Three, give in to the bankers, let them invest as they please make huge profits if they could and then awarding themselves multi-million dollar salaries and bonuses and throwing us, average Joes, to the pits.
The investment bankers said if you put any restrictions on us, we will all leave, we will retire, we will go to other countries' banks, we will do as we please, but we will not work in any bank that restricts how we do our business, so we got you over a barrel, either you do it our way or no way. And the average Joe So the situation now is as it was, seven financial institutions control the banking system of the US and should they fail, well, read the book!
If the country relies on manufacturing items people want - China, Germany, South Korea etc - then its in a much stronger situation. Sure it could be hard to raise money to buy raw materials and machinery if the banks go, but what they have sold and have to sell gives them cash coming in. Another note, you paid the bankers salaries and bonuses, you paid for their bail out when they did it wrong and you are paying through interest for their salaries and bonuses again.
Within days, the insurer AIG had to be bailed out by the federal government while other investment banks, including Morgan Stanley and Merrill Lynch, were pushed to the brink. Merrill, in fact, was eventually sold amid panic to Bank of America. Banks are back to posting record profits. Over the past several years, financial stocks have been among the hottest areas of the market.
Here are 7 of them. The price you pay for stocks matters. No wonder these blue chips were fixtures in many retirement portfolios. The love affair is clearly over … or is it? Buy and hold works — eventually. When the Dow fell to on March 9, , stocks had already lost more than half their value.
Responsible for this cinematic soothsaying is director Patrick Creadon, who records ex-government watchdog David Walker think Andy Garcia's Internal Affairs character with a PhD in economics as he lays bare America's crushing debt burden using smart interviews, impassioned vox pops and the odd SNL sketch. At the time Walker seemed like a lone voice of warning. He looks a lot like a man worth listening to. If he'd driven a little further up the road, he'd have spotted the Xanadu-like monstrosity being erected by timeshare mogul David Siegel for his wife, Jackie.
Styled on the real Versailles, only gaudy enough to have even Louis XIV rubbing his princely peepers, this temple of excess falls to ruin when the banking crisis hollows out the Siegels' fortune. Lauren Greenfield's documentary is sober rather than schadenfreude-filled, a cautionary reminder that, back in , even paper wealth was no protection against real-life poverty.
A Love Story Michael Moore, Hollywood's town crier, had one or two things to say about the crisis, too. Things that, as a polite website, we'll refrain from paraphrasing here. Suffice to say, Moore dons his ubiqitous baseball cap to tour modern America exploring the parts The Big Short fails to reach: It's not always subtle - a matchcut from the New York Stock Exchange to a Vegas casino cuts to the nub of Alan Greenspan's economy - but it fillets the American dream with a scalpel.
Moneyball Not a finance movie, sure, and a very different beast from Adam McKay's comedy-drama, but Moneyball, also penned by The Big Short writer Michael Lewis, offers a similarly journalistic command of analytics, numbers and personalities. Few can demystify and detangle such complex ideas with Lewis's panache - here it's subprime baseball players rather than stocks being traded - and when you throw in Aaron Sorkin's screenwriter, Bennett Miller's pacy direction and Brad Pitt's charisma as the Oakland A's ballpark mystic Billy Beane, the result is one-half of a terrific Michael Lewis double-bill.
There are several films on this specific topic - but all in all, Lehman Brothers had nothing to do with this setup that is about to unfold full tilt, and soon. If any of you truly want to understand what is happening in our world right now and why, watch the film 'Collapse'. Share the knowledge. Share 'Collapse'/10(32).
Sep 09, · Watch Lehman Brothers: The Bank That Bust The World () online. BBC documentary investigating the September collapse of the banking giant Lehman Brothers that precipitated the global financial crisis/10(11). Featured Documentary Categories: Banking & Economy The Fall of Lehman Brothers - min.
The Last Days of Lehman Brothers summarizes the events that occurred over the weekend preceding Monday, 15 September , when Lehman declared bankruptcy. Some of the story is narrated by the fictional character "Zach", a Lehman employee often taking orders directly from Dick Fuld. Sep 09, · Directed by Michael Samuels. With Corey Johnson, James Cromwell, David Annen, James Bolam. The heads of Wall Street's biggest investment banks were summoned to an evening meeting by the US Treasury Secretary, Hank Paulson, to discuss the plight of another - Lehman Brothers. After six months' turmoil in the world's financial markets, Lehman Brothers /10().
Quants is minute documentary on the inner-workings of quantitative analysts on Wall Street. It's a rare look inside the minds of mathematical geniuses who have invented financial models that have both destroyed and made Wall Street. The Fall of Lehman Brothers - A CNBC Special Report. PM ET Tue, 3 Aug The progression of the economy has moved from a recession to a credit crisis to a financial panic back to a recession.