• 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
  • 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
  • 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
  • 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
  • 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
  • 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
  • The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

    A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.

    published: 28 Jun 2015
  • Angelides Discusses Investigation of Financial Crisis: Video

    Nov. 18 (Bloomberg) -- Philip Angelides, chairman of the Financial Crisis Inquiry Commission, talks with Bloomberg Television about investigating what caused the financial crisis. (Source: Bloomberg)

    published: 23 Mar 2012
  • The Financial Crisis Inquiry Report - 1.28.2011

    The Panel misses the mark in its partisan report that fails to encourage a change in the behavior behind the Crisis - "Those who cannot remember the past are doomed to repeat it". Want more? Visit us at http://www.valentineventures.com or subscribe to our YouTube channel

    published: 03 Mar 2011
  • 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
  • Why the Financial Crisis Happened: Debt, Economy & the Stock Market - Paul Krugman (2008)

    The financial crisis of 2007--2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008--2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, wh...

    published: 05 Aug 2014
  • 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
  • June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

    During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)

    published: 11 Apr 2011
  • 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
  • Peter Schiff Responds to Financial Crisis Inquiry Commission

    The only thing FCIC need to do was read his book, Schiff says.

    published: 28 Jan 2011
  • 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
  • Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve

    Watch Alan Greenspan testify before the commission after the Financial Crisis of 2008. All rights of this video go to the original source.

    published: 08 Oct 2016
  • Former AIG chief tells panel he did his best to estimate losses ahead of crisis

    (30 Jun 2010) 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++...

    published: 24 Jul 2015
  • Angelo Mozilo's defense of Countrywide during a Financial Crisis and Inquiry Commission interview

    Angelo Mozilo's defense of Countrywide during a Financial Crisis and Inquiry Commission interview

    published: 24 Jul 2012
  • 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
  • Chairman of the Financial Crisis Inquiry Commission; Financial System Still at Risk

    Jan. 27 (Bloomberg) -- Phil Angelides, the Democratic chairman of the Financial Crisis Inquiry Commission, talks about the group's report published today. The report blames Washington regulators and Wall Street banks equally for failures leading to the crisis. The findings weren't endorsed by the commission's four Republican members, who wrote two dissents and criticized decisions by the chairman. Angelides speaks with Peter Cook on Bloomberg Television's "InBusiness." You can download "THE FINANCIAL CRISIS INQUIRY REPORT" Here: http://www.scribd.com/doc/47754964/The-Financial-Crisis-Inquiry-Report FAIR USE NOTICE: This video may contain copyrighted material. Such material is made available for educational purposes only. This constitutes a 'fair use' of any such copyrighted material a...

    published: 29 Jan 2011
  • Wallison Says Government Caused The Financial Crisis: BLAW

    May 19 (Bloomberg) -- Peter J. Wallison, co-director of financial policy studies at the American Enterprise Institute, talks with Bloomberg Law's Lee Pacchia about the role the housing market played in the events leading up to the financial crisis in 2008 and his experiences serving as a member of the Financial Crisis Inquiry Commission. Part 2 of a two part interview.

    published: 19 May 2011
  • 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
developed with YouTube
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: 34772
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: 46619
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)
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: 641
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
Introduction to the Financial Crisis Inquiry Commission

Introduction to the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 2:30
  • Updated: 12 Jan 2010
  • views: 12212
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
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: 47788
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
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: 234338
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: Credit Rating Agencies commit fraud/ incompetence

2008 Financial Crisis: Credit Rating Agencies commit fraud/ incompetence

  • Order:
  • Duration: 4:02
  • Updated: 09 May 2011
  • views: 14587
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
The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

The Whitewash Commission: Inside Stories from the Financial Crisis Inquiry Commission

  • Order:
  • Duration: 20:18
  • Updated: 28 Jun 2015
  • views: 297
videos
A mini documentary about the FCIC: Peter Wallison, commissioner of the FCIC, and Ed Pinto, former chief credit officer for Fannie Mae, talk about the true purpose of the Financial Crisis Inquiry Commission.
https://wn.com/The_Whitewash_Commission_Inside_Stories_From_The_Financial_Crisis_Inquiry_Commission
Angelides Discusses Investigation of Financial Crisis: Video

Angelides Discusses Investigation of Financial Crisis: Video

  • Order:
  • Duration: 1:04
  • Updated: 23 Mar 2012
  • views: 59
videos
Nov. 18 (Bloomberg) -- Philip Angelides, chairman of the Financial Crisis Inquiry Commission, talks with Bloomberg Television about investigating what caused the financial crisis. (Source: Bloomberg)
https://wn.com/Angelides_Discusses_Investigation_Of_Financial_Crisis_Video
The Financial Crisis Inquiry Report - 1.28.2011

The Financial Crisis Inquiry Report - 1.28.2011

  • Order:
  • Duration: 3:27
  • Updated: 03 Mar 2011
  • views: 17
videos
The Panel misses the mark in its partisan report that fails to encourage a change in the behavior behind the Crisis - "Those who cannot remember the past are doomed to repeat it". Want more? Visit us at http://www.valentineventures.com or subscribe to our YouTube channel
https://wn.com/The_Financial_Crisis_Inquiry_Report_1.28.2011
Financial crisis inquiry begins

Financial crisis inquiry begins

  • Order:
  • Duration: 10:25
  • Updated: 14 Jan 2010
  • views: 4705
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
Why the Financial Crisis Happened: Debt, Economy & the Stock Market - Paul Krugman (2008)

Why the Financial Crisis Happened: Debt, Economy & the Stock Market - Paul Krugman (2008)

  • Order:
  • Duration: 1:22:17
  • Updated: 05 Aug 2014
  • views: 2240
videos
The financial crisis of 2007--2008, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment. The crisis played a significant role in the failure of key businesses, declines in consumer wealth estimated in trillions of U.S. dollars, and a downturn in economic activity leading to the 2008--2012 global recession and contributing to the European sovereign-debt crisis. The active phase of the crisis, which manifested as a liquidity crisis, can be dated from August 9, 2007, when BNP Paribas terminated withdrawals from three hedge funds citing "a complete evaporation of liquidity". The bursting of the U.S. housing bubble, which peaked in 2006,[5] caused the values of securities tied to U.S. real estate pricing to plummet, damaging financial institutions globally.[6][7] The financial crisis was triggered by a complex interplay of policies that encouraged home ownership, providing easier access to loans for (lending) borrowers, overvaluation of bundled sub-prime mortgages based on the theory that housing prices would continue to escalate, questionable trading practices on behalf of both buyers and sellers, compensation structures that prioritize short-term deal flow over long-term value creation, and a lack of adequate capital holdings from banks and insurance companies to back the financial commitments they were making.[8][9][10][11] Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[12] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009. Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[13] The U.S. Senate's Levin--Coburn Report concluded that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[14] The Financial Crisis Inquiry Commission concluded that the financial crisis was avoidable and was caused by "widespread failures in financial regulation and supervision," "dramatic failures of corporate governance and risk management at many systemically important financial institutions," "a combination of excessive borrowing, risky investments, and lack of transparency" by financial institutions, ill preparation and inconsistent action by government that "added to the uncertainty and panic," a "systemic breakdown in accountability and ethics," "collapsing mortgage-lending standards and the mortgage securitization pipeline," deregulation of over-the-counter derivatives, especially credit default swaps, and "the failures of credit rating agencies" to correctly price risk.[15] The 1999 repeal of the Glass-Steagall Act effectively removed the separation between investment banks and depository banks in the United States.[16] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[17] Research into the causes of the financial crisis has also focused on the role of interest rate spreads.[18] In the immediate aftermath of the financial crisis palliative fiscal and monetary policies were adopted to lessen the shock to the economy.[19] In July 2010, the Dodd--Frank regulatory reforms were enacted to lessen the chance of a recurrence. http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%9308
https://wn.com/Why_The_Financial_Crisis_Happened_Debt,_Economy_The_Stock_Market_Paul_Krugman_(2008)
June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

June 2, 2010 - Heather Murren, Financial Crisis Inquiry Commissioner Asks Warren Buffet A Question

  • Order:
  • Duration: 2:27
  • Updated: 11 Apr 2011
  • views: 1586
videos
During a June 2, 2010 Financial Crisis Inquiry Commission Hearing Heather Murren asks Warren Buffett a question relating to investment reserch independence and how incentives relate to research quality. (Look up: Heather Murren on Wikipedia)
https://wn.com/June_2,_2010_Heather_Murren,_Financial_Crisis_Inquiry_Commissioner_Asks_Warren_Buffet_A_Question
Financial Crisis Inquiry Commission Report - 1/3

Financial Crisis Inquiry Commission Report - 1/3

  • Order:
  • Duration: 10:47
  • Updated: 11 Feb 2011
  • views: 1004
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
Peter Schiff Responds to Financial Crisis Inquiry Commission

Peter Schiff Responds to Financial Crisis Inquiry Commission

  • Order:
  • Duration: 6:19
  • Updated: 28 Jan 2011
  • views: 433
videos
The only thing FCIC need to do was read his book, Schiff says.
https://wn.com/Peter_Schiff_Responds_To_Financial_Crisis_Inquiry_Commission
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: 1070
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)
Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve

Alan Greenspan takes on Congress: Financial Crisis and the Federal Reserve

  • Order:
  • Duration: 53:54
  • Updated: 08 Oct 2016
  • views: 869
videos
Watch Alan Greenspan testify before the commission after the Financial Crisis of 2008. All rights of this video go to the original source.
https://wn.com/Alan_Greenspan_Takes_On_Congress_Financial_Crisis_And_The_Federal_Reserve
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: 1812
videos
(30 Jun 2010) 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. In response, Cassano said his unit had already decided to run down the portfolio of derivatives in 2005. 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
Angelo Mozilo's defense of Countrywide during a Financial Crisis and Inquiry Commission interview

Angelo Mozilo's defense of Countrywide during a Financial Crisis and Inquiry Commission interview

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  • Duration: 3:46
  • Updated: 24 Jul 2012
  • views: 777
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Angelo Mozilo's defense of Countrywide during a Financial Crisis and Inquiry Commission interview
https://wn.com/Angelo_Mozilo's_Defense_Of_Countrywide_During_A_Financial_Crisis_And_Inquiry_Commission_Interview
The 2008 Financial Crisis: Crash Course Economics #12

The 2008 Financial Crisis: Crash Course Economics #12

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  • Duration: 11:25
  • Updated: 21 Oct 2015
  • views: 861370
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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
Chairman of the Financial Crisis Inquiry Commission; Financial System Still at Risk

Chairman of the Financial Crisis Inquiry Commission; Financial System Still at Risk

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  • Duration: 2:54
  • Updated: 29 Jan 2011
  • views: 202
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Jan. 27 (Bloomberg) -- Phil Angelides, the Democratic chairman of the Financial Crisis Inquiry Commission, talks about the group's report published today. The report blames Washington regulators and Wall Street banks equally for failures leading to the crisis. The findings weren't endorsed by the commission's four Republican members, who wrote two dissents and criticized decisions by the chairman. Angelides speaks with Peter Cook on Bloomberg Television's "InBusiness." You can download "THE FINANCIAL CRISIS INQUIRY REPORT" Here: http://www.scribd.com/doc/47754964/The-Financial-Crisis-Inquiry-Report FAIR USE NOTICE: This video may contain copyrighted material. Such material is made available for educational purposes only. This constitutes a 'fair use' of any such copyrighted material as provided for in Title 17 U.S.C. section 107 of the US Copyright.
https://wn.com/Chairman_Of_The_Financial_Crisis_Inquiry_Commission_Financial_System_Still_At_Risk
Wallison Says Government Caused The Financial Crisis: BLAW

Wallison Says Government Caused The Financial Crisis: BLAW

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  • Duration: 9:34
  • Updated: 19 May 2011
  • views: 764
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May 19 (Bloomberg) -- Peter J. Wallison, co-director of financial policy studies at the American Enterprise Institute, talks with Bloomberg Law's Lee Pacchia about the role the housing market played in the events leading up to the financial crisis in 2008 and his experiences serving as a member of the Financial Crisis Inquiry Commission. Part 2 of a two part interview.
https://wn.com/Wallison_Says_Government_Caused_The_Financial_Crisis_Blaw
Financial Crisis Inquiry Commission Report - 3/3

Financial Crisis Inquiry Commission Report - 3/3

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  • Duration: 10:40
  • Updated: 11 Feb 2011
  • views: 424
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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