• Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

    On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.

    published: 11 Apr 2011
  • What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

    The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimat...

    published: 17 Sep 2014
  • Introduction to the Financial Crisis Inquiry Commission

    The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.

    published: 12 Jan 2010
  • Financial crisis inquiry begins

    Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.

    published: 14 Jan 2010
  • Financial Services Hearing on Financial Crisis Inquiry Commission Report

    Blaine questions witnesses during the House Financial Services Committee hearing on Wednesday, February 16, to review the reports issued by Financial Crisis Inquiry Commission. In 2009, Congress established the Financial Crisis Inquiry Commission, comprising six Democrats and four Republicans, to investigate the causes of the financial crisis and report its findings to Congress on December 15. The Commission missed its deadline and failed to reach consensus on the causes of the crisis. More than a month after its deadline, the Commission published three reports: one written by the Democratic Commissioners, a second written by three of the Republican Commissioners, and a third one by the fourth Republican Commissioner. The statute creating the Commission requires the Financial Servic...

    published: 17 Feb 2011
  • The 2008 Financial Crisis: Crash Course Economics #12

    Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline htt...

    published: 21 Oct 2015
  • Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

    Elizabeth Warren Destroys Janet Yellen Over JPMor…: http://youtu.be/XYtSMLgaW6U Americans have learned a lot in recent years about how our largest financial institutions make their money. But few would have imagined that a million and a half tons of aluminum -- a quarter of the national supply at any given moment -- typically sits in a network of 27 Detroit warehouses owned by Goldman Sachs. And hardly anyone would have thought that manufacturers seeking to purchase that aluminum might wait 18 months or more for delivery, while warehouse owners like Goldman Sachs collect additional rent, paid for by consumers of aluminum products ranging from beer cans to home siding. http://www.thesoapboxroadshow.com/ WASHINGTON - Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mic...

    published: 31 May 2011
  • PANEL: The Financial Crisis Inquiry Commission Report: Five Years Later

    R Street Institute panel held on February 4, 2016. Featuring: Douglas Holtz-Eakin, American Action Forum; Edward Murphy, Congressional Research Service; Tom Stanton, Johns Hopkins; Philip Wallach, Brookings Institution; Peter Wallison, American Enterprise Institute; Alex J. Pollock, R Street Institute (Moderator).

    published: 05 Feb 2016
  • 2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

    2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2) - mars-1a:hrs01E_C2123_100409.2 - Rayburn 2123 - Committee on Energy and Commerce - 2010-04-09 - Financial Crisis Inquiry Commission. Report Video Issue Financial Crisis Inquiry Commission. In the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC), former Fannie Mae executives Robert Levin and Daniel Mudd testified in the role of their company in the housing market collapse. They faulted Fannie Mae's backing of riskier mortgages on pressures related to increased competition from Wall Street firms and the goal of increasing home ownership. Mr. Mudd in his testimony did not apologize for his company's collapse but stated, "I accept responsibility for everything that happened on my watch....

    published: 21 Nov 2011
  • Former AIG chief tells panel he did his best to estimate losses ahead of crisis

    1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++ "You have read...

    published: 24 Jul 2015
  • 2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

    http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf

    published: 09 May 2011
  • 2008 Financial Crisis: Causes and Prosecutions (2012)

    Many factors directly and indirectly caused the Great Recession (which started in 2007 with the US subprime mortgage crisis), with experts placing different weights upon particular causes. Major causes of the initial subprime mortgage crisis and following recession include: International trade imbalances and lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non-depository financial institutions. Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and i...

    published: 01 Apr 2015
  • Financial Crisis Inquiry Commission Report - 3/3

    Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angeli...

    published: 11 Feb 2011
  • CNN: Angelides examines the financial crisis

    Financial Crisis Inquiry Comm. chair Phil Angelides says Wall Street is trying to rewrite the history of the crisis.

    published: 19 Apr 2011
  • Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov

    Lloyd Blankfein, CEO of Goldman Sachs appears with other chairmen appear before the Financial Crisis Inquiry Committee on 1/13/2010 for questioning

    published: 14 Jan 2010
  • Financial Crisis Inquiry Commission Report - 1/3

    Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angeli...

    published: 11 Feb 2011
Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

Financial Crisis Inquiry Commissioner Peter Wallison Questions Warren Buffet.

  • Order:
  • Duration: 9:53
  • Updated: 11 Apr 2011
  • views: 22624
videos
On June 2, 2010 Warren Buffett testified at a hearing before the Financial Crisis Inquiry Commission. Commission member Peter Wallison asked Buffett several good questions and got very good answers. I copied that portion of the C-SPAN video that has those questions and answers. I hope you find it interesting.
https://wn.com/Financial_Crisis_Inquiry_Commissioner_Peter_Wallison_Questions_Warren_Buffet.
What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

What Caused the 2008 Financial Collapse? Finance Industry: Goldman Sachs, JP Morgan (2010)

  • Order:
  • Duration: 3:23:52
  • Updated: 17 Sep 2014
  • views: 29391
videos
The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate mortgage; the bundling of subprime mortgages into mortgage-backed securities (MBS) or collateralized debt obligations (CDO) for sale to investors, a type of securitization; and a form of credit insurance called credit default swaps (CDS). The usage of these products expanded dramatically in the years leading up to the crisis. These products vary in complexity and the ease with which they can be valued on the books of financial institutions. CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets.[118] As described in the section on subprime lending, the CDS and portfolio of CDS called synthetic CDO enabled a theoretically infinite amount to be wagered on the finite value of housing loans outstanding, provided that buyers and sellers of the derivatives could be found. For example, buying a CDS to insure a CDO ended up giving the seller the same risk as if they owned the CDO, when those CDO's became worthless. This boom in innovative financial products went hand in hand with more complexity. It multiplied the number of actors connected to a single mortgage (including mortgage brokers, specialized originators, the securitizers and their due diligence firms, managing agents and trading desks, and finally investors, insurances and providers of repo funding). With increasing distance from the underlying asset these actors relied more and more on indirect information (including FICO scores on creditworthiness, appraisals and due diligence checks by third party organizations, and most importantly the computer models of rating agencies and risk management desks). Instead of spreading risk this provided the ground for fraudulent acts, misjudgments and finally market collapse.[120] In 2005 a group of computer scientists built a computational model for the mechanism of biased ratings produced by rating agencies,[121] which turned out to be adequate to what actually happened in 2006–2008.[citation needed] Martin Wolf further wrote in June 2009 that certain financial innovations enabled firms to circumvent regulations, such as off-balance sheet financing that affects the leverage or capital cushion reported by major banks, stating: "...an enormous part of what banks did in the early part of this decade – the off-balance-sheet vehicles, the derivatives and the 'shadow banking system' itself – was to find a way round regulation." http://en.wikipedia.org/wiki/Financial_collapse_of_2007%E2%80%932008
https://wn.com/What_Caused_The_2008_Financial_Collapse_Finance_Industry_Goldman_Sachs,_Jp_Morgan_(2010)
Introduction to the Financial Crisis Inquiry Commission

Introduction to the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 2:30
  • Updated: 12 Jan 2010
  • views: 12161
videos
The Financial Crisis Inquiry Commission is a bipartisan commission that has been given a critical non-partisan mission — to examine the causes of the financial crisis that has gripped the country and to report our findings to the Congress, the President, and the American people. Hopefully, the Commission's work can help rebuild the American people's belief in a financial system that puts Americans to work, fulfills their goals and provides the foundation for a new era of broadly shared prosperity.
https://wn.com/Introduction_To_The_Financial_Crisis_Inquiry_Commission
Financial crisis inquiry begins

Financial crisis inquiry begins

  • Order:
  • Duration: 10:25
  • Updated: 14 Jan 2010
  • views: 4697
videos
Will commission lead to legislation and criminal prosecution, or just more cathartic theater? Political economist Tom Ferguson and McClatchy Newspapers Economics Correspondent Kevin G. Hall sit down with Real News Network Senior Editor Paul Jay to discuss the opening act of the new US government commission.
https://wn.com/Financial_Crisis_Inquiry_Begins
Financial Services Hearing on Financial Crisis Inquiry Commission Report

Financial Services Hearing on Financial Crisis Inquiry Commission Report

  • Order:
  • Duration: 5:40
  • Updated: 17 Feb 2011
  • views: 617
videos
Blaine questions witnesses during the House Financial Services Committee hearing on Wednesday, February 16, to review the reports issued by Financial Crisis Inquiry Commission. In 2009, Congress established the Financial Crisis Inquiry Commission, comprising six Democrats and four Republicans, to investigate the causes of the financial crisis and report its findings to Congress on December 15. The Commission missed its deadline and failed to reach consensus on the causes of the crisis. More than a month after its deadline, the Commission published three reports: one written by the Democratic Commissioners, a second written by three of the Republican Commissioners, and a third one by the fourth Republican Commissioner. The statute creating the Commission requires the Financial Services Committee to hold a hearing on the Commission's findings not later than 120 days after it issues its final report.
https://wn.com/Financial_Services_Hearing_On_Financial_Crisis_Inquiry_Commission_Report
The 2008 Financial Crisis: Crash Course Economics #12

The 2008 Financial Crisis: Crash Course Economics #12

  • Order:
  • Duration: 11:25
  • Updated: 21 Oct 2015
  • views: 477510
videos
Today on Crash Course Economics, Adriene and Jacob talk about the 2008 financial crisis and the US Goverment's response to the troubles. So, all this starts with home mortgages, and the use of mortgages as an investment instrument. For years, it seemed like the US housing market would go up and up. Like a bubble or something. It turns out it was a bubble. But not the good kind. And the government response was...interesting. Anyway, why are you reading this? Watch the video! More Financial Crisis Resources: Financial Crisis Inquiry Report: http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf TAL: Giant Pool of Money: http://www.thisamericanlife.org/radio-archives/episode/355/the-giant-pool-of-money Timeline of the crisis: https://www.stlouisfed.org/financial-crisis/full-timeline http://www.economist.com/news/schoolsbrief/21584534-effects-financial-crisis-are-still-being-felt-five-years-article Crash Course is on Patreon! You can support us directly by signing up at http://www.patreon.com/crashcourse Thanks to the following Patrons for their generous monthly contributions that help keep Crash Course free for everyone forever: Fatima Iqbal, Penelope Flagg, Eugenia Karlson, Alex S, Jirat, Tim Curwick, Christy Huddleston, Eric Kitchen, Moritz Schmidt, Today I Found Out, Avi Yashchin, Chris Peters, Eric Knight, Jacob Ash, Simun Niclasen, Jan Schmid, Elliot Beter, Sandra Aft, SR Foxley, Ian Dundore, Daniel Baulig, Jason A Saslow, Robert Kunz, Jessica Wode, Steve Marshall, Anna-Ester Volozh, Christian, Caleb Weeks, Jeffrey Thompson, James Craver, and Markus Persson -- Want to find Crash Course elsewhere on the internet? Facebook - http://www.facebook.com/YouTubeCrashCourse Twitter - http://www.twitter.com/TheCrashCourse Tumblr - http://thecrashcourse.tumblr.com Support Crash Course on Patreon: http://patreon.com/crashcourse CC Kids: http://www.youtube.com/crashcoursekids
https://wn.com/The_2008_Financial_Crisis_Crash_Course_Economics_12
Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

Banks Too Big: Goldman Sachs Criminals, Hillary Clinton vs. Bernie Sanders

  • Order:
  • Duration: 7:06
  • Updated: 31 May 2011
  • views: 221261
videos
Elizabeth Warren Destroys Janet Yellen Over JPMor…: http://youtu.be/XYtSMLgaW6U Americans have learned a lot in recent years about how our largest financial institutions make their money. But few would have imagined that a million and a half tons of aluminum -- a quarter of the national supply at any given moment -- typically sits in a network of 27 Detroit warehouses owned by Goldman Sachs. And hardly anyone would have thought that manufacturers seeking to purchase that aluminum might wait 18 months or more for delivery, while warehouse owners like Goldman Sachs collect additional rent, paid for by consumers of aluminum products ranging from beer cans to home siding. http://www.thesoapboxroadshow.com/ WASHINGTON - Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression. http://levin.senate.gov/imo/media/doc/supporting/2011/PSI_WallStreetCrisis_041311.pdf
https://wn.com/Banks_Too_Big_Goldman_Sachs_Criminals,_Hillary_Clinton_Vs._Bernie_Sanders
2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2)

  • Order:
  • Duration: 2:14:56
  • Updated: 21 Nov 2011
  • views: 1011
videos
2008 Financial Crisis and Fannie Mai, Day 3 (Part 2 of 2) - mars-1a:hrs01E_C2123_100409.2 - Rayburn 2123 - Committee on Energy and Commerce - 2010-04-09 - Financial Crisis Inquiry Commission. Report Video Issue Financial Crisis Inquiry Commission. In the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC), former Fannie Mae executives Robert Levin and Daniel Mudd testified in the role of their company in the housing market collapse. They faulted Fannie Mae's backing of riskier mortgages on pressures related to increased competition from Wall Street firms and the goal of increasing home ownership. Mr. Mudd in his testimony did not apologize for his company's collapse but stated, "I accept responsibility for everything that happened on my watch." Congress formed the ten-member FCIC in May 2009 to examine the causes of the financial markets meltdown. Description from C-SPAN.
https://wn.com/2008_Financial_Crisis_And_Fannie_Mai,_Day_3_(Part_2_Of_2)
Former AIG chief tells panel he did his best to estimate losses ahead of crisis

Former AIG chief tells panel he did his best to estimate losses ahead of crisis

  • Order:
  • Duration: 2:10
  • Updated: 24 Jul 2015
  • views: 1146
videos
1. Mid of Financial Crisis Inquiry Commission Chairman Phil Angelides banging gavel to open hearing, UPSOUND: (English) Phil Angelides: "Good morning. Welcome to the hearing of the Financial Crisis Inquiry Commission." 2. Former head of American International Group (AIG) Financial Products division Joseph Cassano (left), Senior Vice President and Chief Risk Officer of AIG Robert Lewis (centre), and former President and Chief Executive Officer of AIG Martin Sullivan being sworn in 3. Wide of hearing with Cassano, Lewis and Sullivan sitting down 4. Mid of Cassano, Lewis and Sullivan at witness table 5. Wide of hearing 6. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++AUDIO STARTS ON PREVIOUS SHOT++ "You have read my written submission, I will not repeat it here. Although my perspective diverges in important ways from the popular wisdom." 7. Mid of witness table 8. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "You were in this business fairly fast and furious prior to your recognition that you had dug a hole that you could not climb out of, in essence, so you stopped digging." 9. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): ++STARTS ON MID OF WITNESS TABLE++ "One way of looking at this is to say that we, early on in 2005, we took the decision to run down our portfolio." 10. SOUNDBITE: (English) Bill Thomas, Commission Vice Chairman: ++AUDIO STARTS ON PREVIOUS SHOT++ "I'm more interested in 02, 03, 04 - when you were running it up?" 11. SOUNDBITE: (English) Joseph Cassano, former head of Financial Products division, American International Group (AIG): "This was extremely remote risk business and it is not the credit risk here that eventually became the issue at hand. These, my point has been that the underwriting standards and the credit risks within these transactions have to date been supported and still perform." 12. Mid of witness table 13. SOUNDBITE: (English) Robert E. Lewis, Senior Vice President and Chief Risk Officer, American International Group (AIG): "As it turned out, we were wrong about how bad things could get. What ended up happening was so extreme that it was beyond anything we had planned for." 14. SOUNDBITE: (English) Phil Angelides, Chairman, Financial Crisis Inquiry Commission: "To be fair, derivatives have a legitimate purpose to help hedge against risk, but much of what has been traded in recent years especially synthetic securities is just bet upon bet upon bet. They don't build a factory, they don't start a business, they don't add a job. These securities may have been synthetic, but they destroyed real people's real life savings." 15. Wide of hearing STORYLINE: A former top executive of American International Group (AIG) publicly testified for the first time in Washington on Wednesday, saying he disagreed with the "popular wisdom" about his division's failings that ultimately led to a US government 182 billion (b) bailout of the company. AIG, one of the world's largest insurance companies, was brought to the brink of collapse during the global financial crisis. Joseph Cassano, who led AIG's key Financial Products division, said he did his "very best" to estimate the losses accurately ahead of the financial crisis. He was speaking at the Financial Crisis Inquiry Commission, a special bipartisan panel created by Congress to investigate the issues surrounding the crisis. Cassano declined to read his testimony at the hearing, as it had already been posted on AIG's website. Commission Vice Chairman Bill Thomas pushed Cassano to explain why AIG had become so involved in derivatives. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/abf5fab4a21c919d84b69c2086ca0247 Find out more about AP Archive: http://www.aparchive.com/HowWeWork
https://wn.com/Former_Aig_Chief_Tells_Panel_He_Did_His_Best_To_Estimate_Losses_Ahead_Of_Crisis
2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

  • Order:
  • Duration: 4:02
  • Updated: 09 May 2011
  • views: 13601
videos
http://www.thesoapboxroadshow.com/ Introductory Statement by Chairman Carl Levin - From Senate Committee hearings. The credit rating agencies are; Moody's, Standard and Poors, and Fitch....QUOTE: "Concluding a two-year bipartisan investigation, Senator Carl Levin, D-Mich., and Senator Tom Coburn M.D., R-Okla., Chairman and Ranking Republican on the Senate Permanent Subcommittee on Investigations, today released a 635-page final report (PDF, 6MB) on their inquiry into key causes of the financial crisis. The report catalogs conflicts of interest, heedless risk-taking and failures of federal oversight that helped push the country into the deepest recession since the Great Depression." http://levin.senate.gov/newsroom/supporting/2011/PSI_WallStreetCrisis_041311.pdf
https://wn.com/2008_Financial_Crisis_Credit_Rating_Agencies_Commit_Fraud_Incompetence
2008 Financial Crisis: Causes and Prosecutions (2012)

2008 Financial Crisis: Causes and Prosecutions (2012)

  • Order:
  • Duration: 1:04:05
  • Updated: 01 Apr 2015
  • views: 1881
videos
Many factors directly and indirectly caused the Great Recession (which started in 2007 with the US subprime mortgage crisis), with experts placing different weights upon particular causes. Major causes of the initial subprime mortgage crisis and following recession include: International trade imbalances and lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst; U.S. government housing policies; and limited regulation of non-depository financial institutions. Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. One narrative describing the causes of the crisis begins with the significant increase in savings available for investment during the 2000–2007 period when the global pool of fixed-income securities increased from approximately $36 trillion in 2000 to $80 trillion by 2007. This "Giant Pool of Money" increased as savings from high-growth developing nations entered global capital markets. Investors searching for higher yields than those offered by U.S. Treasury bonds sought alternatives globally.[1] The temptation offered by such readily available savings overwhelmed the policy and regulatory control mechanisms in country after country, as lenders and borrowers put these savings to use, generating bubble after bubble across the globe. While these bubbles have burst, causing asset prices (e.g., housing and commercial property) to decline, the liabilities owed to global investors remain at full price, generating questions regarding the solvency of consumers, governments and banking systems.[2] The effect of this debt overhang is to slow consumption and therefore economic growth and is referred to as a "balance sheet recession" or debt-deflation.[3] The fall in asset prices (such as subprime mortgage backed securities) during 2007 and 2008 caused the equivalent of a bank run on the U.S. shadow banking system, which includes investment banks and other non-depository financial entities. This system had grown to rival the depository system in scale yet was not subject to the same regulatory safeguards.[3] Struggling banks in the U.S. and Europe cut back lending causing a credit crunch. Consumers and some governments were no longer able to borrow and spend at pre-crisis levels. Businesses also cut back their investments as demand faltered and reduced their workforces. Higher unemployment due to the recession made it more difficult for consumers and countries to honor their obligations. This caused financial institution losses to surge, deepening the credit crunch, thereby creating an adverse feedback loop.[4] The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: Widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; Dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; An explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; Key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels.“ http://en.wikipedia.org/wiki/Causes_of_the_Great_Recession
https://wn.com/2008_Financial_Crisis_Causes_And_Prosecutions_(2012)
Financial Crisis Inquiry Commission Report - 3/3

Financial Crisis Inquiry Commission Report - 3/3

  • Order:
  • Duration: 10:40
  • Updated: 11 Feb 2011
  • views: 417
videos
Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angelides said, adding, "we've created a very tangled web." Saying that more aggressive federal action is needed, Angelides pointed out that in the 1930s, Franklin Roosevelt created a home-ownership assistance program, under which thousands of federal agents were sent out to help people negotiate with their banks. Angelides again urged people to go to the website, download the report, or purchase it from Public Affairs press or the GPO. "This is an important story: of what happened to this country, how we came to the verge of financial collapse, and hopefully there will be lessons learned here, so we do not repeat this... I think it shows there's a tremendous hunger in this country still -- anger, confusion, about what it is that brought us to the point where 4 million families have lost their homes, and 13 million families may; $11 trillion in life savings were wiped away, and 26 million of our fellow Americans are out of work. People want to know how this happened and why it happened."
https://wn.com/Financial_Crisis_Inquiry_Commission_Report_3_3
CNN: Angelides examines the financial crisis

CNN: Angelides examines the financial crisis

  • Order:
  • Duration: 3:46
  • Updated: 19 Apr 2011
  • views: 185
videos
Financial Crisis Inquiry Comm. chair Phil Angelides says Wall Street is trying to rewrite the history of the crisis.
https://wn.com/Cnn_Angelides_Examines_The_Financial_Crisis
Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov

Lloyd Blankfein Question at FCIC Hearing 1/13/2010.mov

  • Order:
  • Duration: 6:22
  • Updated: 14 Jan 2010
  • views: 43621
videos
Lloyd Blankfein, CEO of Goldman Sachs appears with other chairmen appear before the Financial Crisis Inquiry Committee on 1/13/2010 for questioning
https://wn.com/Lloyd_Blankfein_Question_At_Fcic_Hearing_1_13_2010.Mov
Financial Crisis Inquiry Commission Report - 1/3

Financial Crisis Inquiry Commission Report - 1/3

  • Order:
  • Duration: 10:47
  • Updated: 11 Feb 2011
  • views: 965
videos
Financial Crisis Inquiry Commission (FCIC) Report Angelides: "People Want To Know How This Happened and Why It Happened." February 11, 2011 • 12:44 PM In his second interview with WNYC's Brian Lehrer, cut short because of breaking developments in Egypt, FCIC head Phil Angelides continued to promote circulation of the FCIC's Final Report (which continues to get scant coverage in the media), and called for more aggressive federal action to deal with the continuing foreclosure crisis. Asked about the coming second wave of foreclosures, Angelides said that what's driving this is the high level of prolonged unemployment, and also the inability of homeowners to modify their mortgages. The complex securitization process makes it very hard to unwind these mortgages and establish ownership, Angelides said, adding, "we've created a very tangled web." Saying that more aggressive federal action is needed, Angelides pointed out that in the 1930s, Franklin Roosevelt created a home-ownership assistance program, under which thousands of federal agents were sent out to help people negotiate with their banks. Angelides again urged people to go to the website, download the report, or purchase it from Public Affairs press or the GPO. "This is an important story: of what happened to this country, how we came to the verge of financial collapse, and hopefully there will be lessons learned here, so we do not repeat this... I think it shows there's a tremendous hunger in this country still -- anger, confusion, about what it is that brought us to the point where 4 million families have lost their homes, and 13 million families may; $11 trillion in life savings were wiped away, and 26 million of our fellow Americans are out of work. People want to know how this happened and why it happened."
https://wn.com/Financial_Crisis_Inquiry_Commission_Report_1_3
×