Frontline - Breaking the Bank Video *Very good*

This video REALLY shed some light on everything for me. This is the first time I have seen Ken Lewis or any of the banking CEOs talk about the meltdown. I am very surprised by the things they are talking about in this video. Now, its a 55 min. long video, so if you don't have the time right now, just save the link and watch it later. But if your not busy, I suggest you watch it. Enjoy

www.pbs.org...

It all began on that fateful weekend in September 2008 when the American economy was on the verge of melting down. Then-Secretary of the Treasury Henry Paulson, his former protégé John Thain, and Ken Lewis, one of the most powerful bankers in the country, secretly cut a deal to merge Bank of America and Merrill Lynch.

The merger of the nation's largest bank and Merrill Lynch was supposed to help save the American financial system by preventing the imminent Lehman Brothers bankruptcy from setting off a destructive chain reaction. But it became immediately clear that it had not worked. Within days, the entire global financial system was collapsing.

In Washington, Secretary Paulson was determined to spend billions of government dollars to prevent the American banking system from dragging the country into a depression. That October, Lewis, Thain and other top bank CEOs found themselves at an emergency meeting at the Treasury Department. Paulson told the group they had no choice but to accept $125 billion of capital from American taxpayers in order to save the financial system. Initially, Bank of America's CEO Lewis was supportive of the plan. "We are so intertwined with the U.S. that it's hard to separate what's good for the United States and what's good for Bank of America," Lewis tells FRONTLINE.

Paulson told the group they had no choice but to accept $125 billion of capital from American taxpayers in order to save the financial system. Initially, Bank of America's CEO Lewis was supportive of the plan. "We are so intertwined with the U.S. that it's hard to separate what's good for the United States and what's good for Bank of America," Lewis tells FRONTLINE.

Haha he basically admits that whats best for the USA is for the banks to do well, they seems to think their fate is intertwined with that of the people.

we should have let them fail, without trying to help. There are better ways to stimulate the economy than pouring money into their pockets.

People like them fail to realize that an economy's strength is the purchasing power of the consumer, and the job market. If the billions would have been put into things such as public works programs as well as stimulating the job market.....we wouldn't have a large a crisis on our hands.

I haven't watched the video, and probably wont... i kinda already know what they are going to say

SnF

[edit on 16-6-2009 by phi1618]

[edit on 16-6-2009 by phi1618]

What I think is amazing is the CEOs are coming out of the woodwork in this video saying that Hank Paulson basically locked them in a room and told them they could not leave unless they took the TARP money The whole video has CEO's and Chairmen of banks pointing their fingers at Paulson and the government.. Like they did nothing right

HOw to revolt without having the US Army turn you into swiss cheese::
NONVIOLENT APPROACH:
Start to organize a group, with like minded individuals in real life, meetings, discussions, protests etc.
Get everyone in your group to go and receive the biggest loans you can from any bank franchise you choose, then all default on the loans, dont pay a penny.
My version of the bailout for working class. (this is called Skeetology, the pullout method. haha)
If enough people around the nation do this, it will make them fail. Use the money from everyone's loans, pool it together and start your own community somewhere rural.
I have started a small pocket in my town. it may just be a couple hundred but it is growing. groups all over the nation are gearing up for something that should have already happened. seek out a group near you and join, but try to maintain nonviolence.
But be warned and be careful, as you see on the news, the FBI, Homeland Security, and NWO are also actively seeking out these "terrorist cells"

tread softly but carry a big stick. dont let them take our freedoms laying down.
THe only other option is to fight, which I am trying to avoid, another civil war will be very messy


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these pbs things are great,, i spent days watching all that i could on there site,,,,

i watched one,,,, wherebank of america,,,,,saved 1 billion dollars in us taxes,,by,,, buying train cars in germany, i believe,,,, and then rented them back to the city who owned them,,,,,
a slight of hand, basically,,, and this goes on all the time to avoid us taxes

along with all the shell co's in the canary islands

I was very surprised to see any of them talking the way they were though. A lot of those meetings Ken Lewis spoke of were highly secretive. I would have never thought that he would speak out about the context of what happened in those rooms.

Also, its really amazing just how close we really were to a complete economic collapse I know that the majority of us on this site knew that, but to hear Paulson say it.. But, as always, we are just "conspiracy theorists" and "doom and gloomers"..

I think this qualifies us for an apology