Too Big to Fail

[FordGT90Concept]

Anyone watch this HBO special/movie? I'm just wondering how accurate it is. It basically covers the 2008 financial collapse.

If it is accurate, all I have to say is: Wow. China and Russia pressured the USA into taking over Fannie Mae and Freddie Mac. France, as well as corporations like GE, pressured the USA into taking over AIG after seeing the fallout from Leman Brothers (which the government allowed to collapse).

[CyberDruid]

Sounds like a Conspiracy Theory.

:p

[FordGT90Concept]

1.59 million hits: http://www.google.com/webhp?q=Fannie%20Mae%20Freddie%20Mac%20chinese%20i nterest

Russia also had interest: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=agRQcQeLeK3k&refer=home

Nothing stands out as being obviously conspiracy. I'm sure some of it is made up and/or used to fill in the blanks. Most of the main points made sense though especially the:
1) An international incident would have occured if USA didn't prop up Fannie Mae and Freddie Mac.
2) Paulson refused to prop up Leman Brothers because of the "bailout" of Fannie and Freddie.
3) No one wanted/could buy out Leman because the government wasn't willing to absorb some of the risk.
4) Leman's failure caused Wall Street to think the end of the world was nigh. No banks wanted to loan money so businesses couldn't cover day-to-day operations. The credit market froze.
5) TARP is drafted but it turns out buying up "Troubled Assets" would take months. With no credit available, the economy would collapse in a matter of days. They didn't have months so the nationalization idea took over knowing very well that it will likely stop a depression but trigger a decade-long recession.
6) The 9 banks that were targeted for TARP didn't want it--it was forced upon them in hopes of freeing up credit.
7) The banks agreed, the money was dispersed, but credit markets stayed frozen.

That's the jist of it. All of it believable in my mind.

[CyberDruid]

I'd thank you but...

(toast)

[Damn_Smooth]

I'd thank you but...

(toast)

You'd what?

http://www.generalnonsense.net/showthread.php?t=6773

:D

[FordGT90Concept]

Oh, one thing that was odd...Bush (look alike) never appeared in the film and even the word "President" and/or "White House" was only used once or twice in regards to getting TARP passed. I wonder how much Bush knew about what Paulson, Geithner, and the rest of them were up to. Considering the Treasury resides under the Executive Branch, you'd think he'd know about most of it.

I suppose the director/writer didn't want to turn it into yet another documentary on Bush. It still makes me wonder though.

[SK-1]

I say we all go barter system.