Former NY Fed Pres. Geithner On The 2008 Crisis
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- เผยแพร่เมื่อ 10 ก.ย. 2018
- Former President of the New York Federal Reserve Timothy Geithner recalls the events leading up to the 2008 financial crisis, and the aftermath that followed. He calls financial systems a “dark mirror” on society and lays out why the government needs to take emergency action in times of extreme fear.
Watch the premiere of the CNBC Original “Crisis On Wall Street: The Week That Shook The World” Wednesday, Sept.12 at 10pm ET/PT.
Ten years after the fall of Lehman Brothers, CNBC has produced the definitive televised account of the historic bankruptcy and cascade of events over a September weekend in 2008 that led to the worst financial crisis in generations. In this prime time original documentary, Andrew Ross Sorkin, CNBC anchor and author of the groundbreaking best-seller "Too Big to Fail," reports on how the nation and the world came as close as ever to a full economic collapse.
The story is told through gripping interviews with those at the highest reaches of the U.S. government as well as the CEOs of the nation’s largest banks who gathered to try to save Lehman Brothers from failure. Wall Street chiefs Jamie Dimon, John Thain, and others describe dramatic, around-the-clock negotiations. Former U.S. Secretary of the Treasury Hank Paulson tells of the desperate moment when he realized that a Lehman bankruptcy could bring down the world’s financial system.
Could a financial crisis of this magnitude happen again? Sorkin puts that question time and again to the people gathered for this CNBC documentary, who shouldered the fate of the world’s finances and who recall the nightmare scenario they faced down ten years ago.
"It would be breadlines across the country for a generation,” former president of the N.Y. Federal Reserve Tim Geithner told Sorkin. “We did feel that we were making choices and faced with outcomes that would be devastating to the lives of hundreds of millions of people."
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Former NY Fed Pres. Geithner On The 2008 Crisis | CNBC
I laughed when he said "Just describe, in Lehman's terms, if you could" hahaha, Pun
Lol same 😂
Thirded
Haha
Freudian slip.
Sorry to be so off topic but does anybody know a way to get back into an Instagram account?
I stupidly forgot the login password. I would appreciate any tricks you can offer me
" Capitalizing the gains and socializing the losses " or to put it in layman's terms : Heads I win, tails you lose
Just imagine without Tim Hank and Bernie. You walk into ATM and display shows “funds not available”... wow.
There was an opportunity to extract a high cost on banks by demanding equity/preferred stock for the cash they were given. The bank stockholders and banker bonuses did well.
I think nobody would want to be put in the situation this guy was, in 2008.
Love his play on words “…Layman’s/Lehman’s” Term. Sorkin is my new favorite person. Just got thru FINALLY watching Margin Call.
Around 3 minutes he describes the essence of regulatory moral hazard. “This problem could only be fixed if we had more power”. This will happen again and make TARP look like nickels and dimes. Let the games begin
We're gonna need a bigger economy!
Well I would not exactly call it "momentum"
Geithner didn't lose his shirt in '08, but he did lose his eye brows.....
*"...Capitalizing the gains and socializing the losses... "*
That sentence right there, is disturbing.
The Definition of Capitalism...
The Cover photo of 'Overhaul’ by Steven Rattner says a lot.
Please come to my birthday party too Mr. Geithner, Mr. Paulson, & Mr. Sorkin. December 31st.
Sincerely,
R.W.N II
Thank you thank you and thank you.
Im a capitalist and believe CEO and top positions
should get a massive cut from salaries and pensions if they don't protect
their investors from the colapse or at least see it coming.
Do you believe the same about the shareholders? It seems that both relegate a lot of the work the business do. If the shareholders don't see it coming I'd assume that manager won't either. The board is ultimately the decision maker of the company and controlled by the shareholders.
How many bankers went to jail? Who was held accountable, yeah the public got the bill. Oh and we bailed out Harley Davidson, USB and The Bank of Ireland with TARP, yeah that really helps the little guy.
It'd have been hard to jail anyone because there simply weren't the proper regulations in place to prevent this from happening. It's a failure of the regulatory bodies that the bankers didn't go to jail, because there simply weren't the laws there to do so.
More outrageous and totally preventable was bankers paying bonuses in July 2009, just a few months after receiving TARP money. Geithner was already Treasury Sec of Lovely, Sweet, No-Hope-of-Audacity Barack Obama, and neither of them prevented that. Even Citi, which also received 45 B of investment by the Treasury in the stock, paid bonuses to their executives. Notice that softballer Sorkin did not even mention the word bonuses in the interview.
Last i checked our Justice system rarely needs laws in order to drag people to jail🤔. Surely, most if not all implicated Bankers/ Board members could've been jailed under a vague law that is determined a criminal act👮♂️! U know, like the way law enforcement agencies arrest people (usually minorities) who aren't breaking any laws and still end up with rights violated, jailed, life ruined, financial loss and a added bonus criminal record to make life nearly impossible. On the bright side they may have been lucky enough not to get shot for following the officers directions. Hold up, NM this America and this was pointless....
1:45 in this video gives you the crux. The only thing that happened here was the banks were made safe to continue sucking blood. The other bubbles are still raging
I just noticed that Andrew has a coloboma in the left eye!
For my economics people, When he says there wouldve been "bread lines for a generation." How exactly could that crisis had led to that? I guess Im not understanding fully.
Do more research. There wouldn’t have been banking, money, digits on a screen even. Sucks to bail out big banks but they had no choice. Chase would’ve been only one standing
Cool dude.
its odd to watch a man who is basically looking the reporter straight in the eye and not alot of head movement...watch him after the question about Lehman being solvent 🤔🤔🤔
well, i mean, rich people still made out like bandits
Ramp traffic nearly bump to my vehicle move from left to right. How more time we allow those drivers drive behind like that.
a former US Treasury Secretary that i will always remember.
why
@@changenoways9555 inspired . I read his books 😁
Bright guy
Why now these type of contents
@S S nice analysis wheres the crash
Davi its here lol
Is it just me or does his snidey little smile just scream “punch me, in the head, lots” ?
How cold does it have to get for an economy to completely freeze ? Not considering windchill
Banks became suspect of other financial institutions exposure to the bad bundled debt, that had been over-rated so no one really knew who had over-exposed themselves. TARP was able to cover up a lot of the malfeasance, so thing could get back to normal --- for the banks----, and then the money could "trickle down" from their perch..
Timothy Grifter reminds me of The Great Gazoo on "The Flintstones", minus the green skin.
Finance is so weird😏..
There is this saying by a Billionaire playboy
"Keep your frnds rich, Keep your enemies rich and then find out which is which."😉😉
Hey, Stetson. Don't you get an agent as slick as this boy is. He'll even tell Senate panels the dirty, low-down all day long and no one notices! And guess what, Slick? You might even see 18 year old models spreading tales from topographic oceans for your sweet cousin . . . And I WON'T EVEN BE THERE. How smart is that? Wishing you were here.
It's very annoying that he's so giggly about this issue, especially because the federal reserve caused this crisis.
Hi, It seems it’s not the federal reserve but the unregulated Default swap caused this crisis..
@@vineeshk.v8091 Well no, the problem was not unregulated CDS. The underlying problem was the bad mortgage debt. CDS just became valuable due to this bad debt, as they should. The fed fueled the housing bubble with low interest rates in 2001. The problem didn't start in 2008, but much earlier. Also, Lehman brothers was only a $20 billion problem, and could have easily been saved. In fact, people who held onto Lehman stock made a nice profit eventually. Please explain what additional regulation of CDS would have made the bad mortgage debt good.
@@bencarter7839 but it was Alan Greenspan, who was appointed by Reagan, who urged Clinton to repeal Glass-Steagall. It really all started with Reagan wanting to deregulate the banking sector as a whole. A lot of the underlying issues within the financial crisis can be stemmed from Reagan’s administration. Privatization of Fannie especially! If Reagan hadn’t took the steps he did to loosen regulations, the 2008 financial crisis probably wouldn’t have happened. Even George Soros says this and Buffet alluded to it when he became the CEO of Salomon Brothers.
@@kendellfriend5558 Your comment makes you appear to be politically partisan. Bill Clinton, in late 1999 declared the Glass-Steagall act 'no longer appropriate'. Yet, you put the blame on Reagan. Also, Ben Bernanke and economists at the federal reserve have stated that activities linked to the GFC were not prohibited by Glass-Steagall, and they also stated that in most cases, these activities were not even regulated by Glass-Steagall. There's plenty of blame to go around regarding the GFC, but it's pretty tough to blame Reagan.
I don't like full eye contact, ❤️
Full eye contact only comes with an Honest heart..
@@joycebell6912 not sure about that .
At least congress learned something from 2008. They acted much faster with Covid
Ha. They conned you there.
Geithner IS the financial crisis.
where are Geithner's eyebrows...?
He laugh. And Warren also laugh.
The Fed could have bought the underlying bonds at $0.01 on the dollar and allow homeowners inside them to rework their loans down by 80% before foreclosure. It would have caused havoc on Wall Street; but the rest of the country would have been fine.
The poor would win and the wealthy will lose. Not going to happen
@@goparetraitors4156 The wealthy would have been fine. If you give a poor man $100 $95 of it will end up being revenue for some S&P 500 company.
Then people would’ve bitched about their retirements pensions, and everyone would’ve lost their jobs when shares went to 0
@@tarrysummers6744 Who cares? That's why we have Social Security.
@@ChristopherHalbersma lol. What’s someone gonna do with 1k/mo
If sub prime lending was the first con the this rescue sold under the fear of the Great depression was the con jobs of all con jobs.
Am I the only one who feels like they are both flirting with each other.
And no one can identify who is Rose and who is Bud. Not even Kane.
Could you talk about all the guys who went to jail for the financial shenanigans?
Oh wait...
Dow jones to 59K!🤑
In my opinion Geithner was a lot to blame for this situation. The New York Fed is supposed to be the eyes and ears of wall street. Do you mean his head was up his ass for that long before he realized there was a problem. I personally don't blame the heads of the firms because there dirty anyways but this is a man who didn't do his job what so ever. The reason the tax payer needed to bail out these firms was because of his negligence and he should have served time for it.
He kept a cool head when everyone was panicking end of 2008 & his stress test on banks worked.
Could have been lot worse
The solution: print, print, print, ....Leamans' pay for a strech of some seven years, 250 mill a year. Were the banksters in the other banks far behind?.
Winkle. Communication
Good that he sees the funny side of it when most people got completely and utterly you know what and those who never bought a stock in their life ended up paying the price.....keep chuckling Tim if it helps your conscience.
@MeGusta109 Research him. Put your detective hat on. Then you'll find out.
The banks caused this and now the banks have the ability to borrow monney at will. They have been taking monney out because the banks are scared to lend monney to eachother now......wonder if things will collapse again its nov2019 now..
No more peoples that we did not elect to watch over nation. But bring in to run the public offices. Our common wealth will destroy.
1st cnbc please like
You elect the right moral persons watch over the nation. Or oath broken.
Hey US taxpayer,
We really work for a small collection of banks on Wall Street and represent some other multi nationals. We don't work for you, we don't care for you, but we will use your dollars and debt the save ourselves.
You're welcome.
Be sure to dollar cost average!
Sincerely,
Global bankers and their lackies
Did Trump no about Lehman.
Its irritating that this man is laughing throughout the interview, like it was funny.
I love how ppl think this guy is so smart. The financial system went insolvent without being diagnosed until after it happened. The fix was to print money and call the richest guy in the world. This is not brilliance. Period. End of story.
Jim Jackson since you’re clearly smarter then the Fed and the treasury why don’t you tell us what you would do instead to avert worldwide financial Armageddon? Please go ahead
+Jim Jackson- And... It worked. Thankfully.
@@chrisgionas4012 He's still working on his response
I wish they didn’t do so much stimulus I feel like it’s gonna make our economy much worse in the future.
State union harmony.
The money they gave to the banks would have been better allocated to help the borrowers who had taken on parasitic loans pay off their liabilities from predatory lending practices, rather than having given the funds to the banks themselves. So many people and families were destroyed by not backing the individual borrowers.
Transactions daily life interruptions
WTH is he smiling the whole time?
He’s a little embarrassed with the scope of the theft.
why not.... it's better than wearing a mask, isn't it. 🙂
What to do....... Err copy the British
The bright tractor decisively enjoy because begonia antenatally heap per a frequent stomach. dull, valuable latency
He was a huge part of the problem
Tax cheat
OMG I can't even say anything else except this is just gross
How about some reparations for all the poor people that were the victims of predatory lending, people that truly didn’t know better and truly were worse off through very little fault of their own?
This guy deserves a jail time. Privatization of profits, socialization of loss. Geithner bailed out irresponsible managers of the big banks, irresponsible big banks, and irresponsible creditors (also big banks) who borrowed money to irresponsible big banks. This was not an investment risk of the public, but the private banks, so the losses should have been privatized.
the big banks aren’t simply owned by investment bankers and fund managers. their shareholders include a wide range of financial institutions including those that manage the money of common people - think pension funds, for example. it is not simply a class war between the 1% and the 99%.
This from a tax cheat
You can't protect ANYTHING that's been pre planned Tim. I love how all these psychopaths in this little CNBC special find humor in all this. AND boast about how good they are
Trump families how you manage the fix broken economy systems.
Oh look, the guy that caused almost every millennial to enter a tanning job market with no house buying salary and a 20% down payment for a house. Is he looking for gratitude?
Why hasn't he been arrested?
Well, what did Timothy Geithner do that was illegal? or even ineffective at helping stabilize the economy?
YOUR THE NEW YORK SPAWN CUB TIMOTHY GEITHNER YOUR NOT THY TIMOTHY CAMERON DREW THE DJ ! THEY KNOW YOU FEDS SPAWN TIMOTHY GEITHNER HAVE YOUR SONG AND MY SONG FIRST YOUR GEORGE JONES WHO's GOING TWO FILL THEIR SHOE's !
YOUR FROM VATICAN ROMAN's BOY's ROYAL's FED's FROM SEREBRO MAMA LOVER''s
FROM THE SAME BAND THIS MY SONG THY TIMOTHY CAMERON DREW AS MY SELF AS DADDY WAS NOT THE CADILLAC KIND !