High inflation. Fear of recession. Disruptions, like the collapse of Silicon Valley Bank. How did the U.S. economy get here? A two-hour documentary special traces the road to this moment, and the role of the Federal Reserve, the country’s central bank.
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FRONTLINE investigates the Fed’s epic economic experiment to revive the U.S. economy with what has been called an “easy money” policy and the far-reaching and sometimes unintended consequences.
“If we hadn’t been driving our economy for 14 years with easy money and then tried to really quickly undo that now, we wouldn’t be having these problems,” former top banking regulator Sheila Bair said in the documentary.
From the 2008 recession, to the COVID pandemic, to the rise in inflation, to the current economic uncertainty, “Age of Easy Money” charts the American economy’s tumultuous course, the fragility of the financial system and the widening gap between Wall Street and Main Street.
The documentary examines what led to the Fed’s recent decisions to hike interest rates at a historic pace and probes the ongoing effects, offering a comprehensive and timely examination of the role of the institution at the heart of America’s economy.
The documentary is supported by The WNET Group’s Chasing the Dream, a public media initiative that examines poverty, justice and economic opportunity in America.
The director, producer and correspondent of “Age of Easy Money” is James Jacoby. The producer is Anya Bourg. The senior producer is Frank Koughan. The editor-in-chief and executive producer of FRONTLINE is Raney Aronson-Rath.
For more reporting in connection with this investigation, visit FRONTLINE’s website:
#Documentary #FederalReserve #Inflation #Economy
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FRONTLINE is produced at GBH in Boston and airs nationwide on PBS.
Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting.
Additional support for FRONTLINE is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; the Heising-Simons Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
Funding for “Age of Easy Money” is provided by The WNET Group’s Chasing the Dream, a public media initiative reporting on poverty, justice, and economic opportunity in America, with major funding by The JPB Foundation and additional funding from Sue and Edgar Wachenheim, III.
CREDITS
Prologue – 00:00
Federal Reserve Tries Easy Money Policies in Great Recession – 5:38
In 2010, Federal Reserve Steps Up Quantitative Easing – 19:37
Concerns and Criticisms of the Federal Reserve’s Easy Money Policies – 28:48
After An Attempt to Pull Back in 2018, Easy Money Becomes Status Quo – 38:25
Dire Warnings About Largely Unregulated “Shadow Banks” – 50:28
Federal Reserve’s Easy Money Policies Go Into “Overdrive” to Combat COVID’s Economic Impacts – 53:28
“Bad News for the Economy was Good News for Markets” – 1:06:26
Warnings That “Unprecedented” Stimulus Could Lead to Excessive Demand and Inflation – 1:16:18
An Epicenter of High Inflation in the U.S. – 1:23:30
The Federal Reserve’s Response to Inflation – 1:28:42
The Impact of the Federal Reserve’s Interest Rate Hikes – 1:37:57
Lessons for the U.S. Economy From the Era of Easy Money – 1:48:34
Credits – 1:51:58…(read more)
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The documentary series Age of Easy Money produced by FRONTLINE is a captivating exploration into the world of money, power, and the global financial system. With in-depth research and interviews with experts, this documentary offers a comprehensive analysis of the consequences of loose monetary policies and deregulation.
The documentary delves into the roots of the financial crisis that rocked the world in 2008 and the subsequent actions taken by governments and central banks to revive their economies. Through a gripping narration, the filmmakers shed light on the dangerous consequences of these policies that led to widespread economic inequality and increased risk in the financial sector.
One of the key arguments presented in the documentary is the role played by central banks in creating an atmosphere of easy money. By keeping interest rates low and flooding the markets with liquidity, central banks aimed to stimulate economic growth and avert a prolonged recession. However, this strategy had unintended consequences as it incentivized excessive risk-taking and speculation in various sectors, notably housing and financial derivatives.
The documentary features interviews with renowned economists and policy experts who provide valuable insights into the long-term effects of easy money policies. They argue that while these measures may have provided short-term relief, they have also exacerbated wealth inequality and financial instability. The film highlights how the wealthy few were able to benefit from the policies while ordinary citizens faced the burden of austerity measures.
Furthermore, the documentary explores the impact of financial deregulation on the global economy. It traces the historical developments that led to the repeal of key regulations, such as the Glass-Steagall Act in the United States, which had previously separated commercial and investment banking activities. The filmmakers argue that this deregulation allowed for the rise of large, complex financial institutions that eventually became “too big to fail”.
By skillfully weaving together historical context and interviews with prominent figures in the financial world, Age of Easy Money exposes the flaws within our current financial system. It raises important questions about the role of government, central banks, and regulations in ensuring stability and fairness in the global economy.
This documentary is a must-watch for anyone seeking to understand the underlying causes of the 2008 financial crisis and the subsequent global economic challenges. It challenges conventional wisdom by examining the unintended consequences of easy money policies and deregulation. The film leaves viewers pondering the long-term implications of these policies and the urgent need for reforms in the financial sector.
Overall, Age of Easy Money is a thought-provoking documentary that offers a comprehensive analysis of the global financial system. With its meticulous research, engaging narration, and diverse range of perspectives, it succeeds in shedding light on the complex issues that continue to shape our economic landscape. This documentary is a valuable resource for anyone interested in understanding the roots of modern financial challenges and the potential path forward.
How much money printing will the dollar withstand before the value disappears ?
Fast forward to 2023. Glut of dollars due to financing corporate wars, then sanctions leading to de-dollarization is throwing gas on a burning garage in our mansion. Hegemony is in jeopardy. Choices are not pleasant. I am hoping some genius emerges to find a stabilizing solution.
Unemployment rates mean nothing. I'm left-wing but I hate when people boast about Biden's umemployment rates because there are millions and millions and millions of people who are either chronically underemployed and/or have given up trying to find work because getting even entry-level work (even terrible-paying entry-level work) has become practically impossible. Nobody ever helps us. Not Democrats and sure as hell not Republicans. We're all just kinda out here on an island, ignored by everyone.
Stop spending. Start saving. Start cutting back.
The pandemic was a great indicator of how the US would fail in a major crisis. The USA needs to implement programs such as Universal Basic Income, Universal healthcare, and Universal Education so that way we can tackle the poverty problem and everyone has access to healthcare and education which will benefit everyone. The government should also be buying up property when it goes into foreclosure so it can turn it into low-income housing whether it is knocking down single-family homes to build apartment complexes or simply renting them out to low-income and homeless families. The problem that the USA has is that evangelical Christians and conservatives are too selfish and greedy to allow such social programs to be created as they think it is leading to socialism. A government is supposed to take care of its citizens and for many Americans the government is failing to do this. It is sad when the US government feels it is more important to give taxpayer dollars to Ukraine and Israel so they can bomb their neighbors rather than spend those billions helping US citizens get out of homelessness and become productive members of society. Housing, medicine, and education should be rights that everyone has access to and not just a privileged few like they are in the USA. After traveling overseas for 5 years and finding that I can actually afford to go to a doctor when i am sick and seeing how when zoning laws are lax and that a greater supply of housing units lowers rent to the point where people can afford to pay for housing even on a part-time job makes the way the US deals with these problems disgusting. Americans like to boast how the USA is the greatest country in the world. I can debate this as the USA sucks to live in unless you are rich or are in a privileged class. Americans are generally arrogant, ignorant, oppressive, obese, and stupid and would rather ignore the homeless instead of solving this problem.
He’s calling Bitcoin a pyramid scheme
Success is dependent on the action or steps you take to achieve it. Show me a man who doesn't have an investment and I will tell you how soon he'll go broke. Investment is building a safe haven for the future: with the right choices of investment that has minimum risk and with an Expert guidance, profit and interest should be guaranteed.
that guy is a jack a s s gas hit a all time high before the Russian attack on Ukraine lol
Détournement de fonds venant de la justice cette injustice est à l'origine de non respect des règles.
Mes comptes bancaires sont usurpé
Transparence et éthique professionnelle
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $500,000 savings vanish after putting in so much effort to accumulate them.
Early 2000"s I worked at coffee ☕ shop got 750,000 home loan makes sense
What was that's means!?;
Prologue was too long, choppy and annoying, frankly. Short and sweet would be better.
“It’s transitory….”
~ Donald Trump ~
Is a Demon. who came up from the Hot place …. the REALLY hot place……
More immediately than a collapse in the stock or real estate markets, inflation directly impacts people's standard of life. It is hardly surprising that the present market attitude is so negative. If we are to live in this economy, we are in dire need of assistance. ETF and stock markets are still unpredictably volatile, just like the housing market. My $370,000 portfolio has been reduced to rubble.
Frontline is just as bad as any segments on NPR
If you don't find a means of multiplying money, you will wake up one day to realize that the money you thought you had, has finished. Investment is key. with the help of a professional broker Mrs Alessia Riley i make a good profit
A 7th grader could have figured out that interest rates should have been raised back in 2020….and I wish the media would contextualize the economy in terms of home ownership; which has been in steady historic decline for nearly 20 years….When rent payments are higher than mortgage payments; the expectation of a healthy economy is nonsensical. What is left over for the economy, when people are paying over half of their income for the basic need of housing? Greed Kills!
The market and the Fed consistently underestimate the sticky nature of inflation. The markets are still unsure if the Federal Reserve will continue to its plan to raise interest rates until inflation is under control, despite the fact that bond yields are rising while stock prices are falling. What is the greatest strategy to take advantage of the current bear market while I'm still deciding whether to sell my $401k worth of stocks?
Federal Reserve Chair Jerome Powell reiterated to lawmakers on Thursday that the central bank expects to raise interest rates one or two more times this year, but at a slower pace to avoid tipping the economy into recession, I'm still at a crossroads deciding if to liquidate my $138k stock portfolio, what’s the best way to take advantage of the market?
For a few months now I have been searching tirelessly for information on how to start investing. I even paid $400 for a course that I now regret. It appears that there is no structured guide for beginners on how to get started in this realm. I’ve come across several investors making well over $250k/annual and I would be grateful if anyone on here could provide insights on how to get started, identify potential stocks when to make an entry, exit etc
Shame on you, Frontline! Disgusting. You've produced a bald-faced promotion of the Federal Reserve, which most Americans simply don't know is NOT a "federal" agency. If you were really interested in waking up the public to what's happening, you SHOULD have done a full-on expose' of the Fed and shown it for the scam ultra-rich banker's cartel that it is. Folks, please read "The Creature from Jekyll Island" if you want to know the truth.
Larry Summers was wrong. Greedflation happened.
Step one, close the boarders….
The bank situation is scary and just encouraging more to keep their money at home and hidden away which is only going to make the situation worse but when you can’t trust banks and can’t trust your government what else can you do
So basically, the American economy runs like a dope fiend on Narcan. I love the candid bits.
.With markets tumbling, inflation soaring, the Fed imposing large interest-rate hike, while treasury yields are rising rapidly—which means more red ink for portfolios this quarter. How can I profit from the current volatile market, I'm still at a crossroads deciding if to liquidate my $125k bond/stocck portfoIio
Laurelle need to go smoke a joint because she’s clueless actually helps other addicts,trams victims,sever muscle spasms etc…
It's funny that people are not told that it is difficult to make good profit despite how much analysis you make, as long as you are not a pro. I have learnt that the hard way, and I have lost 65% of my investment portfolio YTD. I still have a couple hundred thousand dollars in my portfolio, but I'm not even convinced anymore on my investment ability.
“Most people fail to realize that in life, it’s not how much money you make. It’s how much money you keep.” – Robert Kiyosaki
Investing in alternative income streams that are independent of the government should be the top priority for everyone right now. especially given the global economic crisis we are currently experiencing. Stocks, gold, silver, and virtual currencies are still attractive investments at the moment.
The crypto market have been suffering for while now with all the indexes recorded losses in recent months gives us the figures
My $300,000 portfolio is down approximately 20%
Any recommendation to scale up my returns before retirement will be highly appreciated
Nobody can suddenly become prosperous financially. Although they did the background work, we mostly see the ultimate product. Fear is a harmful factor that prevents us from making the courageous decisions we need to make in order to achieve our goals. You have to deal with things like inflation, the recession, Fed policies, and more. In just a few months, I was able to add $289k to my portfolio.