BBC - Super Rich: The Greed Game
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BBC Two Programmes - Super Rich: The Greed Game
Super Rich: The Greed Game
Duration: 60 minutes
As the credit crunch bites and a global economic crisis threatens, Robert Peston reveals how the super-rich have made their fortunes, and the rest of us are picking up the bill.
This is a very instructive nearly hour long overview of those who benefitted from the recent credit boom and who are unaffected by the credit crutch they have caused.
You should also check out a Podcast for the radio program "This American Life". Find it at http://www.thislife.org/Radio_Episode.aspx?episode=355
355: The Giant Pool of Money
"A special program about the housing crisis... We explain it all to you. What does the housing crisis have to do with the turmoil on Wall street? Why did banks make half-million dollar loans to people without jobs or income? And why is everyone talking so much about the 1930s? It all comes back to the Giant Pool of Money." from the Site Blurb
Due to both these admittedly mainstream reports, I am a lot closer to understand what has recently happened in the world economy and financial markets.
May 27 2008, 17:16 UTC
A must see!
As the credit crunch bites and a global economic crisis threatens, BBC financial editor Robert Peston reveals how the super-rich have made their fortunes, and the rest of us are picking up the bill.
Coming out of the prosperity of the Clinton years in America combined with a wave of cash hitting the financial markets from the Middle East, China and India, hedge funds, private banks and brokerage houses were already in play to make usurious commissions leveraging this money with loans from conventional sources.
With 911, the Federal Reserve Bank lowered interest rates to add to the mountain of credit available.
Not content to be passive players on the sidelines, the banks were perfect targets for deliberate deception that the subprime mortgages were to become.
With alarming the candor, the superich who continue to cash in at our expense are interviewed and provide insights we have never heard before and may never hear again.
May 30 2008, 02:57 UTC