Money, Power and Wall Street, Part Two (full documentary) | FRONTLINE
FRONTLINE PBS | Official・2 minutes read
Financial crisis escalates with shaky home mortgages, causing fears of a meltdown and global liquidity crisis. Obama takes charge, pushes for aggressive Wall Street regulation, and confronts bankers on ethical practices, while Congress passes Paulson's $700 billion TARP bill.
Insights
- Barack Obama, recognizing the economic crisis early on, made it a central issue in his campaign and emphasized ethical business practices, regulation of Wall Street, and necessary changes despite resistance.
- The failure of Lehman Brothers, the subsequent market panic, freezing of payments, and AIG's collapse threatened a global depression, leading to Geithner's $180 billion bailout to prevent catastrophe and the government's $700 billion TARP bill passing to stabilize credit markets.
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Recent questions
What caused the financial meltdown?
Shaky home mortgages and global liquidity crisis fears.
How did Obama address the economic crisis?
By emphasizing ethical business practices and regulating Wall Street.
What led to Lehman Brothers' bankruptcy?
Bad bets and lack of government bailout.
How did the government respond to AIG's collapse?
Advocated for a bailout to prevent global economic catastrophe.
What was the outcome of Paulson's $700 billion TARP bill?
Significant government intervention in Wall Street.
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