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February 13, 2009 at 2:24 PM #346567February 14, 2009 at 9:38 AM #346339
Navydoc
ParticipantI just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
February 14, 2009 at 9:38 AM #346660ParticipantI just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
February 14, 2009 at 9:38 AM #346771ParticipantI just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
February 14, 2009 at 9:38 AM #346804ParticipantI just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
February 14, 2009 at 9:38 AM #346903ParticipantI just finished watching this last night after recording it the night it aired. I thought it was quite informative, but I feel it glossed over the responibilty of a major player in this mess. They covered how the ratings were assigned triple A, but were very vague as to how this actually happened, and hardly mentioned AIG’s role with the credit default swaps. This is how a large number of these crap CDO’s became triple A rated. AIG guaranteed the loans against default, so the rating agencies rated them much higher. It turned out that AIG only had a fraction of the capitol required to cover the defaults. Credit default swaps were only breifly mentioned, and the show didn’t state how AIG generated most of them.
February 15, 2009 at 12:55 PM #346677Anonymous
GuestLet me see if I understand this….Alan Greenspan the gatekeeper of the Federal Reserve admits he didn’t understand CDO’s but he doesn’t feel in any way responsible for the meltdown!!!? I think he may have what our Congress has, which is the Srgt Shultz defence….” I know nothing!” When he farted the MSM use to report on this guy but now he says telling anyone to stop no one would have listened????? I have a brindge in Brooklyn I want to see too!
February 15, 2009 at 12:55 PM #346999GuestLet me see if I understand this….Alan Greenspan the gatekeeper of the Federal Reserve admits he didn’t understand CDO’s but he doesn’t feel in any way responsible for the meltdown!!!? I think he may have what our Congress has, which is the Srgt Shultz defence….” I know nothing!” When he farted the MSM use to report on this guy but now he says telling anyone to stop no one would have listened????? I have a brindge in Brooklyn I want to see too!
February 15, 2009 at 12:55 PM #347111GuestLet me see if I understand this….Alan Greenspan the gatekeeper of the Federal Reserve admits he didn’t understand CDO’s but he doesn’t feel in any way responsible for the meltdown!!!? I think he may have what our Congress has, which is the Srgt Shultz defence….” I know nothing!” When he farted the MSM use to report on this guy but now he says telling anyone to stop no one would have listened????? I have a brindge in Brooklyn I want to see too!
February 15, 2009 at 12:55 PM #347145GuestLet me see if I understand this….Alan Greenspan the gatekeeper of the Federal Reserve admits he didn’t understand CDO’s but he doesn’t feel in any way responsible for the meltdown!!!? I think he may have what our Congress has, which is the Srgt Shultz defence….” I know nothing!” When he farted the MSM use to report on this guy but now he says telling anyone to stop no one would have listened????? I have a brindge in Brooklyn I want to see too!
February 15, 2009 at 12:55 PM #347244GuestLet me see if I understand this….Alan Greenspan the gatekeeper of the Federal Reserve admits he didn’t understand CDO’s but he doesn’t feel in any way responsible for the meltdown!!!? I think he may have what our Congress has, which is the Srgt Shultz defence….” I know nothing!” When he farted the MSM use to report on this guy but now he says telling anyone to stop no one would have listened????? I have a brindge in Brooklyn I want to see too!
February 15, 2009 at 1:17 PM #346687thebazman
ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
February 15, 2009 at 1:17 PM #347008ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
February 15, 2009 at 1:17 PM #347121ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
February 15, 2009 at 1:17 PM #347155ParticipantExcellent documentary. A little on the dramatic side, of course, as many major news network programs are slanted, to be expected. But it really did explain the whole mess to me.
What I gathered was that the whole CDO /subprime mortgage movement had gained so much momentum that each individual player did not want to “pull the plug” for fear of harming his or her own self-interest (financially) or be responsible for the immediate collapse of the economy. Even Alan Greenspan admitted he could have raised interest rates to discourage people from borrowing, but that in turn would start a chain reaction, sending the economy into a recession.
As it turns out, the whole “house of cards” collapsed anyway, so the end result was the same, just delayed. Maybe if someone had stepped in sooner the total number of people affected would have been less?
Also, did anyone catch the part at the end where one of the people on the show mentioned that this whole debacle would inevitably happen again in the future because of the inherent self-interest nature of humanity? Pretty scary but true!
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