Financial Network Investment » meltdown

Pt. 1 America’s Bankrupt Banks (Inside the Meltdown)

wealth — Fri, 10 Dec 2010 01:04:54 +0000

On Thursday, Sept. 18, 2008, the astonished leadership of the US Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. “There was literally a pause in that room where the oxygen left,” says Sen. Christopher Dodd (D-Conn.). As the housing bubble burst and trillions of dollars’ worth of toxic mortgages began to go bad in 2007, fear spread through the massive firms that form the heart of Wall Street. By the spring of 2008, burdened by billions of dollars of bad mortgages, the investment bank Bear Stearns was the subject of rumors that it would soon fail. “Rumors are such that they can just plain put you out of business,” Bear Stearns’ former CEO Alan “Ace” Greenberg tells FRONTLINE. The company’s stock had dropped from $171 to $57 a share, and it was hours from declaring bankruptcy. Federal Reserve Chairman Ben Bernanke acted. “It was clear that this had to be contained. There was no doubt in his mind,” says Bernanke’s colleague, economist Mark Gertler. Bernanke, a former economics professor from Princeton, specialized in studying the Great Depression. “He more than anybody else appreciated what would happen if it got out of control,” Gertler explains. To stabilize the markets, Bernanke engineered a shotgun marriage between Bear Sterns and the commercial bank JPMorgan, with a promise that the federal government would use $30 billion to cover Bear Stearns …

Capitalism Hits the Fan: A Lecture on the Economic Meltdown – Preview

wealth — Tue, 22 Jun 2010 13:10:18 +0000

Buy DVD at www.CapitalismHitsTheFan.com or http With breathtaking clarity, renowned UMass Economics Professor Richard Wolff breaks down the root causes of today’s economic crisis, showing how it was decades in the making and in fact reflects seismic and systemic failures within American-style capitalism as a whole. Wolff traces the source of the economic crisis to the 1970s, when wages began to stagnate and American workers were forced into a dysfunctional spiral of borrowing and debt that ultimately exploded in the mortgage meltdown. By placing the crisis within this larger historical and systemic frame, Wolff argues convincingly that both the government “bailouts” and calls for increased market regulation will not be enough to address the real causes of the crisis – in the end suggesting that more fundamental changes will be necessary to avoid future catastrophes. Richly illustrated with graphics and charts, this is a superb introduction that allows ordinary citizens to comprehend, and react to, the unraveling crisis. Available on DVD from the Media Education Foundation

The Mortgage Banking Meltdown

wealth — Sat, 17 Apr 2010 01:00:25 +0000

www.financeforcongress.com A visual demonstration of the changes in mortgage banking that led to the current financial crisis. To learn more, watch our other video, “Understanding the Financial Crisis,” and visit http

Busted: Life Inside the Great Mortgage Meltdown

wealth — Sun, 04 Apr 2010 01:01:45 +0000

ISBN13: 9780393067941
Condition: NEW
Notes: Brand New from Publisher. No Remainder Mark.

He has millions of Americans, including journalists knew we are plunged DescriptionThe products fiasco. Economic Times veteran reporter, was recognized Edoandoryusu high against the risks of mortgage lenders to close easily. However, the promise of a second chance at love, he succumbed to the temptation of subprime loans, and cover part of the economic disaster. For a surprisingly short, staggerin obtained. . . More>>

Busted: Life Inside the Great Mortgage Meltdown

Countrywide Mortgage Meltdown

wealth — Thu, 25 Mar 2010 01:25:42 +0000

Former Countrywide Employees can help the investigation at www.jameshoyer.com Countrywide evicts family right before the holidays. Why are big mortage companies like Countrywide saying they want to help families avoid foreclosure, when this is what’s really happening?