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Frontline: Breaking the Bank by Michael Kirk
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DVD Cover InformationActor: Will Lyman Director: Michael Kirk Brand: PBS DVD: Region Code 1 Audio: English (Unknown); English (Original Language) Format: Color, DVD, NTSC Picture Format: 1.33:1 Running Time: 60 minutes DVD Release Date: 2009-08-11 Audience Rating: NR (Not Rated) Studio: PBS
Movie Reviews of Frontline: Breaking the BankMovie Review: Bush's House of Cards... Tumbled Long Before Obama Summary: 5 Stars
Thoughtful and fact-based coverage of the 2008 Wall Street meltdown. How soon we forget (and how easily the media now distort) the precipitating events of this economic disaster. It was September 2008 when Treasury Secretary Hank Paulson provided $700 billion of TARP funds to the major banks (virtually without conditions) to counter the failure of Lehman Bros. Next, in a panic Paulson forced upon Bank of America the acquisition of toxic Merrill-Lynch. Sadly, not presented in this video was the $13.4 billion bailout handed to GM and $4 billion to Chrysler in December of 2008. It seems the "invisible hand" of the market wasn't quite so self-correcting during the last days of Bush/Cheney casino capitalism.
Perhaps it's time for the facts to surface. Obama hadn't yet taken the oath of office when this economic house of cards imploded. Bush's unjustified tax cuts for the wealthy, the elimination of the Estate Tax, securitized debt instruments, credit default swaps, the derivatives market, ignoring the levies before Katrina, the Patriot Act, the Iraq war -- excuse me? The list of failings is long and bloody and this country diminished as a result. By any objective measure, Bush/Cheney was the most incompetent and misguided administration in American history.
It seems some Bush-bashing is rightfully in order... at least let's not rewrite history and ignore the devastation created by the prior 8-year administration! Economically, socially, politically, and internationally, Obama was handed a poison chalice. The combined gifts of Lincoln, Roosevelt and Jesus Christ could not fix this country in one term.
This documentary makes clear the following: (1) the dismantling of federal financial regulation has put our economy in peril (markets are not self-regulating, they are self-serving by nature), (2) transparency and appropriate oversight in the public and private sectors must be mandated (America must know what's going on), and (3) America's economy (and our democracy) erode when the interests of corporate wealth and personal wealth eclipse our common wealth. As Justice Louis Brandeis once remarked, "We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can't have both."
Summary of Frontline: Breaking the BankStudio: Pbs Release Date: 08/11/2009 Run time: 60 minutes
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