Pt. 1 America’s Bankrupt Banks (Inside the Meltdown)

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On Thursday, Sept. 18, 2008, the astonished leadership of the US Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. “There was literally a pause in that room where the oxygen left,” says Sen. Christopher Dodd (D-Conn.). As the housing bubble burst and trillions of dollars’ worth of toxic mortgages began to go bad in 2007, fear spread through the massive firms that form the heart of Wall Street. By the spring of 2008, burdened by billions of dollars of bad mortgages, the investment bank Bear Stearns was the subject of rumors that it would soon fail. “Rumors are such that they can just plain put you out of business,” Bear Stearns’ former CEO Alan “Ace” Greenberg tells FRONTLINE. The company’s stock had dropped from $171 to $57 a share, and it was hours from declaring bankruptcy. Federal Reserve Chairman Ben Bernanke acted. “It was clear that this had to be contained. There was no doubt in his mind,” says Bernanke’s colleague, economist Mark Gertler. Bernanke, a former economics professor from Princeton, specialized in studying the Great Depression. “He more than anybody else appreciated what would happen if it got out of control,” Gertler explains. To stabilize the markets, Bernanke engineered a shotgun marriage between Bear Sterns and the commercial bank JPMorgan, with a promise that the federal government would use $30 billion to cover Bear Stearns

25 Comments For This Post

  1. AFRIKTODAY Says:

    Unfortunately, CNBSHIT has a profound impact on Wall Street! Morons informing other morons!

  2. clyton143 Says:

    Americans should start living by their means spend what you earn.once the Chinese Japanese etc start withdrawing their money America will be finish end of the road for the US by 2017

  3. 73mandala Says:

    @MrRob7004 How can the rest of the world outsmart the strongest most wealthy country of the world? I don’t know about that, the smartest best go getters are from the US. You don’t tkink its more by design? I’ve had the belief that since India and more so China have opened the doors companies are bailing to those countries,less wages, no benefits, no OHS etc. I think these bankers could forsee that the US would struggle against these Asian countries. So they’ve swindled billions on the way out

  4. MrRob7004 Says:

    @73mandala the problem is that we are being out smarted by the rest of the world.my wife works for a big bank in boston..last year they hired 6 Canadains to run the bank…why did they do that..what do canadains care about or banks?

  5. asnidejoy Says:

    If you want to understand the full picture go to globalconspiracy.co.uk Freedom and Democracy are not the same thing in the same way that you can never ever beat a war on terror.. Who will decide when the terror ends? The war on terror is designed to never end, it can’t by its very definition as in the book 1984 explains. Go to globalconspiracy.co.uk

  6. 73mandala Says:

    @JohnnyGGN Better than living as a slave to the zionist jewish bankers. Also if it did come to civil war at least you could execute these thieving bankers and rid the US of this dangerous subversive element in your country. Then as the jewish murderers of the Czar and his family and the over 100 million Russians that died, you could do the same thing to these thieving bastards, take their wealth and give it back 2 the ppl. Although the jews who caused the Russian Revolution kept the $ they stole

  7. 73mandala Says:

    The US has 1 enemy inside the gates that has caused all this chaos, zionist jew bankers, the lowest,worst kind of cancer/scum a country can suffer

  8. PaulGiffs Says:

    Forget getting angry. GET TO THE STORE. Stock up as fast as you can, night and day. YOU ARE IN DANGER. If you doubt it, read the article at my blog today. It could save your life.

  9. chasbo13 Says:

    this show is so 2009, most people I know already made back all their losses from 2008.

    get over it.

  10. RyanB0011 Says:

    @AFRIKTODAY better than fox or cnn

  11. kocibrzycki Says:

    why don’t they just admit that they are just Thieves!!!

  12. AFRIKTODAY Says:

    Maybe the problem is that people happen to rely on CNBC!
    CNBC is crap!

  13. FactualSolutions Says:

    Thanks for the info.But again,the SOLUTIONS presented in both videos posted are already being applied and they have already been proved to work in the short and long run(google “Live In Your Own Venus Project City TODAY” to see it for yourself).And by the way,we are not here to convince anyone of anything, we are here to present information,nothing else (check the info, the sources and make up your own mind.Over 480,000 people already did it and this number is growing fast).
    All the best.
    FS:)

  14. randyleepublic1 Says:

    @FactualSolutions Zeitgeist has the right spirit, but their ideas are impractical. A man named Clifford Hugh Douglas analyzed the problem and figured out a workable solution back in the 1920s. Read up on Social Credit. The truth is out there.

  15. randyleepublic1 Says:

    @amcanmike Of course it is. This scam started in Italy in the middle ages. It is called Fractional Reserve Banking. It has caused more suffering than all the gruesome despots of history combined. There is an answer: a system of government called Social Credit. Read up on it. The truth is out there.

  16. amcanmike Says:

    @JohnnyGGN this is all a scam to control more of america i really think that

  17. JohnnyGGN Says:

    @amcanmike We have allready seen. They had no alternative, as the alternative was a systematic meltdown of the system. That would have lead to civil war and hunger.

  18. amcanmike Says:

    @JohnnyGGN WE WILL SEE

  19. JohnnyGGN Says:

    @amcanmike They were more broke than you can imagine.
    If they have security for only 60% of the loans, then they are broke when markets discovers it. Thats why the government had to cover the rest up to 100%.

  20. FactualSolutions Says:

    The Zeitgeist Movement is the only Group out there that has brought up some Real and Tangible Solutions to ACTUALLY SOLVE OUR ECONOMICAL, SOCIAL & ECOLOGICAL CRISIS – to know more about it, watch: “Awakening 1/4” (short video) and “Zeitgeist Addendum”. Both of them are on YouTube.The SOLUTIONS presented in both videos are already being applied and they have already been proved to work in the short and long run. It’s about time to expand/spread it World Wide.
    the zeitgeist movement dot com
    🙂
    FS

  21. Rico8458 Says:

    the average common man is screwed, so buy guns, gold, silver, keep cash at home in a safe, and stock up on water and canned goods, but a gas mask too. protect your wife and kids. there is no more faith in this nation. we have a country of crooks and animals, illegal aliens mexicans, criminal federal bank, corrupt politicians, and an avatar president. this is a huge police state now just try to get on a plane. this is not the america of my youth.

  22. JediMasterLego Says:

    @MrThatniggafred how about inside the freezer? (*says sarcastically but is being serious about the comment* (i actually DID know of someone who did that)). there actually WAS someone [in-real-life] who did that.

    makes you give new meaning to the term “cold hard cash” doesn’t it? 😛

  23. biospharms Says:

    To get some solid facts on what’s going on in America and elsewhere I like these You Tubes: Peter Schiff, his are all good watch them all if you can.
    Dr. Albert Bartlett, Titled: The Most Important Video You Will Ever See.
    National Inflation Association, Titled: Meltup, and another one, Japan: Americas lost decade.
    One last one that I just found is: Why Are We In So Much Debt. Very good info but a little slow for me. Have fun and God Bless!

  24. dreamvisionnetwork Says:

    @WittTristan:
    YTou see they got us by the balls. If we would break them we cant.
    You see we give them lets say 10 billion dollars of our money.
    10 percent stays in the bank and the rest gets “invested”.
    THUS our money is gone and we cant get them back. its not in the vault anymore.
    Its gone, if you try to break the banks balls you only break the people who gave money to the bank, not the bank itself. if the bank goes bankrupt only the 10% gets recovered, the rest is gone. the money is GONE!!!

  25. MrThatniggafred Says:

    @The7of1 but how do you kill thee fucking thieves when we dont even know who they are we dont even have names “what do u think about credit unions? are credit unions better than banks?? i want to close my account with bank of america and vanguard but i need a place to put my mone

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