In one of the most complete documentaries undertaken on the financial crisis, PBS Frontline's "Money, Power, & Wall Street" series stretches from the origins of the credit derivative business with a bikini-clad pool-side Blythe Masters and her JPMorgan colleagues to the scary (but absolutely true) fact that the financial crisis never ended. The four-part series (of which we present the first two below) continues tonight at 730ET and the entire set of 20 in-depth interviews with the various players (from Sheila Bair to Rodgin Cohen with a smattering of Jared Bernstein and Dick Fisher in between) can be found here. A must-watch series from beginning to end to get a grasp of how we got here (despite what Chairman Greenspan told us all this morning), where exactly we are now (in spite of today's FTMFW ISM print), and what we can expect in the next few years.
The chapter-headings alone generate enough insight into the documentary's depth and we will post the remaining two episodes tomorrow as soon as they are released.
Episode 1
Chapter 1 - A Brave New World of Banking
A group of young bankers make history with the creation of the credit default swap market
Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.
Chapter 2: Funding The American Dream
The Wall Street and mortgage lobbies successfully defeat attempts to regulate derivatives
Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.
Chapter 3: Marching Towards The Cliff
JPMorgan reassesses, pulls back from the mortgage market but other banks can't get enough
Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.
Chapter 4: The Unraveling Begins
When the housing bubble burst, CDS bring the global economy to its knees
Watch Money, Power and Wall Street: Part One on PBS. See more from FRONTLINE.
Episode 2
Chapter 1 - Systemic Risk
Bear Stearns collapses; regulators fear its effects on the financial system
Watch Money, Power and Wall Street: Part Two on PBS. See more from FRONTLINE.
Chapter 2 - The Summer Of Assurances
The financial crisis becomes increasingly obvious, but there's no decisive action
Watch Money, Power and Wall Street: Part Two on PBS. See more from FRONTLINE.
Chapter 3 - The Decision To Let Lehman Fail
Paulson bet the markets would take care of themselves but would soon learn he was wrong
Watch Money, Power and Wall Street: Part Two on PBS. See more from FRONTLINE.
Chapter 4 - AIG Gets A Bailout
A decision by Geithner means billions of US Government dollars flows to Wall Street
Watch Money, Power and Wall Street: Part Two on PBS. See more from FRONTLINE.
Chapter 5 - A Turning Point?
Paulson decides on a dramatic use of the TARP money: capital injections to the banks.
Concluding last night's post on the PBS Frontline "Money, Power, & Wall Street" mini-series, the remaining two episodes below take us from the market lows to the current euphoric highs. From Obama's decision for more of the same on his economic team to the Stress Tests, from Larry Summers cavorting arrogance to the Public's rising anger, these two 'post-crisis' episodes seem to have less revisionism than the first two and proceed beyond the US to Europe's 'hiding of the truth' and whether the system can ever be truly reformed - not a pretty picture (especially with the mutually assured destruction argument already being played by the banks in their discussions with the Fed on Dodd-Frank today). No Blythe Masters' pool-side this time but Larry Summers is always happy to please.
Episode 3
Chapter 1 - Obama Inherits A Crisis
The president-elect faces a key decision: Who would serve on his economics team?
Chapter 2 - A Financial Stability Plan
Geithner's team decides on stress tests, but his speech announcing the plan is a disaster
Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.
Chapter 3 - A Showdown At The White House
Economic adviser Larry Summers suggests it's time to break up a 'too big to fail' bank
Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.
Chapter 4 - The Stress Tests Revealed
The results are positive - with no mention of billions of Fed loans propping up the banks.
Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.
Chapter 5 - Summer '09 - Anger Boils Over
Obama revives a campaign to reform Wall Street but utlimately leaves the details to Congress
Watch Money, Power and Wall Street: Part Three on PBS. See more from FRONTLINE.
Episode 4
Chapter 1 - Everybody Was Making Money
Despite the crisis, nothing seems to have really changed the culture of Wall Street.
Watch Money, Power and Wall Street: Part Four on PBS. See more from FRONTLINE.
Chapter 2 - When Derivatives Deals Go Wrong
Banks promoted swaps to help cities lower debt payments. But then the markets crashed.
Watch Money, Power and Wall Street: Part Four on PBS. See more from FRONTLINE.
Chapter 3 - Europe Was "Cooking Their Books"
In the 1990s bankers offered derivatives to countries bidding to join the EU.
Watch Money, Power and Wall Street: Part Four on PBS. See more from FRONTLINE.
Chapter 4 - Can The System Be Reformed?
While Occupy Wall Street takes to the streets, another battle is being fought in D.C.
Watch Money, Power and Wall Street: Part Four on PBS. See more from FRONTLINE.
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