Did you watch Frontline's Meltdown? Looks like Paulson put Ideology ahead of the country.

[Democrats_win]

http://www.pbs.org/wgbh/pages/frontline/meltdown/

If you recall what happened in September 2008, you'll remember that everything fell a part when Lehman Brothers declared bankruptcy. I'm not saying it wouldn't have happened later, but there is no question, that it began then.

Here's what Frontline says about Paulson's actions regarding Lehman:

"Within days, in September 2008, another investment bank, Lehman Brothers, was on the brink of collapse. Once again, there were calls for Bernanke and Paulson to bail out the Wall Street giant. But Paulson was under intense political pressure from conservative Republicans in Washington to invoke moral hazard and let the company fail."
http://www.pbs.org/wgbh/pages/frontline/meltdown/etc/synopsis.html

Moral hazard may have a place, but this was not that place. Lehman Brother's failure hurt millions of innocent people worldwide.

So there it is, Paulson put his idealogy ahead of America and the world. If the bush presidency wasn't bad enough, when politics was put into every single action, we had the end of bush punctuated by right wing wrong headedness. The Republican party owns this economic collapse.

[The_Casual_Observer]

1. It was an informative program. However, a history of how the whole

banking problem evolved to the point where the program began would have been much more informative & useful.

Apparently letting Lehman go was THE strategic blunder.

[truedelphi]

7. You say:

However, a history of how the whole banking problem evolved to the point where the program began would have been much more informative & useful.

Google Gary Fielder and YouTube and you'll see a good example of what could have been presented.

He doesn't just lecture - but instead, allowed his friends to insert some of the better TV and other film presentations on the economic collapse and its causes. One of the better 60 Minute Segments on derivatives, etc was included.

[dixiegrrrrl]

9. tru--I watched a video you recommended in your Journal

"the gig is Up" by Gary Fielder.
it should be required in every home and classroom.

He is right... "they" get away with using our money because we are not educated in money.
Not "economics"....but MONEY and how it works and who works it.

thank you so much for posting the educational links.

[Mudoria]

2. That's the impression I got from the show..

Letting Lehman's fall started the domino effect and worsened the whole deal. I'm not saying the shitstorm wouldn't have happened anyway but it does seem the fall of Lehman's paved the way for what followed. The taxpayers are screwed either way.

[otohara]

3. Missed It - Watching Online

I was hoping the other PBS station would air it - but I'm not finding it on their schedule.

[lurky]

4. Just watched it an hour ago.

I didn't see much I hadn't heard already, but it was nice to have a view of what was happening behind closed doors. In many ways, this was the story of the people and personalities involved in the crisis. I agree with other posters that there wasn't a whole lot of background on what caused the crisis, but there's only so much they could fit into an hour.

If anybody wants to learn about the financial manipulations that got us into this disaster, the public radio show "This American Life" did a couple of outstanding episodes where they investigated and explained collateralized debt obligations, credit default swaps, and other arcane financial practices that are currently destroying our economy. These are incredibly well done and entertaining primers on the financial crisis. Here are links where you can listen:

The Giant Pool of Money
Another Frightening Show About the Economy

[Captain Hilts]

5. That's only part of the impression I got.

I thought the relationship between Paulson and Bernacke was interestingly done.

That's a program I need to watch more than once.

[Zen Democrat]

6. NOW on PBS provided a big piece of the puzzle regarding the credit rating agencies.

Some of those honchos at Standard & Poors and Moody's certainly must be headed for long prison terms; otherwise, just close down the courts.

[Mr. Hyde]

8. Just finished it. It does leave you with a sick kind of feeling, doesn't it?