This documentary along with "The Flaw" and "Too Big to Fail" help to explain the causes behind the '08 housing and financial collapse. "Money for Nothing" puts a spotlight on the Federal Reserve, or the "Fed" for short. Various economists chime in about the policies of primarily Alan Greenspan while he was the Fed chair. As one economist put it:
"The nation's most powerful banking regulator considered regulation obsolete."
But that wasn't entirely true. He practiced hands off until the banks were in trouble, then it was all hands on deck. If banks got into hot water with risky practices they could rely upon the "Greenspan put." This prompted one economist to say:
"This alleged libertarian was presiding over the socialization of risk in our economy."
While another stated, "Banks were spared of the free market's rule of survival of the fittest."
It's an interesting documentary while still being upsetting because yet again you see that there are a different set of rules for banks and corporations than for the rest of us. If banks make bad bets, "Don't worry about it, you have a safety net." If YOU make bad financial decisions, "You need to make smarter decisions, you peon."
At least that's what I continue to hear.
Free on Tubi TV.
"The nation's most powerful banking regulator considered regulation obsolete."
But that wasn't entirely true. He practiced hands off until the banks were in trouble, then it was all hands on deck. If banks got into hot water with risky practices they could rely upon the "Greenspan put." This prompted one economist to say:
"This alleged libertarian was presiding over the socialization of risk in our economy."
While another stated, "Banks were spared of the free market's rule of survival of the fittest."
It's an interesting documentary while still being upsetting because yet again you see that there are a different set of rules for banks and corporations than for the rest of us. If banks make bad bets, "Don't worry about it, you have a safety net." If YOU make bad financial decisions, "You need to make smarter decisions, you peon."
At least that's what I continue to hear.
Free on Tubi TV.