CNBC Interviews Ben Bernanke, Tim Geithner and Henry Paulson - Sept. 12, 2008
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- เผยแพร่เมื่อ 11 ก.ย. 2018
- CNBC's Andrew Ross Sorkin interviews former Federal Reserve Chair Ben Bernanke and former Secretaries of Treasurer Tim Geithner and Henry Paulson at the Brookings Institution to discuss the financial crisis response.
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LIVE: CNBC Interviews Ben Bernanke, Tim Geithner and Henry Paulson - Sept. 12, 2008
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There is so much ignorance in this comment section. You have no idea how economies work and would've destroyed the world had you followed your populist urges.
Forgive them For they Know Not What They Do💚
They definitely don't work by giving out predatory loans selling them under false pretenses and then after the sale betting against those loans then laughing all the way to the bank..this crap has been happening since 1929. Back then when it was brand new they can say mistakes were made but today it's nothing but fraud. They still pull shenanigans to this day.
@@sherryperales113 it's one thing to criticize the circumstances that got us there, but another to have a super reductive, uneducated view that they basically should have just let the entire economy completely collapse
Well, they will never mention how CDO's were allowed and who was responsible?
In part we were all responsible. Voting for a pure pro-business party's in the different countries, with the US and UK as the best examples. No more separations of the banks, slimming down the oversight committee's and institutions and taking away power to intervene or punish some trading practices..
There is nothing wrong with a CDO. It was the betting on a CDO when you did not have the money to lose is the problem. But that is rush. Some lose and some win. The trick is being a winner
"The Big Short" is a great movie.
How we able to know more about the executives in daily dealing finance.
On the question of how they could have better communicated what was needed during that time - I’m not sure there was anything they could have done better. If they’d have said “we have to do this or you won’t be able to withdraw cash from the ATM tomorrow” or “we have to do this or your employer won’t be able to pay you”, then the financial system would have taken an even bigger hit, markets would have tumbled, smaller banks would have gone under and millions more would have lost their jobs. Best they just do what they did and kind of take the blame so to speak. Bear Stearns and JP Morgan for example - the public hated it, but it had to be done. AIG - the public hated it, but they had to be saved. Btw - Barclays and Lehmann - we still can’t seem to admit that deal couldn’t just “happen”. It had to be given the all clear by the Bank of England and UK Treasury who regulate Barclays. That took time. But it did happen eventually. Lehmann didn’t fail because of the Brits. They failed because Fuld was useless negotiating with everyone else and Barclays were their last option.
And people are laughing. Sick individuals
What you think the proposal high price stock you hold more shares. Is it dangerous or not.
subtitled: "When Criminals Get to be Their Own Judge and Jury."
theres an app for that
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Funny thing, everybody underestimates the incredible feat these men pulled off, especially Paulson. Also everyone seems to have forgotten that we were all complacent and greedy, taking out massive loans on multiple houses we knew we couldn't afford. Yeah you can blame the bankers for not disclosing the risks, some even lied but also some were ignorant/unaware of what was truly going on. Also what happened to personal responsibility for your own actions? - That applies to everybody.
You're absolutely right! An amazing feat!
You do understand that it was paid with tax payers money right? The issue it not really the bailed out...the issue is why only the bankers were bailed out and not the borrowers? And if you are talking about ressposability...shouldn't the banks be held accountable for their actions or were only the borrowers the suffer the consecuenses? And finally...were there any contingencies against the banks to the bail out for the tax payers who actually bailed them out? I don't recall... you so you are missing those quite a few important facts. You should study a bit more before believing everything you hear on the media...🤣
@@davec2611 and what's even more problematic is that Henry Paulson was the CEO of Goldman Sachs he specifically bought the thrash CDO's, MBS's, etc. He either knew what was going to happen and didn't care or was really dumb and didn't know and I mean that's not really possible. he is the reason why the 2008 crisis happened he himself asked Congress to deregulate the derivatives market. watch the inside job documentary yeah they saved the AıG and it would have been a disaster if they didn't but there's no way he didn't know AIG was going to fail his company insured their crappy assets from aig and then insured their insurance from AIG because they knew AIG was going to fail.
You had massive loans on multiple homes? I had one loan on a modest home. The banks got massive amounts of money from the treasury and the federal reserve, and when the economy took away my ability to keep up with my mortgage, they took my home.
Let's just recap: the banks f*** the economy. Because of that, I couldn't earn a living.
The banks took my house. AND they f***ed up my credit rating so I couldn't get another.
I'm not sure how I was irresponsible. But it's always easy to blame the victim.
@@JS-lr8nj yeah i mean it's not like people knew what was gonna happen. It's predatory lending you're not suppose to know. Btw the most responsible individual is probably henry paulson not he didn't do anything to prevent the crysis he also started the crysis as he bought tons of mbs products as the goldman sachs ceo.
the title is Sept 12, 2008--shouldn't it be 2018?
The 2018/2019,is still on the way ...are you up !
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The personal magnitude of the Great Recession, I thought, was brought about by the divorce I was going through. Then, as a real estate broker at the time, I sat on the porch with many a short sale or foreclosure client and cried w/ them. The banks had NO idea how to handle short sale paperwork - there wasn't any. Banks were closing. People were unemployed, all of the sudden - even stalwart companies, like Lehman Bros. folded. Fast forward to an appraisal class I took in 2018, talking about Mr. Paulson and others, showing football stadiums, across the nation - the globe, filled with people losing their homes, the devalued dollar...these men played a critical role in something economically unfathomable...to this day.
Let me qualify the football stadiums filled w/ thousands of people waiting in line to speak with many, many bank reps, seated at folding tables, about restructuring their loans. Realtors can't list a home for sale when it's in foreclosure.
I foresee a similar economic scenario pending....
My hat's off to these courageous pundits and representatives...
They allowed snakes into the house. Years later they recount how they saved the people inside.
16:50 "How could we explain that what we were doing was for wall street and not... I mean that it wasnt for wall street..." No Mr. Paulson you had it right the first time. Haha
The public got totally screwed, but Bernake, Geithner, and Paulson created a nice relationship and had some nice brunches. That is great.
i think the rating agencies signed off on the investment grade for CDO etc. Without this the 2007 crisis could not have happen. The ratings agencies had no one investigating their practices in justifying the ratings they were freely giving out. They didn't want to challenge their customers (originators of CDOs motivated by far of losing business to competing rating agencies. System was flawed.
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Can’t think of 3’more selfless individuals. We weee blessed.
For someone who didn't sleep so well Mr. Paulson aged well.
Couldn’t help but notice Paulson’s crooked pinky finger. Maybe Summers gave him a Kobra Kai handshake?
They did the best job they could do, and the best job a central bank and treasury could when it comes to evading a recession.
Problem is: some people think we shouldn't evade recessions at all.
Doesn't all this prove that there is an entitlement of the banks and customers to use the government to save them?
IDK how these 3 men get so much hate THE MASSIVE JOB THEY DID & TO BE ABLE TO KEEP IT MOSTLY UNDER WRAPS FROM THE SAME PEOPLE THEY THAT WOULD TURN ON THEM EVEN THOUGH THERE ACTING IN THERE & THE WORLD'S INTEREST IS BEYOND ME, THEY WERE 3 GENIUS CHESS HEAVYWEIGHTS EVEN THOUGH I'D BE THE FIRST TO SAY LET THE BANKS FAIL
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So Japan and South Korea not going to more trouble for them as well as Vietnam
Timothy Geithner can't stop himself from twlling the detailed truth, very interesting
Can we know more about the companies they run and deal they made by 5G networks. So we know how good or bad to join them.
I thank this guy for bitcoin to what iv made money and got an asset that no bank can touch
You dont have to be a somekind of economic or bussines expert to notice all the worst that a man can become in the modern world in a position of power ... Apathy, envy, sociopathy, evil ... Period.
You should be thankful to Hank , Ben and Tim if it were not for them you would be speaking Chinese and Russian 😂😂😂
Heroes - all of them...Congress gets no medals or accolades these men get ALLLLLLLLLLLLL of them!
3 great men saving our system.
Saving our system… Ludacris statement… Saving their wealth, not the system which should represent the American ppl
@@ECG14 with all respect, please read and educate yourself a bit more before jumping to that conclusion. The ‘facts’ you think you had pall in comparison into what the facts were. Another thing to keep in mind is in hindsight, WE now have the LUXURY of fact, they were dealing with countless unknowns and probabilities, again, facts were a non-existent luxury during this. I absolutely agree with you and your anger, COMPLETELY, I too have it, but I have read an extensive amount about this crisis and the totality of the problems, all of the unknowns and I think there was nothing else they could have done based on the speed in which they HAD to be done to fix the financial system. With all that said, I do wish more people went to a REAL prison over this.
really i thought we are ethical
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Paulson squirming on the issue of restriction of Bankers bonuses! The mask drops.
This was discussed from the very beginning. The answer was always "no, we have to give the bankers as much money as we can, all the time, every time."
Mistyped, it's should be 2018. The title!
Them investing on 3or4dolla for me for what?
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I’m having a Mystery Theatre 3000 episode....remember that show where robots would heckle really bad movies? My expletives are surfacing.
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wtf, is this funny? wtf ! they should all be in jail !!!!
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I hear Henry Paulson; reminds me of the SWAMP that needs to be drained.
I find it hard to sense any kind of remorse between these three. It was a little to late at the time to get ethical. There are no excuses for such a large screw up. It was all and only for Wall Street. You guys were responsible for it all whether it be good (never was), or bad.
Elaborate .... what do you mean by "screw up " you do realise these three essentially rescued the financial system ? None of them worked for an investment bank at the time. Also what about the role of main street ? They actually gave out the sub prime mortgages , wall street simply securitized it , what about the ratings agencies ? What about personal responsibility for taking out mortgages you can't afford ? To blame these three strikes me as simplistic unless I'm missing something?
Liars
How? Be specific. If you can't explain then stop talking. You sound ignorant...
Bernanke, Paulson, Geithner need to spend time in a super max prison
You know nothing
How u going to do that after the SJWs defund the police.
Professional liars
How? Be specific. If you can't explain then stop talking. You sound ignorant...
Read this:
www.independent.co.uk/news/business/analysis-and-features/crash-of-a-titan-the-inside-story-of-the-fall-of-lehman-brothers-1782714.html
Did you like it?