From March 2009, Scott Pelley’s report on bank failures. From April 2012, Steve Kroft’s report on Lehman Brothers. From October 2008, Lesley Stahl’s report on Bank of America. And from December 2008, Pelley’s report on the mortgage problems that underlie the financial meltdown.
#60Minutes #Economy #GreatRecession
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00:00 Introduction
00:11 Your Bank Has Failed
13:25 The Case Against Lehman Brothers
26:50 Bank of America
38:58 Where’s the Bottom?…(read more)
BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
The Great Recession of 2008-2009 was a major economic downturn that affected the entire world. From housing markets to banking industries and beyond, the negative impact of the recession could be felt far and wide. One of the deepest and longest-lasting recessions in modern history, the event holds a place of infamy in the minds of many.
For 60 Minutes, a program dedicated to investigative journalism, the Great Recession was a topic of great interest and importance. During this time, they covered many stories in-depth, interviewing people from different walks of life to understand the impact of the recession on their lives and communities.
One such segment, airing in April 2008, focused on the subprime mortgage crisis that would eventually explode to become the largest financial catastrophe in the United States. The investigative piece explored how many Americans were being forced to foreclose on their homes due to the subprime loans they were unable to repay. It also provided a sobering look at the effect that predatory lending practices had on both the borrowers’ financial well-being and the broader economy.
Another episode that aired in March 2009 featured an interview with then-Treasury Secretary Timothy Geithner, who discussed the actions taken by the government to stem the tide of the Great Recession. The interview provided insight into the decision-making process around the bailout of many financial institutions and how that decision had been made.
Perhaps one of the most heart-wrenching stories to come out of 2008’s Great Recession was the job losses and unemployment experienced by so many American families. Whether it was a factory worker, a banker, or a small business owner, many people found themselves out of work and struggling to make ends meet. 60 Minutes covered many of these stories, giving voice to the real people affected by the recession.
With its ability to investigate and uncover the truth, 60 Minutes played a crucial role during the 2008 Great Recession. The program provided a platform for those affected by the recession to tell their stories, shedding light on the human cost of economic inequality and the importance of holding powerful institutions accountable for their actions. Even today, these stories are relevant and impactful, serving as a reminder of the risk and consequences of the unchecked greed that led to that devastating economic downturn.
not much gets my heart racing but this video was great(sad time but important information)
some things happen some things don't. some things repeat again…..
FDIC facilitates bank combinations.
Well, it seems that if Climate Change or Nuclear War does not put an end to us first, the Financial Elites of this world eventually will.
What scares me the most, even in 2023, about the inflation is that we might go into a recession, and that would greatly affect my portfolio. I have been able to accrue up to $293k in my portfolio, and I'm worried about a possible wipe-out. Any advice?
I have always been a saver. Why? I'm not sure, but I do remember when I was a kid I was told the story of squirrels and how they'd gather nuts in the summer/spring to survive long winters (recessions). Whereas those that didn't, starved without the generosity of those who prepared. Pretty simple, basic lesson I remember when I was like 4 or 5.
6:24 yes it is tax payer money instead of lying through her teeth here and thou it must be the fiat vapor printed from thinair which they must be using cos where is that liquidity going.
And what a fallacy, the bigger banks are too global, complicated, oily, too corrupt to police and to be messed with
Economist or Ecommunist?
FDIC is in the North Pole next to Santa Clause.
IDK why I watched this video because it reflected the worst time of my life. Unless you've been there, there's no feeling of being robbed from until you go to your regular ATM to withdraw money and all you see is "please see branch manager." In other words I couldn't get my money out! I had hundreds of dollars in there and I couldn't touch it for months! My bank was a state independent new depositors bank and nobody helped us out for months. To this day I've never banked again. Anywhere.
26:34 "I'd have more fun investing in crap tables in Las Vegas than Wall St. firms." He was doing his company a big favor, and they couldn't have cared less. I wish he could sue for wrongful termination.
18:58 How many utensils does a person need to cook with?
7:45 LOL "backed by the full FAITH and CREDIT of the federal government….we never go broke" (a bankrupt institution). Do you have 'faith?' Have you extended credit to a bankrupt institution? Got treasuries? Got gold?
I wonder how much the FDIC has payed out now
So many big banks failing lately. Its gonna happen again soon people so brace yourselfs
Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125,000 ETF/Growth Stock portfolio.
Close Bank Of America
Forgot to blame trump and conservatives for this.
Bad year for me, META down 40k, ALLP down 35k, Draft Kings down 6k, NIO down 15K, ABML down 8k, and my wife doesn’t know. I'm just hanging on to Jim Cramer's words about opportunities in volatile times so perhaps, I either wait for a recovery or pick profitable investments to substitute for my loss.
The two tiered justice system of America. The rich and wealthy do what they want, often at the expense of working Americans. The working Americans can have their lives destroyed for a credit card bill or a not being able to afford bail on a misdemeanor.
Elon Musk has finally come to our rescue, if really he can turn SVB to a digital currency bank with good security, its gonna help lives
JAK
What a joke these wall street numskull and said these clowns the smartest in the room.
My children graduated from high school, and they went from going to college with money that I saved, deciding not to chase money because it all disappeared, including the college fund but I gave them the money when they turned 18 it wasn’t much just enough for a year and a half, but they live differently than most generations because of that trauma and they’re both thriving but they don’t chase money they live and they travel and they’ve enjoyed themselves and now they’re in their 30s and they’re blessed to have seen the curse of capitalism and so they live differently because of it❤
America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard
History is just repeating itself. Credit card debt and auto loan defaults are at an all time high. This thing will crash soon…watch
Ken Lewis was just a fraud. He came off looking like a genius in this interview but he bottomed out soon after.
The sec is a joke
Buy Bitcoin!
At what point do we start holding bank executives responsible?
Bitonot I lokymot sə izym severoto makedohe USA Evropa Danso Vrboski 2022 28
Inflation is far more harmful to individuals than a collapsing stock or property market because it directly affects people's cost of living, which they immediately feel. It is not surprising that the current market sentiment is extremely pessimistic. In today's economy, assistance is critical if we are to survive.
It's amazing Keskey sees Socialism playing role in financial but she fails miserably to see that in the direction of his our entire Nation is moving is Socialism as well… In contrast she works hard to help propagate Socialist agendas by medias and other groups
This is gangsterism by the banks. This has nothing to do with capitalism. The SEC should monitor those banks, but instead, they work together
B s in the 1930s when FDR seized the gold that's when the bank runs really ramped up
Sira na Buhay Ng larong treade
Ang hirap p mga sir end ma'am na sirain Ng Isang tao ung UTAK Niya a nila to Niya sa trading. Na hd Naman siya kumita pa at wala siya nakuwa pa
Buhay Ng sisira Ang UTAK na kakaisip Ng laro Ng trading ang sakit ay dulot Ng ibang tao a UTAK Ng nglaro Ng totoo
Sira na Buhay mo hd kapa nakakilos dahil sa trading na alam mo lahat
Ang. Gulo Ng Buhay Ng too ginulo niyo Ng UTAK sa Ng trading db po
Bawat Oras bawat minoto Ng Oras Malalaman mo ba Kong hd mo PAG masdan Ng maayosa ung inlalaki Ng sabi Ng Tama ung intototo Ng sabi Ng Anu Numero ung Buhay Ng sabi Ng LAHAT Ng numiro siya ung Ng dikta a laro Ng treade kc siya ung totoo
All those representatives, CEOs of MB, director of FDIC, they all seem robotic, scripted af