Feb 18 2009
Inside The Meltdown
PBS.org – Frontline: Inside The Meltdown
Finally got to watch this today. A very detailed and sobering view of the financial meltdown. Some of the descriptions of the historic meetings of leaders of congress and the banking industry were haunting. I couldn’t even imagine what it was like to have to tell congress that unless they gave the Fed and Treasury a blank check that the economy would collapse. This sad story is far from over but I thought this documentary laid it out pretty plainly what happened.
Everyone expected that people would always pay on these bad mortgages and that home values would always rise. When that ceased to be the case, everything collapsed and now we are in a sorry state. Whatever the government can do is fine but I really wonder if it will be enough and how long it will take to finally be resolved.
