Crisis On Wall Street: The Week That Shook The World (Part 1)
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- Опубліковано 4 жов 2024
- Offering a sneak peak of the CNBC Original “Crisis On Wall Street: The Week That Shook The World” premiering 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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Crisis On Wall Street: The Week That Shook The World (Part 1) | CNBC
that YT algorithm really putting the idea of a crash out there
Swaraj Lokhande stop listening to Trump’s Twitter, a worldwide economic crash like 2008 requires way more things to go wrong than just one president being impeached.
Scout Trooper how about the fear of a pandemic that freezes economies?
Saying this 4 months before coronavirus is fabricated and the market crashes...
Coronavirus is fake.
hello from the next crash : )
"this is a pain that will stay with me for the rest of my life" He forgot to add while I lounge around million dollar mansion, eating well and in good health. All because the other thousand of people that lost everything sleep in the street and dying of bad health.
Man, you got that right !!!!
The Bad Ass He still took home over $480M cash over his career. So he’ll be ok.
noir he has a net worth of nearly 300 million
@The Bad Ass because stocks didn't go up a few 100% since
Do I have to make a *thanks, capitalism* joke here? I'm not a socialist, I'm just saying
You know why you’re here.
We became homeless because of them now it's our time to shine. All the way to the moon!!!!!
Yup
Yes buy amc and gme to get back at them!
@@Yellow936 bought 50 shares @ around $60, sold 50% @ $320 now even if I lose on the remaining I will have no regrets holding them cuz it's not about money but to show the elites that people in this country still have the power.
@@darshpatel5910 Lmao. You know so little
Who’s here in January 2021?
We became homeless because of them now it's our time to shine. All the way to the moon!!!!!
To the moon
me
Still can’t find part 2
@@bibik5317 don’t worry buddy part two coming soon, you have my word
Reddit, 2021: allows us to introduce ourselves
@Jordie when in 2021 do you think it will happen
@@misterjayway October 56th, the same date the Economy will crash -8283% according to 🌈 🐻
Yet in 2019 every day people who make $40k a year buy $40,000 cars with a $500 a month car payment lol
Source?
Jeff P they lease but still it’s crazy how people are so stupid with money
@Polio Nine Buy what you can afford.
@@RonR31 I bought a 3500$ car a few years ago that works perfectly to get from point A to point B. Best purchase of my life. Saved the rest in my TFSA and RRSP account. But i recently moved to a new city and will sell it and take the bus instead. I wont loose too much money on the car its still gonna sell around 2500$ bec i took good care of it. I just know taking the bus or using my bike is alot cheaper than paying for gaz, insurance, driver lisence, repairs and stuff.
😂
"It's not that they didn't know, they just didn't care." -The big short movie. We get our payback now. I will hold my shares untill they bleed out and die
GME is tanking, sorry dude.
@@GeneralAdvice it's still up by 3, 500%. You've to know Gamestop was less than $5 few months ago. It went all the way to $ 480, now it's at $178. I know some people who made 500k, some 200k... massive money for kids who are in college!
@@Stoneface_ I wasn't referring to the here and now. Long term GME will tank. Its balance sheet is awful. I can see why they were shorted by big hedge funds. When this fade dies off (retail investors putting everything on GME) the company will go bust if it doesn't change its direction. Now that it has money behind it, now is the perfect chance to change its fundamentals. Otherwise, its going to sink like a ship.
@@Stoneface_ Its nice to speak to someone who hits me with numbers btw. To often people come back with silly remarks and no knowledge of the business, so thanks
@@GeneralAdvice LMFAO
I was working for Lehman Brothers up until they crashed. I was working with a group trying to offload bad mortgage loans back to the original sellers. It was like trying to bail out the Titanic. When they finally told us to stop working, the company had gone bust, I remember bursting into exhausted tears. Then I got laid off as thanks for 15 hour days.
Hey man! What was the severance given to you? Richard himself got over 100M
I got a “thanks for your hard work” and hard shove out the door.
I got a “thanks for your hard work” and hard shove out the door.
I got a “thanks for your hard work” and hard shove out the door.
@@mintybadger6905 do you still work in finance?
10 year Anniversary. Lets celebrate it again
SuperDesidude if our economy goes down the whole worlds is affected. Keep hating.
This time there is no buffer of interest rates that could be lowered.
AES what happenening?
We're still dealing with the aftermath of 2008. Forever changed the world.
Now..
“Margin Call” movie shows the situation very well
The only mistake from the point of view of Lehman Bros was to loose the “musical chairs” game - they were too late to react when other criminals in investment banking started dropping their toxic “assets”
So many of these folks should have gotten to jail... instead they got massive bonuses from bailouts paid with our money, and after getting those bonuses they spent $$$ on lobbying and killing any meaningful banking/financial reform
We all got owned
they didn't have enough liquidity to get through it. Too heavily leveraged.
These corporate crooks definitely belong in jail even though it happened over a decade ago the thing is lot of the problems are still under the surface and it could happen again to avoid that well the whole financial system needs regulating to the hilt that means as well as banks add to the stock trading share market crypto currency insurance you name it the US needs to set up the regulations put these financial companies including the new online digital companies on a tight regulatory leash as for any corporate crooks investigate them prosecute them in court if found guilty lock them up and throw the key away enough is enough we don't need a second great depression just because of these rich arsoles greed the only way to discourage the criminality and greed of these obscenely rich people is regulations and the threat of jail in fact the US has long jail terms for things like insider trading time the US justice department go after these corporate crooks as I said long them up and throw the key away. The other thing is this corporate criminality isn't just limited too the US in Australia we would have our share the difference it would be as big as the US the Europeans would also have their share of corporate crooks namely Germany Britain and France would have the biggest number of corporate crooks out of EU countries its time for world wide clean out and re regulating of the financial industry and redistributing the wealth of the wealthy worldwide.
"The big short" movie is also good.
The Big Short got it better.
It’s fixing to happen again. Nothing has changed the way they do anything.
Only thing is...this time they'll make sure that it doesn't come out
Actually they have. Every reason for the crash doesnt exist today.
Greed always takes over
Zero Point tons of things have changed
It’s Fixin lol
chills... were going back into this territory right now in the early stages spring 2022
Nah
@@alvaro93364 so we also gonna go decades before a depression? may i remind you its been 93 years since the last one and it happened after a pandemic
@@brianoleson9224 I don't think so. Just because it hast happened don't mean it will.
@@alvaro93364 well ifi t happens your not per pared🤣
@@brianoleson9224 nope.
I remember this affecting India so bad and us having a major recession. No one could afford recreational activities anymore. So, watching a movie in the theatre would cost less than a dollar. This was amazing for me as a 9th grader. :P We watched movies in empty theatres every other day.
What? How was India affected? It was one of the few countries that wasn't. It wasn't like SBI was speculating in the American market...
@@vivsha3498 The IT industry went into a slump. So did all the companies that worked closely with the states. With that went jobs and companies only spent the bare minimum. So, teams that weren't considered essential were laid off. My parents were HR professionals. So, they lost their jobs. This reduced everyone's buying capacity, so producers just decided they wouldn't release movies till the economy got better. Hence the theatres reduced the ticket prices.
Lol India is a dump
@@vivsha3498 there’s a saying. When the US goes into recession, the world goes into recession. Americans always look at the crisis from their perspective but the crisis had a global affect and crashed multiple countries.
Im 100% Mexican but i 💘 India 🇮🇳my Brown brother!
Lehman originated, manufactured, and sold a TON of terrible assets. The regulators and credit rating agencies went along with it and the fees kept rolling in. Lehman started to really believe their own sales pitch, they really thought there was value in the garbage they were selling. Every investment bank in the US was doing the same thing, giving each other confidence that what they were doing was fine. Greed + crowd behavior always ends badly.
Just in time for the next one.
Feel sorry for you.
@@eduardosalgado3072 why do you feel sorry for him? You will get hurt too bruh...
okay okay he feels sorry because he missed out on a 10 month bull market
@@Mathias3279 No use in putting a bandaid over a machete wound
Aadi Skywalker bro
0:40 I thought that was trump talking
Me too😂
So it proves that all of them sounds a like
They should have been locked up.. Not given a bail out!
over 16 trillion to the banks and QE for years
Zaheer Kader they didn’t bail them out right before the Great Depression which is why it lasted so long
But again, if the banks continued to suffer well the economy would still suffer.
@@mikerice5298 The whole economy would collapse. Some things just need to be done, unfortunately
The banks were too big to fail
Never thought I’d wish for this again
were going back to 2008 could be something different or worse but same principle of course i try to google " going back to 2008" and there's nobody talking about it
@@brianoleson9224 look up Michael Burry
"Rip out their heart and eat it, before they die". If this level of aggression is your default setting then making cool, level headed decisions is not going to be easy. I suspect this guy was the wrong leader for a crisis.
I was just thinking the same thing about his aggression level. However, not only the wrong leader for a crisis - the wrong leader - PERIOD. I find big pleasure in seeing people like him failing massively - because people like him think they are God - but I feel sorry for all those who lost their jobs and had to go through foreclosure with their homes because of this.
Also, i've seen teens barking way more menacingly in Twitch... That's no tough man
Congratulations to all you investors that pulled out at the first sign of COVID
The players change but the game is the same....
Bailouts left and right. Loans to banks for a few pennies for every thousand dollars. Where can I get that kind of a loan.
Being an airline helps 😂
We're gonna do it again
He we go again. SVB and Signature both go under within 24 hours of each other.
"This is a paint that will stay with me for the rest of my life."
Me: Doubt it...
Sadly, the world learnt nothing.
If anything people "unlearned."
Who’s watching this exactly 10 years later?
Damn, 11 years later for me.
Do you idiots ever get tired of posting these meaningless comments.
I mean, its history. I wasn't old enough to care then, so now I am watching.
Crypto holders would've been like, 'eat the dip!'
True 😅
So glad these government heroes fixed the economy by the hard decision of having to print more money we didn’t have.
kick down the road
The government dont print money. The Fed prints it
My dad is originally a CPA/insurance broker/financial audit expert but when this happened back in the day, he was a horse and carriage driver in Manhattan & he would sometimes come home with $800-1000 from his shift, sometimes even more. But overall, he would make about $9,000-12,000 per month
Our rent was $950, water was free, we cooked at home and had no debt. I was a clueless kid and had no idea that this was happening.
@Krioklon 🤣🤣🤣
@Krioklon seriously bro I didn't even feel that it was happening🤣🤣
That’s cause he was actually smart 😂
@@55blackty lmaooo IKR
And the U.S. Government and its citizens never again engaged in mass deregulations to avoid all such future crises. They fully learned their lesson.
👀
Tomorrow wall street starts to crash
Ive seen some heavy sarcasm before but wow thats next level.
The worst part is they did nothing to make sure this cant hapen again....
Black Film Guild they created Dodd-Frank but Trump repealed it
@@rafaelp858 Dodd frank was watered down and would not prevent another collapse.
SAFE act regulates Loan officers from doing subprime mortgages . They did a major reform . Im a loan officer myself .
Bought my house in Seattle in 2006. Two years before the great recession!! My condo went from being worth $300K to $123K within months during the recession. I was unemployed for 2 years, before relocating to another state.
RB Colbert can I ask what state you moved to? And how are you enjoying it?
Shoulda started ur own business than buy a house
Did you keep your house or sell it?
American Dream
@@joshimdhishim309ya, as if he could foresee the future
At 13th May of 2022...luna/terra projects seems very similar to this
So it turns out, Gordon Gecko was wrong: Greed is NOT good.
TC mekanik Depends on your perspective.
1:16 this intro pfffff amazing
Where's part 2 I really want to watch the rest of this put it up
5:23 till end of the video, here one can see, how the human react when the one's mind is completed taken over by drugs, alcohol, and money (a true cocktail of arrogance and dominant behaviour )
This is just evil. Nothing to do with what you said in the first half of your comment
Do u have proof
Waiting for the next one so I can short sell😅😂😂
You might be waiting for a while bro...
@@otk88403
I am aware of that I'm going long now but I'll be changing my strategy for the next one 😉
@@mylifeisamememylifeispathe3140 you won't even know when it comes 😂, do you have any strategy?
@@okayokay1979
Of course no one knows.
2008 crash was a once in a generation type thing. Won’t happen to that extent for many decades
Who’s here at 3am because you can’t sleep?
It is 5:30 am
Things do change.
This time we're going to blame our incredible fed money printing for over a decade on Putin.
one of the greatest buying opportunities of our time for long term investors.
Hooo million of people lose they houses and possession is awesome? A economy that destroyed the world is fantastic ? Ok
@@aramis9692 correct
Fr wish i woulve bought the dip
Little did we know, after this week in 2008 Detroit would never be the same.
it will happen soon again
After living 2008 colapse and going to also see 2020 recesión
i understand why people are poor or wealthy.
Because so e learn from their mistakes
others repeat it many times.
There is no recession coming, moron.
marco mac tells me what I must do if it happens again
Vat pay me 100€ and follow up the instructions.
If you don have 100€ or think this info does not worth it
You should then hire a financial advisor you can trust.
A E it must come is just a matter of time moron....
Is not a imposible even is inevitable.
@@AE-vu3nt over 47 million jobs lost
I changed jobs to be the CFO of a different company just before this happened. My good fortune it was a company that maintained foreclosed homes for HUD in three states hard hit by the bust and we made a lot of money for years after that while HUD processed all the foreclosed homes through the system.
Too young to realized the effect of this. But the next one coming, and I'm surely going to feel it. 🤣
Lmao, this keeps happening but people are always surprised
I like to watch old vids
Just watch the movie "The Big Short". I didn't know this.
Where the hell is part 2?
Lehman Brothers played a massive role in getting into the toxic investments that caused the financial collapse. Their demise was deserved.
So...where's part 2?
My mom lost her benefits on AIG. My brother foreclosed his house. Me and mom drove in a residential area, it was gloomy, quiet and mysterious. Left and right, most houses had a signage says, "For Sale." Yet, the 911 was still fresh in my memories, remembering my intact family during those years.
I hope the reason you are watching this video is because after 15 years the next 2-3 years look like they could be the worst since ?
Maybe, just maybe
UA-cam wants to tell us one more crash is coming
We are here, it begins
Amen!
Gamestop is payback for 2008. I want Wall Street to bleed
Brother don't sell buy buy buy brick by brick
Canada 2019 Toronto and Vancouver 😈😊
Where is part two?
This recession is partly the reason mw2 was awesome
I was 10 years old when this happened can someone explain what exactly happened ?
Vat , so you are 21 year old now and you don't know how to Google some info ?
I'm 49 and earn about £2M ($2.5M) per year and save about 30% in HYSA's. I've been reading a lot of articles mentioning how w0rthless 'cash savings' are in this current unstable economy. D0 you suggest I invst in real estate, stocks or Gold?
A consistent 5% return from the bank and US securities sounds better to me than worrying about losing your money if the stock market falls. Also consider financial advisory with the size of your budget.
The issue is most people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt, no offense. In general, Financial Consultants are ideal reps for investing jobs, and at firsthand encounter, since Jan.2020, amidst covid outbreak, my portfolio has yielded massively in ROI, summing up to 7-figures as of today.
I've been looking to get one, but have been kind of relaxed about it. Could you recommend your advis0r? I'll be happy to use some help.
Aileen Gertrude Tippy’’ is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.
"did you mislead your investors, yes or no? I'll remind you Sir that your under oath" .......
The government, that, those judges
represent, de regulated
these banks, basically allowing them to do this. That is like giving a kid £100 and telling them they can do whatever, then being angry that they spent it all on sweets. The dumbest part is that people are oblivious to this
No they are not, people know who to blame for the crisis
These days people do not trust banks, wall street or governments to do what.is right.
There was nothing good about the 2008 recession. That was a real bad time. I was out of work from October 2008 until April 2011. That’s how long it took to find a job. I seen lots of homes in my subdivision go into foreclosure. Lots of strip malls close. Basically everything got smaller. Job openings, wages, hope. Today thank God it’s not like that anymore, at least now everywhere is hiring. The 20 something’s in today’s economy are lucky.
Blue Collar things are better but it ain't all that either. Poor people are still as poor as they were in 08.
They will not be for so long. We are back to 2006/07 levels, these same banks have continued to their fraudulence and the federal government has been restrained from dealing with it in the Obama and Trump Administration. Mark my words, the Summer of 2020 will be bad.
Things are not better. And another wave is coming. The recession never ended.
I'm 21 and still had to apply to 80 places over 5 months.
@@hschsc1300 Your comment didn´t age well. The markets haven´t risen as much as in the summer of 2020 for many, many years.
Stay calm and buy GME and AMC
Don't worry we are going to make them bleed green with our diamond hands. I'm not selling I like the stock.
Going to the moon
💎🤚
Mate buying GME isnt going to helo you...your going to lose money
@@GeneralAdvice I'm up $5k lmao
@@mackeerererallll6 Long term investing mate, its not going to go well. Yes if your in and out but I see this hype bubble bursting at some point. Just be careful dude
This bubble is now corporate debt
Crazy times
1:16 the music is so good
February 2021 anyone?
you have no idea what kind of recession is waiting to happen
What month you think it’ll happen?
@@misterjayway this month
@@constitutionofaxioms3387 no recession here. homes prices are said to go up another 15% this year and 10 % in 2023. A normal recession will happen sooner rather then later but a MAJOR one like 2008 like darie was hinting i dont think so? they do not happen often it was just 14 years ago it would be the first time in history to have a back 2 back MAJOR crash
@@brianoleson3138 LOL
It’s happening again; bank failures left and right! 🤑
People are just not concerned look at comments there’s only been a few since your comment 1 month ago . Not good you could have seen this next historic downturn even before the pandemic that was just a cherry on top to explode
So uhhh GME anyone?
Got bad for my family because a year before we got new house and then at 2008 my father had to sell one of his buildings in Brooklyn ny at half it’s worth just to survive
Question- why did he get a bonus?
Where is part 2? Is it year 2021?
I was 7 years old back then. Can you please tell me if the Lehman Brothers were the reason why recession happened?
Joshua Matthew M. Samarita it would likely have been less severe if Lehman was more solid but Bear Sterns, the Royal Bank of Scotland (briefly bigger than JPM) and others all crashed too just because of the nature of the crash which everyone believed to be safe bonds turned out to be poisonous bonds that collapsed companies but many financial service sector firms had loads of these bonds because they believed you’d be stupid not to like who doesn’t pay their own mortgage right? But people like Micheal Burry saw it coming, a film I’d suggest is called the Big Short if you haven’t already seen it, really interesting!
Federal reserve is not the federal government
A hundred percent correct.
Yes, it is.
@@AE-vu3nt No, it's not.
A E No, it’s not, So your research.
Worst day for the poor.. But the best day for the people who had money!
No. Everyone lost in this one pretty much. Yes if you had £100m before you still had £40m after. If you had £100k before you had £40k after. If you had £10 before you had £0 after.
That’s not a win
And if you owed £100k before you were probably better off after
No. Bad for dumb people and good for intelligent people who had any good investment.
@A Mdz - Your comment honestly shows a high level of ignorance
@@Octovisualsthere are different situations. It is not that simple
Me to my ex: come back to me babe, your guy is a toxic irresponsible idiot
My ex: no he’s soft and lovable
My ex’s guy: 5:24
These are the people who ruinned the chances of a young generation who wanted to earn a decent living while paying back their education loans.
Everybody better start preparing for your family sake. I thought about buying products hygiene, candles, matches, cleaning products, can foods, learn how to make certain foods. Buy a RV or a big commercial van and turn into your home. Fix it up and make it pretty and prepare bc just in case you get kicked out your place bc you can’t afford rent. Either live in a RV or live in the woods with the bugs. I can’t do that so I’m about to prepare.
Lehman Brothers was NOT the 2008 Financial Crisis. They are a domino, not the crisis itself.
Yes that is correct. The financial crisis had been happening since 2007 and there was other banks like Lehman that were failing and the government bailed them out like they always had. Too many banks were failing and the Government just couldn't throw a lifesaver to everybody. Banks are no longer guaranteed to stay in business. If you go into a field where you will be working in banking or investing, you better realize there is a huge chance you may get screwed over at any time now.
What one should do is:
1. Save money
2. Wait for a crash like this
3. Buy Microsoft
4. Wait 10 years
This is the only way to beat the stock market. You 're welcome.
Smashed the like.
Here we are once again 😮
We are nowhere close to this as of right now
1:08 and also the $200 million in bonus as well
About market crashes.......
It's a lot easier to wake up with pain for the rest of your life deciding if you want to wake up at your lake house or your mansion where your maids make sure your house is immaculate while making your coffee so you can kind of act like you care about what unfolded
LOL they knew it would happen . Never do they ever mention this topic in school
they do, at least at mine 😃
@@babyasheblue what are you talking about
TheSpicyPotato They do talk about this at my school
still wondering why AIG conducted that stupid 'swap' thingy...I mean how foolish can someone be to assume that the then new mortgage scheme could have been successful...I blame the AIG, not the lehman brothers
I believe the next market crash instead of House market it's going be the automobile market that will take a hit
Correct
It was the government's fault.
@A E - Hmmmmmm......Reagan started the deregulation of the Financial Sector in the 1980s - both Bush´es continued that deregulation when they were presidents. It basically allowed the big investment banks to leverage themselves beyond crazy. So of course the government has a part of the responsibility for the crisis too. In addition the FED is also more or less "controlled" by the government
Government bailout was the biggest waste of our money.
Subbed and Turned on notifications Incase CNBC makes a coverage about Citadel Securities and Melvin Capital.
Watching this right before I start investing in my retirement
Wait, for 2020 crash.
Largest bankruptcy… yet
this time everything will collapse. Finally
hopefully they dont turn on the money printer one last time and push it 5-10 yrs from now i think its about time it falls its been pushed 2 times already
That heart ripping quote at the end was from waynes world
Part 2