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'Inside the Meltodown' looks at the collapse of Lehman Brothers and the subsequent crash of world markets, and attempts to explain how the biggest economic crisis in decades caught financial experts and government officials off guard.
The Bankers. Companies and Corporations will soon rule us All!
Arthur Jensen: [bellowing] You have meddled with the primal forces of nature, Mr. Beale, and I won't have it! Is that clear? You think you've merely stopped a business deal. That is not the case! The Arabs have taken billions of dollars out of this country, and now they must put it back! It is ebb and flow, tidal gravity! It is ecological balance! You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multivariate, multinational dominion of dollars. Petro-dollars, electro-dollars, multi-dollars, reichmarks, rins, rubles, pounds, and shekels. It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic and subatomic and galactic structure of things today! And YOU have meddled with the primal forces of nature, and YOU..WILL..ATONE!
Arthur Jensen: [calmly] Am I getting through to you, Mr. Beale? You get up on your little twenty-one inch screen and howl about America and democracy. There is no America. There is no democracy. There is only IBM, and ITT, and AT&T, and DuPont, Dow, Union Carbide, and Exxon. Those *are* the nations of the world today. What do you think the Russians talk about in their councils of state, Karl Marx? They get out their linear programming charts, statistical decision theories, minimax solutions, and compute the price-cost probabilities of their transactions and investments, just like we do. We no longer live in a world of nations and ideologies, Mr. Beale. The world is a college of corporations, inexorably determined by the immutable bylaws of business. The world is a business, Mr. Beale. It has been since man crawled out of the slime. And our children will live, Mr. Beale, to see that . . . perfect world . . . in which there's no war or famine, oppression or brutality. One vast and ecumenical holding company, for whom all men will work to serve a common profit, in which all men will hold a share of stock. All necessities provided, all anxieties tranquilized, all boredom amused. And I have chosen you, Mr. Beale, to preach this evangel.
The recent Supreme Court Decision only sped thier take over!
Nicely put but I'm not looking forward to it. Maybe it's this realization that causes people to strap things to themselves or get in planes and target symbols of greed and aggression. Isn't dying to defend freedom an American Value?
Unbelievable..it all boils down to ONE thing..blame every facet of government and finance if it makes you feel better but if that ONE thing had not been done "NONE" of this could of or would have happened. In 1999...the flood gates opened..the rules were changed by Congress and the sitting President at the time who signed it into law. Then it happened and EVERYONE from Realtors, Bankers, Investors, Developers, Contractors and Brokers who sold and bought Mortgage Loans jumped in. That law they changed was the "Community Reinvestment Act." Predatory lending was already on the rise due to the CRA's original passing in the 70's under Carter but a lot of good also came from the CRA. A Governor from Wisconsin in June of 1999 begged for a study of the CRA to be done before passage of the new change...he was ignored. Fannie Mae and Freddie Mac were already knee deep in Millions of new loans and were slobbering for more. It was sickening watching a government agency abuse the American People like that. Economists warned the government at the time but everyone turned a deaf ear. The damage was too far gone by 2004 when a few in Congress and the sitting President tried to turn back the tide. Yes, a Congress and a Democratic President left a budget surplus in 1999, but with 9/11, a Dot Com Crisis, Wars..no one paid attention to that one little law that was changed that literally destroyed the futures of Billions. Check and see who lobbied for that change and you will see the real culprits. Those that came after only jumped on the wagon. When will we ever learn that we have to work for what we get..there are no free lunches without consequences. Thank God this is America and we have the spirit and ability to rebound by reducing government control because every time they get too big...they (both parties) always got to screw something up.
I've suspected that de-regulation from the Regan Administration that was used to prime and invigorate a static market was to blame. The idea is sound but without limits and controls, it's a fire that burned too hot. The scenario that you suggest seems to indicate that you believe those in the financial industry whose job it is to know these things, knew what they were doing and did it anyway and did so with tacit approval from our representatives for the last 20 years. I agree with you I just think the tipping point was a bit earlier but with the S. Court ruling this week and no apparent desire from our reps to jealously gaurd their charges (us)..but you're right..it really hasn't been a right or left thng in a long long time and those who suggest that it is are intentionally dividing us. I didn't watch the movie..but I've been awake for 40 years and I remember.
you're right, and here's what helped set it all into motion..
Clinton Signs Legislation Overhauling Banking Laws
WASHINGTON, Nov. 12 (Reuters) - President Clinton signed into law today a sweeping overhaul of Depression-era banking laws. The measure lifts barriers in the industry and allows banks, securities firms and insurance companies to merge and sell each other's products.
"This legislation is truly historic," President Clinton told a packed audience of lawmakers and top financial regulators. "We have done right by the American people."
The bill repeals parts of the 1933 Glass-Steagall Act and the 1956 Bank Holding Company Act to level the domestic playing field for United States financial companies and allow them to compete better in the evolving global financial marketplace.
Analysts and industry leaders say the measure will probably fuel a wave of mergers as companies compete to build financial supermarkets offering all the services customers need under one roof.
Financial stocks were winners on Wall Street today, with J.P. Morgan & Company, Citigroup, American Express and Merrill Lynch all posting big gains. That helped the Dow Jones industrial average end up 174.02 points, at 10,769.32.
I appreciate the fact that this documentary isn't fluff, fancy, or over dramatic. It is very rare in american media that we hear 'what really happened', rather oppinions, always attempting to inject beliefs without fully confessing the lies that they tell. I was overseas when americas financial system crumbled, so all I heard was news companies trying to out shout each others with drama and who can scare america the most with their stories.
This is a great documentary on what REALLY happened to cause america's financial organizations to collapse.
im not really shocked at how this all cvame to be.
everyone knew that the real estate market was a bubble ready to blow, no one wanted to believe it though, or really knew what pin would burst it.
im just amazed that one man couldnt put thingspast himself and let his gripe with anothers affect his ability to help and hence lehman went down in a blaze of.. well just a blaze. cant even imagine how many average ordinary people lost everything never mind countrys like iceland who went bankrupt. its hard to imagine..
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