Lee Ioacoca helped the business world learn how to blackmail the government. Even now leaders of Silicon Valley tell the government that if my company collapses their will be chaos
Actually, they didn't know GOVERNMENT (I wasn't consulted as a taxpayer whether I had a choice to bail anyone out) was going to bail them out. Ask the board members of Lehman Brothers how their bailout went. That movie is entertaining and speaks to SOME truths, but don't look to it as an in depth analysis to why 2008 happened.
@Ezra BitCohen LOL!!!!!!! What an idiot. Digital money is a banks wet dream. its bad enough our money is not backed by anything of worth. We have more money in circulation than precious metals in reserve. People are paper notes are worthless. Bitcoin smh, power goes out...you have anything of value? The same goes for money in accounts of anything, if you can't hold it, you don't have it.
i lost everything in 2008: house, its contents, car, truck, my wife, a small business, and dog. The suicidal ideation was constant for a good year. But in the end, I have children (now grandchildren) and I could never leave them behind.
This reason joe can be so great sometimes is because he can talk about such a broad range of topics and ideas and still manage to ask good questions and keep the conversation interesting.
And he lets people talk.... So many interviewers ask scripted questions, get the answer, and move to the next. Rogan has legitimate conversations and allows his guests to truly get their ideas across
Have you ever heard of a Producer? I used to work in TV. He has a guy whispering stuff into his headphones. Come on man... Also, the prep for the shows.
More Americans need to understand how this crisis started in order to prevent the next disaster from happening. Also, it was good to hear the HSBC narco scandal be brought up again. Too many have forgotten about it.
You cannot prevent crisis or recession from happening. Because it is an integral part of the economy. All we can do is simply learn how to deal with it.
Man I remember that year. 2008 was rough. Quit my job to help my mom with her health, my mom didn’t make it and she passed away that year. Dropped out of school cuz I couldn’t afford it. Later on that year I Lived with my eldest brother and his wife of 20 years and found out he was having an affair my other brothers borrow money from me from what little I had left from work and my moms life insurance and left with nothing. I almost go homeless because my eldest brother decides to move in with his new beau. I decided then taking my life was all I had left and it didn’t work out I stopped. All of this and I was only 19 just about to turn 20. Man I look back at it and all I have to say is don’t give up.
Damn bro I’m glad you shared that story .. loosing everything at 20 in the grand scheme of things isn’t that bad ( financially ) . Your still an old kid at that age haha . I’m sorry to hear about your mom and how your brothers treated you . All o want to say is life can be beautiful bro , money isn’t about everything . Find some things you enjoy and do them and don’t let anyone tell you other wise . There is so much happiness to be had . I say this because I have lost of everything multiple times in my life , had it all , then had literally nothing living in the basement of a relative .. had money again and lost it again back to the same shit . I am just started to build a life at 30 bro . I feel so behind in life all the years I wasted .. but fuck it dude , you can reflect on the past , cherish the moments you love but don’t dwell on it and let it consume you to the point that it is dragging you down , hindering your today / tomorrow . Grab a note book and sit there in silence and write things You want to achieve today , everyday , tomorrow , a week , month and year from now . Strive to be a better person than you were yesterday . Be kind , helpful and understanding . At the same time be guarded , verify before trusting and don’t let anyone manipulate you to doing something your not comfortable with . You may never be rich or have millions , but life can still be good . Cheers man stay strong God bless
George was my favourite enlightened comedian. If I ever needed cheering up, I just put on one of his shows and I'd be laughing me ass off! RIP George Carlin
Not only people you don't care about... people you'll never meet in your entire life. They might as well have not even existed as far as those criminals were concerned..
I'm in the UK. We hadn't recovered from 2008, then Covid, now energy poverty, potential food shortages, high inflation, biggest tax burden. This list is a lot longer. 14 years of crisis,,, rich get richer poor get more reliant on welfare, more people reliant on welfare hospitals failing, education failing,, constant promises of cheap reliable energy. We have never been out of this 'crisis'.
We also shattered our hopes with Brexit after that. We are massively underperforming post pandemic and post 2008 compared to France Germany Spain and Italy (our big 5 performers) as far as productivity. As a nation we decided to slit our throats willingly at the worst possible time. I feel so embarrassed that my generation has crippled my daughters ambitions. We threw away a permanent seat on the UN security council and a voice at the EU assembly for a broken Britain.. Almost everyone I know now is struggling financially. We're all working our bollocks off. We were promised a better day if we were unshackled from the constraints of Europe....
@@Hagg-o-tron If I can throw my own little thought here, brexit is misunderstood. Most people think of it as: "We do brexit and everything will be better." I am of opinion, that this is wrong assumption. Brexit was first step, a chance let's say, to better rule over UK by yourselves. After Brexit, better decisions should have been made. I don't think UK is failing because of Brexit, but because of UK politicians.
Oh man Joe's story about his friend that lost everything brings a tear to my eye....the guy got sick and died afterwards...he definitely died of a broken heart....they stole his will to live
Dying of a broken heart is very real, most people don't believe it but it can and does absolutely happen. Your heart just beats slower, you slow down, and your immune system gets weaker too, and you either die from what doctors call heart failure, or something comes along and gets you sick and it kills you. My great grandmother died 9 days after her husband died. She stayed 9 days in bed crying, and by the 10th day she was dead. Heart failure. You can be pedantic and say that she died because she was old, which may have been the case, but I really doubt she would have died within that 9 day period if her husband had still been alive.
There is more power in the lowly comments section than you think Shadow banning, trolls, bots. The powers that shouldn't be wouldn't bother with all this nonsense if they didn't feel threatened by the lowly comment.
@@robdixson196 cause the last time a lot of lowly peasants got pissed off, they tore a lot of shit up and made a point. Might be time to do it again cause it seems no one is doing the right thing anymore.
They keep those people out of the news generally. The Green Party's policy on money would be to pass dennis kucinich's bill that has been stuck in committee for about a decade that says banks can no longer create money among other things that would give most of the wealth back to the people from those banks that screwed us all so badly
@@americanmisfit1 yes you nailed it. That's exactly why. The whole thing is just a scam. The rich get richer the poor get poorer that's the racket. It's not even republican vs democrats it never was, thats just a distraction, divide and conquer, it's always only ever been rich vs poor, and we as the poor have yet to fire even a single shot as we are under siege every day.
Back in 2008 I remember getting out of school and going to different abandoned houses with my buddys and smoke weed. Literally every block had about 5 houses. Now I understand why this shit happened
Hahaha classic !! Yeah bro I just posted a comment that Christmas 2008 was so sad no one in my neighborhood put up Christmas lights at the time. Hahah. It was dark.
At least you can still cook with oregano. The worst part in my mind is that the tax payers of America mitigated all moral hazard from this, basically these people were paid by the American government for making shitty choices. The American government rewarded these people.
@@FLJuJitsu Thank you. Please remember this next time you hear some blowhard spouting "the @$!#@'s (=advocates of responsive government) are REWARDING FAILURE and PUNISHING SUCCESS..."
The bank that was targeting elderly black people was Wells Fargo, by the way. The US economy is not a "free market", it's a command economy. Trillions of dollars every year in direct subsidies of select industries. Industries such as oil, big pharma (not our hospitals though), insurance companies, banks, big tech, the military industrial complex, and finance. Big bailouts for the elite when the markets fail. It's socialism for the elite, but capitalism for the rest of us. We're left at the mercy of the "free market", free to suffer the consequences of the kleptocracy command economy. It doesn't have to be that way, we can have an economy and a government that helps the average person instead of the billionaire. We could have a system that respects and values the community as much as our society supposedly does the individual. We could have a system that respects and protects the environment, that also helps meet the basic needs of the people, all while promoting and enshrining the unique communities and individualism within our society. It's gonna take a lot of work to change things for the better, but that's the best part: there's gonna be a lot of work to do. New jobs, new careers, new passions, all to save humanity and the planet. Things really can be better if we're willing to try for it. To fight back against the apathy being thrown on us by the establishment.
I admire your articulation but I'm going to be negative here and say, we are over powered by corporations and especially the shareholders. They seem to control everything. How the hell do we fight this? People are dumbed down to believing slick politicians who are going to "save the world". I just don't feel hopeful.
@@hew195050 Their propaganda is incredibly powerful, but it only exists in the virtual space, the fake world of tv and social media and hollywood movies. Our only hope is to begin to challenge the narratives in the real world, the one place they don't completely control. As painful and awkward as it is, we must speak the truth to power because the establishment wants opposing voices like ours to shut up. We must help our communities in any way we can, be positive forces with positive voices, who challenge the lies of the establishment as we do. Volunteer with local aid groups, organize your workplace, grow food for your neighbors and simply help whenever you can however you can. We must also educate ourselves in theory and teach our friends, neighbors and coworkers in turn. Teach people how there can be another way, give them revolutionary hope that things can change if enough of us work together. We have to start somewhere.
I was 12 when this happened and I can tie a lot of bad stuff from my life to this event (dad lost a lot which eventually led to divorce yada yada) but for whatever reason I had never looked into what actually happened. This is both interesting and infuriating.
Mike read up on it man-Michael Lewis’s “Big Short” (based on this doc ruclips.net/video/fx2ClTpnAAs/видео.html). A decade of teenage years gives you more knowledge and perspective to process it all.
You seriously think that money was the sole reason your parents got divorced? I got news for you bud, thats usually not it at all its the lack of love. People who actually love each other stick it out.
Marin3r lots of marriage problems come from Financial problems so to say that is very ignorant and quite frankly rude tbh. You have no idea why they got divorced so stop speculating.
Aaron Burr, Jefferson’s Vice President started Chemical Bank and defrauded the city of New York. He then went on to murder the first Secretary of the Treasury in Weehawken, NJ and committed high treason out west.
Unfortunately what is not explained in this clip is what and how the banks started making these loans. It started with the Clinton administration’s initiative to help low income people get homes. The banks pushed back extremely hard until the government threatened banks to shut them down if they didn’t comply. Well, the banks were Not going to go broke over stupid bureaucratic intervening where they don’t belong so they figured out a way to do it. I’m not saying it’s right but either way it was going to happen once government got in. It’s really a shame at the beginning of the story almost never gets told, and not to keep the banks from being blameless, but it also does not tell the whole story. Every single time in history, the government sticks their nose into manipulating private industry. It goes bad. That really is the ultimate moral to the story.
@@aidilmubarock5394 The parents of the boomers taught them to feel worthless if they don't have a degree, and the boomers passed it on to their kids. Before that, people only got degrees if they needed them for something. Otherwise, a degree is just a way to rack up huge debt and avoid getting a job. And when demand for a degree goes up, basic economics dictates that the price goes up and the quality goes down.
@bobwatters people have their dreamjob, and a lot of those things need degree. It would be perfect if you can get those job without it, sadly in the real world it isn't. If we follow your scenario where you don't need a degree to get those job, how many of those are really available for all working age population and do you think they can compete in their resume with people with a degree?
I dunno - I'd argue it on three levels. One from the reporters standpoint (Matt), one from a bank insider (xyz) and three from all the funds who made money off of the collapse. It wasn't the banks, per se, who caused the issue. They were the messenger/middleman in large part - it was global (EU, UK, China, Russia, etc) banks chasing yields to pay for billion dollar bonuses; it was also an idea to own your own home in the U.S.; it was trading/sales making millions off of fees; but it was also people speculating; it was global regulators allowing banks to run their own risk capital calculations, which allowed them to pump more money into higher yielding securities from the U.S. that financed this mess; but it was also people mortgaging 10 homes to pay for one further one (or to use the one as an ATM); it was global trading that brought down the financial markets and everyone's lives; but if we look at it factually most credit or banking risk officers worldwide know nothing about what trading/sales do, nor are they even capable of discussing it on an educated level; regulators - the regulators are the last on the list because they don't matter. They're a foregone conclusion. They only provide after the fact - 'reactive' info. There's a give and take. Banks were guilty, don't get me wrong; but normal people were also guilty or clearly stupid in what they chose to do in taking out certain kinds of mortgages.
@@MacauleyDuration yes people got more than they could afford .. if they would’ve bought houses for a few 100k less , it might not have popped . Probably still would’ve but maybe not as bad . Americans and the west always living above their means . Them credit cards building skyscrapers for these bankers on interest alone .
6:22 "My neighbor bought a plot of land.. then 2008 happened, and he lost everything. He eventually got really sick and died." Don't doubt for a moment that he would probably be alive today if that catastrophe hadn't happened.
According to the Big Short, for every percent unemployment goes up, 40,000 people die. I'm not able to 100% confirm this but it's definitely something to think about.
@@jimmoses6617 I have no idea for whom this pep talk was intended, but I will inform you that it ain't 2019 anymore. When the dust clears, almost *everyone* is going to be shocked at the new baseline and the new normal. The stagflation will hit like a machinegun.
In high school we were offered finance classes as electives... I took every one of them and learned about mortgages, investments, insurance, etc. including a life and investment simulation. Seems like this should really be standard high school courses in your final two years since it prepares you to be an adult... Just my opinion.
At least you had the option though. I had to choose between cooking, machine shop/welding, construction, a few basic computer classes, art, a video creating/editing class, band, rotc, and that was it. So basically we had options that cost a lot of money (all the PC's for the computer classes, and the machine shop that was ALWAYS so low on parts that we barely did anything in there for an entire semester) but no cheap options that literally just require some desks and a white board like a financial class. Fuck I hated my public school so goddamn much lmao
We had a similar thing at my highschool. It was senior year in our 'Government' class. We had a mock investing simulation that went on for the entire year. It wasn't as in depth as you described yours. But we got our feet wet so to speak.
Sure, education is very important, so is a government that's actually looking out for the public interest by having regulators and proper law enforcement on such big financial criminal activities that keep going on!(
ADP2 - The causes of the 2008 crisis go all the way back to Reagan (he deregulated Wall Street and Clinton and Bush just deregulated it even more). There’s a great documentary on the 2008 crisis called the “Inside Job”, you should check it out.
The most disturbing thing about 2008 is that it still isn't fixed. Toxic assets are still out there. They couldn't untangle the mess it was so scrambled. The financial industry didn't change. They are still corrupt as ever.
The only bright spot was of hearing stories where people stopped paying their mortgages, banks came after them, citizens won in court because the banks couldn't produce the documentation that they had a collateral obligation to the home. I've read dozens of stories about this where the banks were so sloppy they couldn't legally enforce a lot of mortgages or claim back houses afterwards.
Dude I worked for a bank that would give personal loans, Covid started and we had crazy low rates, once shit started to get better they then started to offer 2-6 month payment breaks that would up the APR cos they knew most would take it so they could go n do things again. Banks aren’t ur friend, they can help u if it’s just savings, any borrowing from them is just a ticking time bomb.
I mean not to the same extent/size of scale, but banks literally do this all the time. Any place you get loans do, if you didn't get approved initially, wait till November-early February. That's when they push out loans to show profitability to shareholder's.
Ya. They just figured out how to get around that crime since no one got punished and now they know how to keep everything from a natural crash through more fraud. Government does nothing of course. They profit from it. Sick world.
@6:45 So did my dad. His entire retirement savings: everything. So called low risk - low yield, responsible and safe investing over 50 years, just gone. Total losses approx. $2M. He had a dream to retire on a little house on a beach. That's all. He started with nothing. Went into Air Force. - GI Bill: Graduated Suma. - scholarship: Masters, scholarship: Doctorate of Science (Suma again). He made his dream happen by himself, the way an American is supposed to: with hard work and contributing into the system. All Stolen. So enjoy the movie folks. But this shit is no game.
The lesson learned should be to manage your own money. Dont trust some fast talking banker who is 28, coked up and cheated to get his masters degree in finance. The money was not "stolen", the money was placed in assets or financial vehicles that these same fast talking kids determine to be "safe". They are not safe. Do your own research, invest yourself and you will never find yourself getting fucked over by the economy. Unfortunately, people are taking loans without reading about them, can't be bothered to learn about interest rates, and god forbid their savings rate is above 2%.
@@AmericanSwede1992 Isn't it? And every bit worse because we don't even talk about the people who died as a direct cause of this. People who lost money and couldn't get meds anymore. Couldn't eat. Couldn't pay for their health insurance. Had nowhere to go when they lost their homes and literally died in the streets while criminals inhaled their retirement right up their noses. We're actually the lucky ones. My dad only lost his dream. At least he'd achieved his goal before losing it (better love lost...). Many lost a lot more. Now my dad and mom live with me. I'm spending a good part of my time doing things for them instead of working on my own business (in addition to full-time+). This means I have to rent instead of investing in a house. Hey but wait! There are "low interest" plans for me!!!!! The bankers win again. My family has served in every war in US history. My dad was in AF Intelligence. My cousin designs warships. My other cousin retired from the FBI. My dad was one of 4 (4!) people, sent by our government to do the impact survey of the torched wells in Kuwait. I think they've MORE than earned their carefully planned retirement.That so many people can not only ignore this side, but strive to be the criminals themselves makes me sick. That our government then steals from those that brought them liberty to give to those that steal from the same, is not justice for the people. The USA is not The USA anymore. We have nothing to do with United. We live by cutting each other, taking advantage, hating, excusing our own and blaming the "other", and unthinkingly destroying the substance of our own history along the way. Did we land on the moon? Is the Earth flat? Is the Pres. a Communist agent, sexual assaulting, pederast who rips people off? Is Bill O'Reilly really looking out for you? (and who is "you" anyway? rich white men? only those watching?). The perfect example: when the States wanted to open the Federal Medical Reserves, for safety equipment, Trump said, "That's not for them (states). That's for us (?!)." Who the fuck is us if not The People of the United States?! Outside the bubble we say "wtf"? Inside Washington they say "This is a strong bargaining position". On TV they say "Is this a good move for his reelection?" The supporters say "Yeah, you get them Dems." The Dems cower and give us Joe Biden. Welcome to 4 more years of Drumphf. Now look at "weak" old Jimmy Carter. The guy who lost his Presidency because of a failed military attempt to rescue hostages, and the successful political and media spin campaign "coincidentally" funded by the same institutions that stole my father's dreams. That weak little old man gets up every morning and builds houses with his own hands (not management). THAT is strength and honor. Not this cartoon villain and his army of henchmen. We Are Done folks. The USA has maybe 1 more generation before the debts and arrogance of our nation building destroys us. We have lost our rights and given power to those that used to be checked by that power. We will be at perpetual war, yes, but that is no longer enough. We will flood our cities. We will stop feeding our elderly. We will cleanse this land of the others - wherever they may be. We will lose our Nation. And those with the money will simply move to a different house in a different country, in an exclusive neighborhood, behind machine gunned walls. Just like they did in South and Central America. In the US and Europe it''s our turn to bleed for the rich so they can sell more lies, so they can bleed more people, so they can sell more lies, so they can bleed more people... They want EVERYTHING.
As Matt stated, this is what happens when your economy isn't based on anything but financial speculation. When the economy is built on manufacturing, there is a solid base. When your major industry is loaning out money then guessing on what is going to default or not, your economy is a house of cards. This country is in dire need of some heavy regulation in terms of minimum wage and wall street.
This is the inevitable end result of financialization and the Reaganomics of the 80's that has continued until the present day. Basically right now, our private sector economic growth is based almost entirely in two things 1. tech companies and the massive influence they wield from Silicon valley and 2. financial services, managing the worlds money through some of the largest banks on the planet. That's why if you're working class you're struggling while if you're upper class you're rolling in cash: because one group makes almost all of their money through wage labor while the other group makes most of their money through capital gains, and that's why economic inequality is as bad as it is in this country.
thank Nixon - took us off gold standard in 1971...strange right? cuz thats the year wages stopped rising in relation to productivity...but thats a coincidence, funny right?
@@charlesku4308 Getting off the gold standard lifted artificial limits on growing the economy. The problem today is that we operate like we are still on the gold standard. Taxes don't fund the Federal govt, the Fed govt spends by crediting bank accounts not by having Uncle Sam rake in the money thru taxes.
Around the fourteen minute he makes a point about America that will give you shivers. He basically says the subprime scheme was to pull the last bit of savings out of Americans pockets and it makes you wonder what's next and what have they tried already
They won’t be laughing so much when we finally bring back the guillotine. I wonder if people would finally flip their shit and try to lynch those responsible for stealing their future or if we’ve all been pussified too much.
just hearing all this, experiencing it and knowing that unless extreme measures and actions are taken, this is a cycle that's never ending and will ALWAYS happen in one way shape or form.
@@raaaaaaaaaam496 Not on that scale. The de-regulation of the banking industry under Bill Clinton the (repeal of Glass-Steagall) caused this. Not anti-redlining laws.
I was 28 when this happened.. Still haven't fully recovered.. Looking back it was what set in motion a series of shitty events in my life and countless other people's lives.. I was lower level management in a warehouse, and shortly after this happened, myself along with about 10 other people at my company were let go, and similar jobs in my area weren't hiring either.. I remember seeing the newspapers talking about the million dollar golden parachute deals the people responsible for this catastrophe were given.. While one guy who worked at the same place I worked was let go with 2 weeks vacation after 39 years and 2 hip surgeries at the company's demand so that he could be more productive. Still.. Nobody held accountable.
@@neilbru The 39 year employee with the hip surgery person wasn't actually me.. But a person I was in charge of.. I was treated just as poorly, and I was lucky I only had 5 years in at the company.. Several were let go with nothing anywhere between 10 to 40 years at the company. The company I worked for used the crisis as an excuse to cut the workforce to the bone.. At the same time they demanded double the productivity. They actually told us that if we didn't meet those productivity goals, they would fire each and every one of us and replace us with temps. Keep in mind this was when next to nobody was hiring. Another man with diabetes and a myriad of other health issues was let go after 13 years because of productivity.. When they sat him down to tell him, he passed out and fell out of his chair.. Instead of calling 911.. They called his wife who came and got him, walked him to her car, and he spent 2 weeks in the hospital after that. The shock of losing his job and health insurance in that economic climate, with his health conditions.. Nearly killed him, and they decided not to call 911 when he fainted and didnt get back up. Management was sent a link at the time to an article in a business magazine.. Praising the new owners of the company for an 85% profit increase during this time.. It happened to be CCd to me.. Thats when I started getting very angry.. Before that I thought it was just the economy.. But Appearantly the company wasn't doing nearly as bad as they led us to believe. They cut our hours, cut our insurance, stopped 401k matching, stopped bonuses and fired multiple people in that time. I signed a non disclosure agreements after I was fired, not to speak specifics about the events leading to my termination.. But I had to fight like hell for that. They also denied my unemployment.. Which they lost as well.. But those 2 wins were hardly enough to save me from the struggle I was unknowingly walking into after that.
It's stories like this that make me feel like I don't have a country. There are supposed to be protections against this sort of thing from happening. Like, that's what a society is. We get together with the implicit assumption that certain problems will be solved - like not having to worry about roaming vagrants taking your stuff, courts that at least try to fair, etc. But alot of that is bullshit. You can lose everything in an instant, if the vagrants wear suits, for example. And if you get sick, seeing a doctor will just put you more in the hole because guess what, now you have no insurance. I mean, wtf is this? Sometimes I don't understand how people aren't rioting in the streets. Not trying to turn this into a political rant, but this is why I basically only trust Bernie in this election. Right now, asses need to be kicked, and he's the only guy who isn't bought and will kick them. Trump talked the talk but then filled his cabinet with bankers and cut taxes for the rich even more. I don't have all the answers; I just know that we have to fight these sick fucks, otherwise this shit will happen again.
@@physicsguy877 all of you need to read a book called "The Bullshitmacine" by Putrid Shittgenstein...it's a real book. You might have to tread it 2 to 3 times but it will start to make sense of why and how this is happening and how they get away with it. Peace to you all and good luck.
2023 January here bro ! Happy new year and hope this year is good for you ! 2023 is going to be a rough year all around for us peasants . God Bless you and your family
Trust me. Next this happens, it'll be twice as devastating. And seeing how the last crash was handled, we can safely place our bets that this is going to happen again sooner rather than later.
@@whitejazz100 It'll come down to the people coming together to overhaul an outdated system... only they'll be ready for us. They've been getting ready for decades. We've been watching TV...
I bought a house in 2006…. Upstate NY in an up and coming small city…. I was offered one of the “floating” interest loans…. They said my mortgage on a 150k house would only be 350$ a month and “may go up slightly eventually”……. Thank christ i saw through that…. Ill take the 800$ mortgage at a fixed rate…
As long as there are people who won’t take some time to educate themselves about things that matter, people like the bankers will not stop taking advantage of them.
“What a great decision young man, we can put that check into a money market mutual fund, reinvest your earnings into foreign currency accounts aaaand it’s gone”
No, it's a history story. Or, if it is a crime story, you haven't caught all or the real criminals. Look you guys got the part of the story where the bad guys at banks and investment firms were doing bad things. But you don't got the part of the story about what made these guys do these bad things. You don't have the criminals before the the bankers, etc. Who encouraged or forced or pushed or told the bankers etc to do those risky things? Who turned the other way? Who didn't come down on them saying "hey, this is bad, this is at least risky?" but rather went "be creative?" and encouraged this bad behavior, these "criminal behavior?" Do you guys know? Did Taibbi tell you? Has anyone told you? What have you done to make sure you're getting the whole story?
@@mortalcombatjoker You may have made money from it but it's not "backed up" by the government or anything. Still a good investment though. Three years ago people were called crazy for thinking bitcoin would even hit $10,000. A year later it hit $20,000.
I still think it’s shady for someone to create a derivative on an asset they don’t own or don’t have a contract to buy. I think options are ok because it’s still a contractual obligation to buy or sell the underlying asset. You can’t create an insurance product on an asset you don’t own. There’s too much moral hazard to come from that.
Credit default swaps are just contracts with insurance, that's legitimately about it. It's a way of risk dispersion. Saying that there are different more risky derivatives but the one the is by far most associated with the crisis is the CSD
shawn gill Synthetic CDOs were a huge problem along with CDS. All had a similarity of not actually owning the underlying. So it was leveraged gambling taken as far as they could take it.
FootballJunkie yes synthetic cdos are absolutely completely fucked and I would say are a major reason the economy got hit so hard cdos were bad but synthetics were god awful
@@jimmoses6617 until we abolish all monetary systems they will keep winning. Why is it so many are convinced everything would collapse without money? Ridiculous notion. Our world would be much better off if money never existed.
@@amandap9332 that’s a pretty bold and baseless claim. Why don’t you go ahead and give us a proof of concept Amanda and burn all of your money right now? Or are you a hypocrite?
I remember that Christmas 2008, it was so sad that no one didn't even put up Christmas lights in the neighborhood. I hated seeing best buy commercials on families unwrapping a new flat screen with a big red bow on it and how happy they were at the time. My dad was and still is a HVAC duct delivery driver and would go to construction sites. He was only working 2 times out of the week, no one wanted to build anything. My mother was in quality control in a sports store so she was doing ok. But no matter what my parents never went on unemployment. My dad could have but he didn't.
@@TheIronyoshiand that "centre" is still generous. Honestly I would say he is right wing with woke points for realizing you can't be homophobic in 2012 if you want to win an election.
*The Colour Green* TARP was passed under Bush, my dude. I wouldn’t expect you to give enough of a shit to know what you’re talking about if you spell it “colour” instead of “color,” though, so no worries.
Sort of shows how little things have changed. Hedge Funds take ridiculous risks because they're sure that it can't possibly come back on them, retail investors get the scent, drive the price... and then the markets get manipulated to bail the hedge fund out of trouble - at the cost of multiple millions from the retail investors.
@@michaelnicholas7944 a couple took bad risks. Trillions were on the line in 2008. At most the funds wouldve lost 12 bil. Thats not good but pretty much nothing in grand scheme
I remember when I was 4-8 my parents finally were able to open up a business after immigrating here working 60 hour weeks to make ends meet. They saved enough money to open a nail salon business. successful for a couple of years right until 2008 where everything when down.
@@ivanjuarez6505 nope. My parents are immigrants so they really don't know much when it comes to investing. I think at the time they working doing pretty well before 2008 but nothing too crazy. But what I do know is they ended up $70,000 in debt
@@Tommy-su9tb Let me explain how it probably went down. A banker offered to give them a variable rate(an adjustable rate loan some call it as well) loan for their business. Think like they gave them 300K to open their business at a rate of 2.9%. For a thirty year loan this would work out to around a thousand dollars a month payment. After 3 years though the bank does a review of the interest rate and adjusts it based on the contract. So after 3 years it goes to 4.4 percent interest. This increases the payment to 1250 a month. After 3 years this repeats. During one of those periods the crash hits and due to the contract it increases from 4.4% to 9.4%(the max increase allowed per the contract small print). this makes the monthly payment goto 1700 a month. With loans front loading the interest(you pay 90% of the interest in the first 15 years) the majority of the loan still remains. Most people can't handle those kind of increases.
Yeah, that "mud people" comment, that came from Wells Fargo. That was the Scandal at Wells Fargo before Wells Fargo was repossessing Cars and Trucks from active duty military.
WF is a real gem with their creating accounts inknown to customers and now Mud People. Recently here in FL there was a billboard announcing that WF was now an honest organization. Scummy outfit thriving in a culture that accepts/condones this kind of behavior.
Glass-Steagal would not have prevented the financial crisis. Indeed the process of securitizing mortgages goes back to at least the 1980s. The ratings agencies were giving out AAA ratings (a rating that is normally reserved for US treasury bills) because of the implicit backing from the federal government for it's GSEs' Fannie Mae and Freddie Mac. The combination of the Community Reinvestment Act of the 1990s under Clinton, the loose monetary policy by the Federal Reserve in response to the dot com bubble and 9/11 attacks, as well as the American Dream Downpayment Assistance Act of 2003 under Bush would lay the primary foundation for the financial crisis. Fed Chairman Alan Greenspan even endorsed adjustable rate mortgages, which Matt describes at 11:45. The very regulators tasked with the security of the economy would unwittingly promote the bubble they helped created because it benefited them in the short term, and then directed the blame on a failure in the free market when the deal finally turned sour. The reason it became a world wide crisis was because everyone from Canada to Australia, from Sweden to China, was dipping their hands into that honey pot. The real culprit in all of this is the lack of financial literacy by the general population.
Probably not Glass-Steagal, but something similar to it. The separation between basic banking (commercial banking plus vanilla investment banking) and investment banking needs to be brought back, for no other reason than to clarify public exposure. Checking, savings, mortgages, loans, and basic commodity hedges (farmer selling corn crop in three months locks in a price now). That's what the FDIC should protect. Anything beyond that, leave that to risk not on the public dime
It's up to the American electorate to 'put their collective foot down' and DEMAND that whomever they vote in as president dismantle the Federal Reserve without delay; after all they'd be enforcing the constitution.
@@bbushism That's just it. We don't vote corrupt men and women into control. We vote good men and women into a corrupt system. Once those good men and women get into power, they realize how corrupt the system is and how easy it is to get away with things, so they too ultimately fall into corruption. Doesn't matter who you vote in, things won't change until we fix the system.
Matt Taibbi talks about AIG in the past tense ("was," "did," etc.) as if AIG no longer exists. In reality, AIG is still around, has about 50,000 employees world-wide, and is still making HUGE amounts of money...thanks to a LARGE bail-out which was funded by taxpayers.
35:00 on... I'm an IT Specialist who has worked with Governmental Departments as well as Offshore Financial Institutions handling multi-billions of investments, large Charities etc and can assure anyone who wants to know that, within each of those organisations, everybody below Directors' level assumes that Directors and/or their (usually non-existent) Advisers know how it all works and is keeping a close eye on everything whilst everyone at Directors' level (as well as any PA/Advisers they DO have) assumes those at Managerial and/or Operational level know how it all works and that they are keeping a close eye on everything when, in point of fact, almost invariably NOBODY knows how almost ANY of it all works and none are keeping a close eye on anything other than their own bonus and the ass of the most attractive (to him/her) member of staff. Once this fact began to dawn on me, I used to try to point it out to them - casually, at first, but becoming more blatantly incredulous (even scathingly sneering) over time - yet it was all to no avail. So I gave up. Shut my mouth. Did my job (brilliantly, if I do say so myself). Got paid. Just like the rest of them (apart from the "brilliantly" part - that was just me). Am thinking of writing a book.
Sebastian T. Dangerfield congratulations, you’ve discovered how literally every company works. Anyone who has worked in a professional capacity for more than two years has observed this.
@@seefore5409 Pretty scary when, whilst recently conducting an IT security inventory of a major international bank it was revealed that approximately 70-80% of the time conducted on each and every workstation - from the CEO down - is spent viewing porn and/or updating FaceBook and other social media services. When an offer is made to prevent (or at least monitor) such usage, nobody is willing to give their approval (worrying, no doubt, such action would curtail their own access to those online distractions), meaning that any suspicions we may harbour of bankers being wankers are both figuratively and practically spot on target.
Maybe worse or not depending how you look at it: everyone got paid, the operational people and management the most (as long as they didn't choose stock options and company hasn't failed yet).
Sebastian T. Dangerfield plenty of bullshit bingo in the board rooms - once this dawned on me 3 years ago, I changed career. You feel like you are working just to make people look pretty rather than contributing to the financial gain of the business.
I know from my experience I lost my home. Went from a good income & 1.3 million with the ability to maintain, to $850,000 in debt and no work. Watched the banks strip me of almost everything I owned. Had to move into my camper. Tyg I had a camper. Live in California I drove until I found people still working. First the east bay now Marin. Still coming out from under the load.
I've noticed that people don't analyse how corrupt American politicians and bankers financially ruined so many developing countries around the world back in 2008. Maybe we need more superpowers to keep such reckless behaviour in check.
To clarify he’s talking about Refinancing student loans. 100% unregulated and when you hear “Lower your loan payments!” You think it’s a good deal. Very reminiscent of the subprime industry pre-2009.
Watch "The Big Short" explains the housing crisis perfectly. Also watch " Too Big to Fail" that deals with the Gov side of what they new and what little they did to stop it.
This is why I joined the financial industry. Knowledge is the greatest weapon against this type of stuff, and no one will fall victim to predatory practices again, if I can help it.
Yeah unfortunately you alone are very unlikely to succeed, but I wish you the best. I truly hope you can make these type of situations never happen again.
@Jimmy Ray Good attitude. It will take many of us to topple those in control, but battles between good and evil all start with one person with the knowledge that one willful person with a powerful idea can do a lot. I know you guys have heard the Martin Luther King story, and he wasn't killed because he was black. ...Just curious, assuming you're not a mere bank teller, what is it you do exactly or what's your job title?
This is why I listen. The financial crisis got me and a lot of people I knew , but never understood what happened. I remember the bailout and president Obama saying the banks didn’t do anything technically illegal, but it was unethical. And I remember no one went to jail.
Man I wish I would have found this years ago. May more of us wake up n have the strength to face the darkness with light 🕯️. Blessed be y'all. Stay safe
Matt's book Utopia is a great book about what went down in 2008. His piece on it in Rolling Stone is really good and was what helped me understand what happened and why.
We need to stop saying things like "our system is broken." It's working exactly as it's designed. First people in, first people out, we trust these assholes with our retirement so we let them leverage us, and then we bail them out because we've let them convince us we're hopeless without them.
I watched this clip and The Big Short 4 years ago when in the process of buying our first house. I was terrified and sick to my stomach at the same time. I graduated highschool the year of the recession, terrible time to enter the job market. Back watching again because it helped me question my loan officer all the way through to make sure nothing shady was going on. She kept telling me that the buying process is so difficult because of this very scheme.
In 2006. I went to a seminar. That resembled something of selling timeshares.... but it was on refinancing my home. It was all Hard Sell. And when I left there I was completely exhausted. I did not refinance my house. But all my friends Did and ended up losing everything. I immediately went to my broker And change my whole portfolio
What I find most objectionable is from the first part where this guy doesn'tseem to know what he was talking about. Sub-prime was always a fairly small part of the mortgage industry. It exacerbated things once the collapse got going, but it was FNMA & Freddie Mac crazy guidelines pushed by politicians who began it all. I was a mortgage broker through it all and experienced it first hand.
Subprime exploded after 2004 post Glass Steagal cancellation - and even if it wasn't the whole market its effect rippled through the entire mortgage market since mortgages were sold to investors as soon as they were originated. And banks and other lenders had a choice to not participate but they didn't. Blaming ninja loans on regulators is more than a bit rich.
@vmoses1979 I was in the middle of it, underwriting and funding loans every day. You don't know what you're talking about. You've read articles and seen news reports from people who were not there. It was government caused, and then they blamed everyone else for what they did, pushing reckless guidelines, starting with A paper, and then they even pushed subprime.
@jimmalloy7279 What a shill you are. So the government was forcing you to give mortgages to people with no jobs and no income. Yeah sure the government is dictating your risk parameters and not your greed and desire for quick and growing profits. Pull the other one. There is so much written on this time period that your so called expertise matters little.
The Big Short is one of the best movies ever made. Breaks my heart I remember in 08 I was about 11-12 years old. My mom took my brothers & I to the skate park & started talking to another mom who some how her & her husband got approved for a 600K house while both being managers at Wendy’s & one at target. Sad how people were getting scammed back then... & they were taking their money with a smile
PrinceChamp Camp What I don't get is , yeah...the bank was stupid / scum to loan unqualified people large loans....but, the people who signed up for these loans! What idiot takes a loan of $600,000 when you work at Target? It's their own fault, absolutely irresponsible and insane!
Debbie J. I grew up in LA, my first apartment was a 2-bed 2-bath and was $900 a momth, I moved out in 89. I don't see how anyone could get ahead in LA and work in fast food or retail, it's almost impossible to survive there!
My dude, Wulfila translated the original Greek biblical Scriptures into a language he literally invented so that the Goths could read it in a language that mimicked what they spoke. It predated the Latin Vulgate by at least a decade. That’s the real reason why the Arian “heresy” was such a big deal, because they were translating the Bible into languages that people without formal Greek and Latin educations could read.
Hello, Joe. Thanks for your discussion with Matt. You both strive for integrity in work and dignity for those who do their best. I look forward to listening to your podcasts, Joe 😊
Well done Matt's explained this in simple terms. The real shame for the nation is that the brightest grads go into finance rather then science, education or other more worthy fields.
So true. All these geniuses who could be working for Boeing or NASA instead go work on some way to game the stock market so that the wealthiest 0.01% of society become even more wealthy.
I was too young to understand what was going on at the time but my father is a home appraiser and my mom used to be a teller... not a good time for our family and I didn’t understand why. At least we were fortunate enough to keep our house. But it’s incredibly interesting to learn about what shaped so many people’s lives
It's such an amazing coincide that no matter what story a guest has, Joe had a neighbour or a friend of a friend who was in some same way affected or had a remarkably similar experience as exactly what is being spoken about at that particular moment.
Thomas Sowell wrote an excellent book covering the finacial crisis of 2008 and what caused it called The Housing Boom and Bust. Everyone is blaming banks and politicians who bailed them out but no one's blaming politicians who imposed regulations forcing those banks to give risky loans in the first place. No one's blaming forced cut of down payments, or the fed setting interest rates below what they should've been, all because of the pressure from irresponsible politicians. The truth is out there but even this comment section shows how many people simply don't care.
Amen. People love giving the federal government and consumers a total pass just so they can yell at bankers because it fits their overarching anti-capitalist narrative. Nobody should be talking about the financial crisis without mentioning the Community Reinvestment Act or race-based lending quotas demanded by the government.
@@tilleryinnovations592 Why did you delete your previous comment attacking Sowell as "hating his mom for bringing him into the world as a black man"? Did you feel it wasn't as persuasive as your finalized argument of calling him a "dumb a$$"?
@@tilleryinnovations592 Welp, you've certainly convinced me. Thomas Sowell is way off and is clueless about economics. Maybe he should consult with Bernie Sanders to learn a thing or two! But hey, if I ever need to buy some toilet paper, I'll give you a call. Take care, hon.
Yep, the govt gave financial companies plenty of rope to hang us all. Also, Matt highlighted scumbags targeting elderly black people, but there were plenty of people taking out loans that should've known better
![I.N "HALLUCINATION" | [Stray Kids : SKZ-PLAYER]](http://i.ytimg.com/vi/n5B5q1Hwt_U/mqdefault.jpg)
In case anyone's curious -- the Maryland bank that targeted black people was Wells Fargo
I immediately thought it must be Wells Fargo. They are one of the scummiest banks out there.
I need to change banks asap!
@@enoctopia all banks are crooks, it’s better to go for bitcoins
RaCiSm
I guessed it lol
The greatest line in the Big Short was "They weren't being stupid, they just didn't care. They knew the taxpayers would bail them out."
Lee Ioacoca helped the business world learn how to blackmail the government. Even now leaders of Silicon Valley tell the government that if my company collapses their will be chaos
The Lehman CEO was so sure he’d get bailed out. Not bailing out Lehman actually started the whole mess internationally.
@@GeorgiaOverdrive the Goldman Sachs boys in gummint used the crisis to eliminate the competition that Lehman Bros represented.
Actually, they didn't know GOVERNMENT (I wasn't consulted as a taxpayer whether I had a choice to bail anyone out) was going to bail them out. Ask the board members of Lehman Brothers how their bailout went. That movie is entertaining and speaks to SOME truths, but don't look to it as an in depth analysis to why 2008 happened.
@@GeorgiaOverdrive So...one vote for bailing out reckless bankers.
You rob a bank, you go to prison, the bank robs you, they get a bailout, tax break, get out of jail free card, a raise and bonus...
@Ezra BitCohen LOL!!!!!!! What an idiot. Digital money is a banks wet dream. its bad enough our money is not backed by anything of worth. We have more money in circulation than precious metals in reserve. People are paper notes are worthless. Bitcoin smh, power goes out...you have anything of value? The same goes for money in accounts of anything, if you can't hold it, you don't have it.
How times have changed. I have to study the 2008 financial crisis for class and I’m here at JRE clips learning! LOL
@@Chris.B1111 All money is inherently worthless.
@@Irishbloke you either didn't watch the video or your so dopey you'll be next.
Correct!
i lost everything in 2008: house, its contents, car, truck, my wife, a small business, and dog. The suicidal ideation was constant for a good year. But in the end, I have children (now grandchildren) and I could never leave them behind.
Lmao that’s hilarious
@@wescald I’m sure a lot of people like you ;)
@@wescald why?
@@wescaldfor some reason your comment made me laugh. Even though it's really wrong of you to say that
how are you doing now?
This reason joe can be so great sometimes is because he can talk about such a broad range of topics and ideas and still manage to ask good questions and keep the conversation interesting.
hes the larry king of modern day
@@themadmattster9647 People always compare him to Oprah. I think your Larry King comparison is more accurate.
And he lets people talk.... So many interviewers ask scripted questions, get the answer, and move to the next. Rogan has legitimate conversations and allows his guests to truly get their ideas across
For the most part.
Have you ever heard of a Producer? I used to work in TV. He has a guy whispering stuff into his headphones. Come on man... Also, the prep for the shows.
More Americans need to understand how this crisis started in order to prevent the next disaster from happening. Also, it was good to hear the HSBC narco scandal be brought up again. Too many have forgotten about it.
That’s the same thing people said after the 1929 crisis. No one cared.
@@ninety4749 what if your client says yes
Its already bubbling now it will b a credit buble
You cannot prevent crisis or recession from happening. Because it is an integral part of the economy.
All we can do is simply learn how to deal with it.
Pavel T stop paying huge fucking bonuses to the supposed top talent for a start.
It might be time to have this guy back on the show
They just got his friend up, Michael Shellenbeger
He was on it not long ago, 1-2 months ago talking about Twitter Files
😂😂agreed
@@6PackAbsMaster The X-files
It's repeating so yes... this needs to be reposted
Man I remember that year. 2008 was rough. Quit my job to help my mom with her health, my mom didn’t make it and she passed away that year. Dropped out of school cuz I couldn’t afford it. Later on that year I Lived with my eldest brother and his wife of 20 years and found out he was having an affair my other brothers borrow money from me from what little I had left from work and my moms life insurance and left with nothing. I almost go homeless because my eldest brother decides to move in with his new beau. I decided then taking my life was all I had left and it didn’t work out I stopped. All of this and I was only 19 just about to turn 20. Man I look back at it and all I have to say is don’t give up.
Glad you didn't man. Hang in there brother
I'm glad you're here
Your a real one
Good job. Keep the faith and do the right thing
Damn bro I’m glad you shared that story .. loosing everything at 20 in the grand scheme of things isn’t that bad ( financially ) . Your still an old kid at that age haha . I’m sorry to hear about your mom and how your brothers treated you . All o want to say is life can be beautiful bro , money isn’t about everything . Find some things you enjoy and do them and don’t let anyone tell you other wise .
There is so much happiness to be had .
I say this because I have lost of everything multiple times in my life , had it all , then had literally nothing living in the basement of a relative .. had money again and lost it again back to the same shit .
I am just started to build a life at 30 bro . I feel so behind in life all the years I wasted .. but fuck it dude , you can reflect on the past , cherish the moments you love but don’t dwell on it and let it consume you to the point that it is dragging you down , hindering your today / tomorrow .
Grab a note book and sit there in silence and write things
You want to achieve today , everyday , tomorrow , a week , month and year from now . Strive to be a better person than you were yesterday . Be kind , helpful and understanding . At the same time be guarded , verify before trusting and don’t let anyone manipulate you to doing something your not comfortable with .
You may never be rich or have millions , but life can still be good .
Cheers man stay strong
God bless
in US, bank robs you.
😂😂😂 ok that one is priceless 🤣🤣🤣
😂😂😂 good comment
That’s a good one 😂😂😂
especially when you read that comment in yakov Smirnoff's voice
“It’s a big club, and you ain’t in it” - George Carlin
Joe just got a $100 million contract. Is he allowed in now?
100 million is a lot for us, but it's still nothing compared to the richest people in the world😂
George was my favourite enlightened comedian. If I ever needed cheering up, I just put on one of his shows and I'd be laughing me ass off! RIP George Carlin
@@EIRW1Z Carlin was the og TED Talk
its also the big club they beat you with
"You play monopoly and cheat against your grandma, now imagine playing with real money against people you dont care about" Kurt Metzger
Not only people you don't care about... people you'll never meet in your entire life. They might as well have not even existed as far as those criminals were concerned..
I'm in the UK. We hadn't recovered from 2008, then Covid, now energy poverty, potential food shortages, high inflation, biggest tax burden. This list is a lot longer.
14 years of crisis,,, rich get richer poor get more reliant on welfare, more people reliant on welfare hospitals failing, education failing,, constant promises of cheap reliable energy.
We have never been out of this 'crisis'.
Bit of a jump that. Massive assumption. You guys ????
I could assume a lot from thecomment but I'll leave that to 'You guys.'
@@MozD Implying voting matters lol. Stay or leave they'd be fucked anyway.
Brexit was a bad decision!!
We also shattered our hopes with Brexit after that. We are massively underperforming post pandemic and post 2008 compared to France Germany Spain and Italy (our big 5 performers) as far as productivity. As a nation we decided to slit our throats willingly at the worst possible time. I feel so embarrassed that my generation has crippled my daughters ambitions. We threw away a permanent seat on the UN security council and a voice at the EU assembly for a broken Britain.. Almost everyone I know now is struggling financially. We're all working our bollocks off. We were promised a better day if we were unshackled from the constraints of Europe....
@@Hagg-o-tron If I can throw my own little thought here, brexit is misunderstood. Most people think of it as: "We do brexit and everything will be better." I am of opinion, that this is wrong assumption. Brexit was first step, a chance let's say, to better rule over UK by yourselves. After Brexit, better decisions should have been made. I don't think UK is failing because of Brexit, but because of UK politicians.
Oh man Joe's story about his friend that lost everything brings a tear to my eye....the guy got sick and died afterwards...he definitely died of a broken heart....they stole his will to live
Took a 30 year plan and threw it down the drain
"They stole his will to live". Economic parasites always exist.
Dying of a broken heart is very real, most people don't believe it but it can and does absolutely happen.
Your heart just beats slower, you slow down, and your immune system gets weaker too, and you either die from what doctors call heart failure, or something comes along and gets you sick and it kills you.
My great grandmother died 9 days after her husband died. She stayed 9 days in bed crying, and by the 10th day she was dead. Heart failure.
You can be pedantic and say that she died because she was old, which may have been the case, but I really doubt she would have died within that 9 day period if her husband had still been alive.
Stole his dream as well 🤬
@Andkon yep..that's exactly what happens when couples who been married 30 40 50 years....one passes of old age..the other dies of a broken heart
But we got angry and posted mean comments. That will teach them a lesson.
There is more power in the lowly comments section than you think Shadow banning, trolls, bots. The powers that shouldn't be wouldn't bother with all this nonsense if they didn't feel threatened by the lowly comment.
@@robdixson196 cause the last time a lot of lowly peasants got pissed off, they tore a lot of shit up and made a point. Might be time to do it again cause it seems no one is doing the right thing anymore.
@@adamz.5844 Yes, just look at France.
Somebody else invited Bitcoin.
Somebody else invited Bitcoin.
If Wall Street does not like a politician, that's the guy/gal you should vote for.
Wall Street’s main fear in 2020? A Bernie Sanders Presidency.
They keep those people out of the news generally. The Green Party's policy on money would be to pass dennis kucinich's bill that has been stuck in committee for about a decade that says banks can no longer create money among other things that would give most of the wealth back to the people from those banks that screwed us all so badly
Well, Wallstreet and the rest of the establishment hates Bernie, sooooo there ya go.
Bernie Sanders has my vote!
even if the guy;s name is hitler?
Matt always leaves out the huge role the federal government had in "incentivizing" banks into making these loans.
Ive never heard that one before
True. But that doesn't mean it gave them the green light to start committing fraud. Or does it? Is that why that level of deregulation exists?
@@americanmisfit1 do you have a cousin with your name that works on Jeeps and lives in New York by any chance 😂
@@CheeseBurgerXJ haha no but sounds like another cool Italian
@@americanmisfit1 yes you nailed it. That's exactly why. The whole thing is just a scam. The rich get richer the poor get poorer that's the racket. It's not even republican vs democrats it never was, thats just a distraction, divide and conquer, it's always only ever been rich vs poor, and we as the poor have yet to fire even a single shot as we are under siege every day.
Back in 2008 I remember getting out of school and going to different abandoned houses with my buddys and smoke weed. Literally every block had about 5 houses. Now I understand why this shit happened
@@jimmoses6617 did you know at the time, Victorian houses were regarded as the McMansions of their day with conflicting architectural styles.
The one two punch of the crisis and hurricane Sandy basically emptied my home town for a while.
It happened because you and your buddies were smoking weed all day.
@@mutestingray some of the best time in life. ;)
Hahaha classic !! Yeah bro I just posted a comment that Christmas 2008 was so sad no one in my neighborhood put up Christmas lights at the time. Hahah. It was dark.
I'm grateful for Joe's show, and I'm grateful that Matt did all this research for us. Great work!
Same. It is probably the most important of his podcasts.
And thus guy can do a wicked Joe Rogan impression 15:24
Why are people obsessed with Joe? Shit is really weird. He is not that great.
I'm surprised that he's still alive...more power to him.
@@Graeberwave - the topics are though. I think he's very clever that way
Did all the research and be able to articulate it in way simpletons like me can understand 🙏
“Corporate version of selling oregano as weed.” 🤭😑
Yeah but oregano still can have some uses. They didnt even give you ANYTHING. They just took the cash and fucked off.
🤷♂️ the government gave them permission to do that
At least you can still cook with oregano. The worst part in my mind is that the tax payers of America mitigated all moral hazard from this, basically these people were paid by the American government for making shitty choices. The American government rewarded these people.
@@FLJuJitsu
Thank you. Please remember this next time you hear some blowhard spouting "the @$!#@'s (=advocates of responsive government) are REWARDING FAILURE and PUNISHING SUCCESS..."
That was the only analogy that Joe was able to understand
The bank that was targeting elderly black people was Wells Fargo, by the way.
The US economy is not a "free market", it's a command economy. Trillions of dollars every year in direct subsidies of select industries. Industries such as oil, big pharma (not our hospitals though), insurance companies, banks, big tech, the military industrial complex, and finance. Big bailouts for the elite when the markets fail. It's socialism for the elite, but capitalism for the rest of us. We're left at the mercy of the "free market", free to suffer the consequences of the kleptocracy command economy.
It doesn't have to be that way, we can have an economy and a government that helps the average person instead of the billionaire. We could have a system that respects and values the community as much as our society supposedly does the individual. We could have a system that respects and protects the environment, that also helps meet the basic needs of the people, all while promoting and enshrining the unique communities and individualism within our society. It's gonna take a lot of work to change things for the better, but that's the best part: there's gonna be a lot of work to do. New jobs, new careers, new passions, all to save humanity and the planet.
Things really can be better if we're willing to try for it. To fight back against the apathy being thrown on us by the establishment.
I admire your articulation but I'm going to be negative here and say, we are over powered by corporations and especially the shareholders. They seem to control everything. How the hell do we fight this? People are dumbed down to believing slick politicians who are going to "save the world". I just don't feel hopeful.
@@hew195050 Their propaganda is incredibly powerful, but it only exists in the virtual space, the fake world of tv and social media and hollywood movies. Our only hope is to begin to challenge the narratives in the real world, the one place they don't completely control.
As painful and awkward as it is, we must speak the truth to power because the establishment wants opposing voices like ours to shut up. We must help our communities in any way we can, be positive forces with positive voices, who challenge the lies of the establishment as we do. Volunteer with local aid groups, organize your workplace, grow food for your neighbors and simply help whenever you can however you can.
We must also educate ourselves in theory and teach our friends, neighbors and coworkers in turn. Teach people how there can be another way, give them revolutionary hope that things can change if enough of us work together.
We have to start somewhere.
I was 12 when this happened and I can tie a lot of bad stuff from my life to this event (dad lost a lot which eventually led to divorce yada yada) but for whatever reason I had never looked into what actually happened. This is both interesting and infuriating.
Mike read up on it man-Michael Lewis’s “Big Short” (based on this doc ruclips.net/video/fx2ClTpnAAs/видео.html).
A decade of teenage years gives you more knowledge and perspective to process it all.
You seriously think that money was the sole reason your parents got divorced? I got news for you bud, thats usually not it at all its the lack of love. People who actually love each other stick it out.
From The Big Short. It affected a lot of peoples lives ruclips.net/video/0k5aVLi_yhM/видео.html
Marin3r fuck you
Marin3r lots of marriage problems come from Financial problems so to say that is very ignorant and quite frankly rude tbh. You have no idea why they got divorced so stop speculating.
"Sincerely, I believe the banking establishments are more dangerous than standing armies" - Thomas Jefferson
And we now have both😂😂
Now the standing army does the banks bidding .
Aaron Burr, Jefferson’s Vice President started Chemical Bank and defrauded the city of New York. He then went on to murder the first Secretary of the Treasury in Weehawken, NJ and committed high treason out west.
Unfortunately what is not explained in this clip is what and how the banks started making these loans. It started with the Clinton administration’s initiative to help low income people get homes. The banks pushed back extremely hard until the government threatened banks to shut them down if they didn’t comply. Well, the banks were Not going to go broke over stupid bureaucratic intervening where they don’t belong so they figured out a way to do it. I’m not saying it’s right but either way it was going to happen once government got in. It’s really a shame at the beginning of the story almost never gets told, and not to keep the banks from being blameless, but it also does not tell the whole story. Every single time in history, the government sticks their nose into manipulating private industry. It goes bad. That really is the ultimate moral to the story.
“Damn this some good ass black pussy” ~Also Thomas Jefferson
I'm positive this shit is still going on today, just has a new name.
Student loans
@@shanena5322 That is a big issue that we refuse to deal with.
@bobwatters yeah so simple, smh
@@aidilmubarock5394 The parents of the boomers taught them to feel worthless if they don't have a degree, and the boomers passed it on to their kids. Before that, people only got degrees if they needed them for something. Otherwise, a degree is just a way to rack up huge debt and avoid getting a job. And when demand for a degree goes up, basic economics dictates that the price goes up and the quality goes down.
@bobwatters people have their dreamjob, and a lot of those things need degree. It would be perfect if you can get those job without it, sadly in the real world it isn't. If we follow your scenario where you don't need a degree to get those job, how many of those are really available for all working age population and do you think they can compete in their resume with people with a degree?
This guy just totally explained the 08 financial crisis in a great way
I disagree. There are no details at all. It's just misleading the public with a sensationalist narrative.
I dunno - I'd argue it on three levels. One from the reporters standpoint (Matt), one from a bank insider (xyz) and three from all the funds who made money off of the collapse.
It wasn't the banks, per se, who caused the issue. They were the messenger/middleman in large part - it was global (EU, UK, China, Russia, etc) banks chasing yields to pay for billion dollar bonuses; it was also an idea to own your own home in the U.S.; it was trading/sales making millions off of fees; but it was also people speculating; it was global regulators allowing banks to run their own risk capital calculations, which allowed them to pump more money into higher yielding securities from the U.S. that financed this mess; but it was also people mortgaging 10 homes to pay for one further one (or to use the one as an ATM); it was global trading that brought down the financial markets and everyone's lives; but if we look at it factually most credit or banking risk officers worldwide know nothing about what trading/sales do, nor are they even capable of discussing it on an educated level; regulators - the regulators are the last on the list because they don't matter. They're a foregone conclusion. They only provide after the fact - 'reactive' info.
There's a give and take. Banks were guilty, don't get me wrong; but normal people were also guilty or clearly stupid in what they chose to do in taking out certain kinds of mortgages.
@@MacauleyDuration yes people got more than they could afford .. if they would’ve bought houses for a few 100k less , it might not have popped . Probably still would’ve but maybe not as bad .
Americans and the west always living above their means . Them credit cards building skyscrapers for these bankers on interest alone .
6:22 "My neighbor bought a plot of land.. then 2008 happened, and he lost everything. He eventually got really sick and died."
Don't doubt for a moment that he would probably be alive today if that catastrophe hadn't happened.
According to the Big Short, for every percent unemployment goes up, 40,000 people die. I'm not able to 100% confirm this but it's definitely something to think about.
@@JacobC479 makes sense homeless people that are unemployed are in worse conditions and suicide is another thing
@@jameslastname1346 plus unemployed people will lack healthcare and their mental health takes a toll.
@@jimmoses6617 I have no idea for whom this pep talk was intended, but I will inform you that it ain't 2019 anymore. When the dust clears, almost *everyone* is going to be shocked at the new baseline and the new normal. The stagflation will hit like a machinegun.
@@jimmoses6617 still though, it sure would be nice to not have big brother all up inside of us.
That poor guy wanting to build his dream home...Then he died.
Such is life
Modern america in a nutshell, such a shame
The American Dream has turned into the American Nightmare.
The stress probably killed him
@Kenny Kentang You either die seen as innocent or are publicized enough about to be seen as guilty
In high school we were offered finance classes as electives... I took every one of them and learned about mortgages, investments, insurance, etc. including a life and investment simulation.
Seems like this should really be standard high school courses in your final two years since it prepares you to be an adult... Just my opinion.
Lucky! I joined a financial institution right after highschool to learn all that
At least you had the option though. I had to choose between cooking, machine shop/welding, construction, a few basic computer classes, art, a video creating/editing class, band, rotc, and that was it. So basically we had options that cost a lot of money (all the PC's for the computer classes, and the machine shop that was ALWAYS so low on parts that we barely did anything in there for an entire semester) but no cheap options that literally just require some desks and a white board like a financial class. Fuck I hated my public school so goddamn much lmao
We had a similar thing at my highschool. It was senior year in our 'Government' class. We had a mock investing simulation that went on for the entire year. It wasn't as in depth as you described yours. But we got our feet wet so to speak.
youre expecting too much common sense from retarded society
Sure, education is very important, so is a government that's actually looking out for the public interest by having regulators and proper law enforcement on such big financial criminal activities that keep going on!(
always come back to listen to this once a year.
For like 10 years in a row. Right? Imagine saying that.
Matt Taibbi is the single best investigative reporter I've ever seen... period.
Chris Hedges as well. Oddly enough, Russell Brand is great as well. Talk about a curveball.
Taibbi is the best investigative reporter we have today. Facts
Clintons and Bushes were responsible, and people still think Dems and Repubs are different
ADP2 They’re the exact same. And the fact that we just recently gave these criminal corporations a massive tax break is digusting.
ADP2 - The causes of the 2008 crisis go all the way back to Reagan (he deregulated Wall Street and Clinton and Bush just deregulated it even more). There’s a great documentary on the 2008 crisis called the “Inside Job”, you should check it out.
@@FutureKnut ShadowRing narrated by Kevin Sorbo is also a great documentary everyone should watch.
Whilst they weren't innocent, the game started well before they were even born.
Definition:
"Clinton Democrat": n. A Republican who doesn't care about appealing to born again Christians - otherwise identical.
The most disturbing thing about 2008 is that it still isn't fixed. Toxic assets are still out there. They couldn't untangle the mess it was so scrambled. The financial industry didn't change. They are still corrupt as ever.
The only bright spot was of hearing stories where people stopped paying their mortgages, banks came after them, citizens won in court because the banks couldn't produce the documentation that they had a collateral obligation to the home. I've read dozens of stories about this where the banks were so sloppy they couldn't legally enforce a lot of mortgages or claim back houses afterwards.
Dude I worked for a bank that would give personal loans, Covid started and we had crazy low rates, once shit started to get better they then started to offer 2-6 month payment breaks that would up the APR cos they knew most would take it so they could go n do things again. Banks aren’t ur friend, they can help u if it’s just savings, any borrowing from them is just a ticking time bomb.
I mean not to the same extent/size of scale, but banks literally do this all the time. Any place you get loans do, if you didn't get approved initially, wait till November-early February. That's when they push out loans to show profitability to shareholder's.
Ya. They just figured out how to get around that crime since no one got punished and now they know how to keep everything from a natural crash through more fraud. Government does nothing of course. They profit from it. Sick world.
@6:45 So did my dad. His entire retirement savings: everything. So called low risk - low yield, responsible and safe investing over 50 years, just gone.
Total losses approx. $2M. He had a dream to retire on a little house on a beach. That's all. He started with nothing. Went into Air Force. - GI Bill: Graduated Suma. - scholarship: Masters, scholarship: Doctorate of Science (Suma again).
He made his dream happen by himself, the way an American is supposed to: with hard work and contributing into the system. All Stolen.
So enjoy the movie folks. But this shit is no game.
The lesson learned should be to manage your own money. Dont trust some fast talking banker who is 28, coked up and cheated to get his masters degree in finance.
The money was not "stolen", the money was placed in assets or financial vehicles that these same fast talking kids determine to be "safe".
They are not safe. Do your own research, invest yourself and you will never find yourself getting fucked over by the economy.
Unfortunately, people are taking loans without reading about them, can't be bothered to learn about interest rates, and god forbid their savings rate is above 2%.
@@TheCrimson7272 I'll bet you blame the woman for dressing provocatively if she gets raped too you fucking asshole.
Neverman Is Here fucking sickening
@@AmericanSwede1992 Isn't it? And every bit worse because we don't even talk about the people who died as a direct cause of this. People who lost money and couldn't get meds anymore. Couldn't eat. Couldn't pay for their health insurance. Had nowhere to go when they lost their homes and literally died in the streets while criminals inhaled their retirement right up their noses.
We're actually the lucky ones. My dad only lost his dream. At least he'd achieved his goal before losing it (better love lost...). Many lost a lot more. Now my dad and mom live with me. I'm spending a good part of my time doing things for them instead of working on my own business (in addition to full-time+). This means I have to rent instead of investing in a house. Hey but wait! There are "low interest" plans for me!!!!! The bankers win again.
My family has served in every war in US history. My dad was in AF Intelligence. My cousin designs warships. My other cousin retired from the FBI. My dad was one of 4 (4!) people, sent by our government to do the impact survey of the torched wells in Kuwait. I think they've MORE than earned their carefully planned retirement.That so many people can not only ignore this side, but strive to be the criminals themselves makes me sick. That our government then steals from those that brought them liberty to give to those that steal from the same, is not justice for the people.
The USA is not The USA anymore. We have nothing to do with United. We live by cutting each other, taking advantage, hating, excusing our own and blaming the "other", and unthinkingly destroying the substance of our own history along the way. Did we land on the moon? Is the Earth flat? Is the Pres. a Communist agent, sexual assaulting, pederast who rips people off? Is Bill O'Reilly really looking out for you? (and who is "you" anyway? rich white men? only those watching?).
The perfect example: when the States wanted to open the Federal Medical Reserves, for safety equipment, Trump said, "That's not for them (states). That's for us (?!)."
Who the fuck is us if not The People of the United States?!
Outside the bubble we say "wtf"? Inside Washington they say "This is a strong bargaining position". On TV they say "Is this a good move for his reelection?" The supporters say "Yeah, you get them Dems." The Dems cower and give us Joe Biden. Welcome to 4 more years of Drumphf.
Now look at "weak" old Jimmy Carter. The guy who lost his Presidency because of a failed military attempt to rescue hostages, and the successful political and media spin campaign "coincidentally" funded by the same institutions that stole my father's dreams. That weak little old man gets up every morning and builds houses with his own hands (not management). THAT is strength and honor. Not this cartoon villain and his army of henchmen.
We Are Done folks. The USA has maybe 1 more generation before the debts and arrogance of our nation building destroys us. We have lost our rights and given power to those that used to be checked by that power. We will be at perpetual war, yes, but that is no longer enough. We will flood our cities. We will stop feeding our elderly. We will cleanse this land of the others - wherever they may be. We will lose our Nation. And those with the money will simply move to a different house in a different country, in an exclusive neighborhood, behind machine gunned walls. Just like they did in South and Central America. In the US and Europe it''s our turn to bleed for the rich so they can sell more lies, so they can bleed more people, so they can sell more lies, so they can bleed more people...
They want EVERYTHING.
Neverman Is Here I appreciated everything you’ were saying until attacking trump & praising carter. Lol you can’t be serious about that 😂 ...are you 🤨
As Matt stated, this is what happens when your economy isn't based on anything but financial speculation. When the economy is built on manufacturing, there is a solid base. When your major industry is loaning out money then guessing on what is going to default or not, your economy is a house of cards. This country is in dire need of some heavy regulation in terms of minimum wage and wall street.
Didnt bernie want banking at the post office?
This is the inevitable end result of financialization and the Reaganomics of the 80's that has continued until the present day. Basically right now, our private sector economic growth is based almost entirely in two things 1. tech companies and the massive influence they wield from Silicon valley and 2. financial services, managing the worlds money through some of the largest banks on the planet.
That's why if you're working class you're struggling while if you're upper class you're rolling in cash: because one group makes almost all of their money through wage labor while the other group makes most of their money through capital gains, and that's why economic inequality is as bad as it is in this country.
thank Nixon - took us off gold standard in 1971...strange right? cuz thats the year wages stopped rising in relation to productivity...but thats a coincidence, funny right?
@@charlesku4308 Getting off the gold standard lifted artificial limits on growing the economy. The problem today is that we operate like we are still on the gold standard. Taxes don't fund the Federal govt, the Fed govt spends by crediting bank accounts not by having Uncle Sam rake in the money thru taxes.
Dominic Wiiams my post office is a bank
Around the fourteen minute he makes a point about America that will give you shivers. He basically says the subprime scheme was to pull the last bit of savings out of Americans pockets and it makes you wonder what's next and what have they tried already
Student loans🤫
your on a farm and they want to extract the highest yield from their crop/livestock.. AKA you...
@@chb8037 That's sinister as fuck. And probably closest to the truth.
They won’t be laughing so much when we finally bring back the guillotine.
I wonder if people would finally flip their shit and try to lynch those responsible for stealing their future or if we’ve all been pussified too much.
Student loans. Car loans (72 months? 84???) Credit cards.
just hearing all this, experiencing it and knowing that unless extreme measures and actions are taken, this is a cycle that's never ending and will ALWAYS happen in one way shape or form.
…
seems like it's happening now with way higher than 8 percent inflation and trillion dollar spending packages
cryptos may solve the problem, if they are let to grow naturally, which won't happen, cause big gov wants control over it
@Bio Emiliano yes they will buy it all. And they're will be a bunch of coinbases managing it all one way or the other.
@@bioemiliano how Is any crypto Exchange different from a bank?
There are far, far, *FAR* too few views of this video.
Joe's massive cuckservative audience would rather not watch this video and deal with the reality of Capitalism's downsides
@@tusharjain9080 this guy doesn’t understand the 2008 financial crisis
the banks were forced by congress to sell mortgages to poor people.
Agreed.
@@raaaaaaaaaam496 Not on that scale. The de-regulation of the banking industry under Bill Clinton the (repeal of Glass-Steagall) caused this. Not anti-redlining laws.
The Big Short should be a free movie
I was 28 when this happened.. Still haven't fully recovered.. Looking back it was what set in motion a series of shitty events in my life and countless other people's lives..
I was lower level management in a warehouse, and shortly after this happened, myself along with about 10 other people at my company were let go, and similar jobs in my area weren't hiring either..
I remember seeing the newspapers talking about the million dollar golden parachute deals the people responsible for this catastrophe were given.. While one guy who worked at the same place I worked was let go with 2 weeks vacation after 39 years and 2 hip surgeries at the company's demand so that he could be more productive.
Still.. Nobody held accountable.
same. these people should be fucking guillotined in the street like dogs
Amen to that I'm still recovering to and the events that transpired like to kill somebody lol
@@neilbru
The 39 year employee with the hip surgery person wasn't actually me.. But a person I was in charge of.. I was treated just as poorly, and I was lucky I only had 5 years in at the company.. Several were let go with nothing anywhere between 10 to 40 years at the company.
The company I worked for used the crisis as an excuse to cut the workforce to the bone.. At the same time they demanded double the productivity.
They actually told us that if we didn't meet those productivity goals, they would fire each and every one of us and replace us with temps. Keep in mind this was when next to nobody was hiring.
Another man with diabetes and a myriad of other health issues was let go after 13 years because of productivity.. When they sat him down to tell him, he passed out and fell out of his chair.. Instead of calling 911.. They called his wife who came and got him, walked him to her car, and he spent 2 weeks in the hospital after that.
The shock of losing his job and health insurance in that economic climate, with his health conditions.. Nearly killed him, and they decided not to call 911 when he fainted and didnt get back up.
Management was sent a link at the time to an article in a business magazine.. Praising the new owners of the company for an 85% profit increase during this time.. It happened to be CCd to me.. Thats when I started getting very angry.. Before that I thought it was just the economy.. But Appearantly the company wasn't doing nearly as bad as they led us to believe.
They cut our hours, cut our insurance, stopped 401k matching, stopped bonuses and fired multiple people in that time.
I signed a non disclosure agreements after I was fired, not to speak specifics about the events leading to my termination.. But I had to fight like hell for that. They also denied my unemployment.. Which they lost as well.. But those 2 wins were hardly enough to save me from the struggle I was unknowingly walking into after that.
It's stories like this that make me feel like I don't have a country. There are supposed to be protections against this sort of thing from happening. Like, that's what a society is. We get together with the implicit assumption that certain problems will be solved - like not having to worry about roaming vagrants taking your stuff, courts that at least try to fair, etc. But alot of that is bullshit. You can lose everything in an instant, if the vagrants wear suits, for example. And if you get sick, seeing a doctor will just put you more in the hole because guess what, now you have no insurance. I mean, wtf is this? Sometimes I don't understand how people aren't rioting in the streets. Not trying to turn this into a political rant, but this is why I basically only trust Bernie in this election. Right now, asses need to be kicked, and he's the only guy who isn't bought and will kick them. Trump talked the talk but then filled his cabinet with bankers and cut taxes for the rich even more. I don't have all the answers; I just know that we have to fight these sick fucks, otherwise this shit will happen again.
@@physicsguy877 all of you need to read a book called "The Bullshitmacine" by Putrid Shittgenstein...it's a real book. You might have to tread it 2 to 3 times but it will start to make sense of why and how this is happening and how they get away with it. Peace to you all and good luck.
#JRE Clips
Thanks for making these bite-sized clips, that are meaty. They Get me into the full clips
Rewatching this in December 2022 during the FTX crypto scandal
2023 January here bro !
Happy new year and hope this year is good for you !
2023 is going to be a rough year all around for us peasants .
God Bless you and your family
Trust me. Next this happens, it'll be twice as devastating.
And seeing how the last crash was handled, we can safely place our bets that this is going to happen again sooner rather than later.
anybody notice 2 trillion dollar deficits tik tok
Agree. In 2009 the solution was to lower interest rates to near zero. Next time round central banks wont be able to do that.
Its gonna happen in the 2020s. A repeat of what happened a hundred years earlier.
@@whitejazz100 It'll come down to the people coming together to overhaul an outdated system... only they'll be ready for us. They've been getting ready for decades. We've been watching TV...
And Trump is has been talking abour coming after our social security.
Wells Fargo is the Bank they speak of.
Wachovia
@@willjones6400 Both
World Savings>>Wachovia>>Wells Fargo
“Lemme see his face. Look at that, uh, creep” 😂
I bought a house in 2006…. Upstate NY in an up and coming small city…. I was offered one of the “floating” interest loans…. They said my mortgage on a 150k house would only be 350$ a month and “may go up slightly eventually”……. Thank christ i saw through that…. Ill take the 800$ mortgage at a fixed rate…
@@wrenchhead6840 Oswego?
I had to stop listening simply because it broke my heart. There's some evil mofos in this world
Z Lister it is even more unfortunate for those who do not realise this, for they are often prey 😔
But isn't predatory capitalism great?
As long as there are people who won’t take some time to educate themselves about things that matter, people like the bankers will not stop taking advantage of them.
@@RalphieMuskinyaar Nice way of putting the blame on the victims. You can't expect everyone to keep up with the bankers newest scams.
Well Fargo’s made millions of fake accounts
This happened to my mother. Bunch of Crooks
@@MrPoppaGeorgio really?
@M S yes really, im his mom, it sucked super bad and stuff
@@SobeCrunkMonster Can I help raise your son?
@@MrPoppaGeorgio Can confirm. Crooks.
“What a great decision young man, we can put that check into a money market mutual fund, reinvest your earnings into foreign currency accounts aaaand it’s gone”
Funny ass episode
His piece about hospital charge masters was EPIC and changed the way I saw the healthcare system
"think of it as a crime story", it IS a crime story
@Ezra BitCohen
What is bitcoin back up by?
Andromeda Galaxy Nebula I can explain if you message I made 20 grand off bitcoin in 2017
No, it's a history story. Or, if it is a crime story, you haven't caught all or the real criminals.
Look you guys got the part of the story where the bad guys at banks and investment firms were doing bad things. But you don't got the part of the story about what made these guys do these bad things. You don't have the criminals before the the bankers, etc.
Who encouraged or forced or pushed or told the bankers etc to do those risky things? Who turned the other way? Who didn't come down on them saying "hey, this is bad, this is at least risky?" but rather went "be creative?" and encouraged this bad behavior, these "criminal behavior?"
Do you guys know? Did Taibbi tell you? Has anyone told you?
What have you done to make sure you're getting the whole story?
a "conspiracy theory"
@@mortalcombatjoker You may have made money from it but it's not "backed up" by the government or anything. Still a good investment though. Three years ago people were called crazy for thinking bitcoin would even hit $10,000. A year later it hit $20,000.
I still think it’s shady for someone to create a derivative on an asset they don’t own or don’t have a contract to buy. I think options are ok because it’s still a contractual obligation to buy or sell the underlying asset. You can’t create an insurance product on an asset you don’t own. There’s too much moral hazard to come from that.
Credit default swaps are just contracts with insurance, that's legitimately about it. It's a way of risk dispersion. Saying that there are different more risky derivatives but the one the is by far most associated with the crisis is the CSD
shawn gill Synthetic CDOs were a huge problem along with CDS. All had a similarity of not actually owning the underlying. So it was leveraged gambling taken as far as they could take it.
FootballJunkie yes synthetic cdos are absolutely completely fucked and I would say are a major reason the economy got hit so hard cdos were bad but synthetics were god awful
actually options are not an obligation, they're an option, hence the name. Options puts/calls are basically gambling as well.
Same should apply to life insurance. Nobody should be able to put value on my death but myself.
Watching this today makes me even happier about what Reddit and retail investors are doing to these pricks right now.
Hell yea those rich assholes can cry broke in a street for all I care
@@jimmoses6617 until we abolish all monetary systems they will keep winning.
Why is it so many are convinced everything would collapse without money? Ridiculous notion.
Our world would be much better off if money never existed.
This aged like milk
Literally not even the same pricks, and not really much or a correlation between what your talking about and Wells fargo selling bad loans
@@amandap9332 that’s a pretty bold and baseless claim. Why don’t you go ahead and give us a proof of concept Amanda and burn all of your money right now? Or are you a hypocrite?
I remember that Christmas 2008, it was so sad that no one didn't even put up Christmas lights in the neighborhood. I hated seeing best buy commercials on families unwrapping a new flat screen with a big red bow on it and how happy they were at the time. My dad was and still is a HVAC duct delivery driver and would go to construction sites. He was only working 2 times out of the week, no one wanted to build anything. My mother was in quality control in a sports store so she was doing ok. But no matter what my parents never went on unemployment. My dad could have but he didn't.
This was one of the most fascinating videos I've watched in a long time.
Good thing Obama straightened them out! Oh wait...
Lol Obama too conservative my ass... you must be smoking crack....
Marin3r he is pretty much right leaning centrist
Good thing Trump straightened them out! Oh wait...corporate tax cut!!!!!
@@TheIronyoshiand that "centre" is still generous. Honestly I would say he is right wing with woke points for realizing you can't be homophobic in 2012 if you want to win an election.
*The Colour Green*
TARP was passed under Bush, my dude. I wouldn’t expect you to give enough of a shit to know what you’re talking about if you spell it “colour” instead of “color,” though, so no worries.
Who's here after the Gamestop rally and current amazing aftermath?
Notice how he mentions Steven Cohen.🤣🤣
Sort of shows how little things have changed. Hedge Funds take ridiculous risks because they're sure that it can't possibly come back on them, retail investors get the scent, drive the price... and then the markets get manipulated to bail the hedge fund out of trouble - at the cost of multiple millions from the retail investors.
@@michaelnicholas7944 a couple took bad risks. Trillions were on the line in 2008. At most the funds wouldve lost 12 bil. Thats not good but pretty much nothing in grand scheme
Amazing aftermath? You mean tricking a whole new generation into thinking you beat the stock market by playing the stock market?
Definitely looking forward to THAT movie too.
"The government does not place enough resources to keep an eye on even the most basic things"
This is by design, it's exactly how they intend it.
I remember when I was 4-8 my parents finally were able to open up a business after immigrating here working 60 hour weeks to make ends meet. They saved enough money to open a nail salon business. successful for a couple of years right until 2008 where everything when down.
I am so sorry
Damn dude I’m sorry.
Just a question, did your parents have a savings to go through the rough time? And how fast was the money eaten up?
@@ivanjuarez6505 nope. My parents are immigrants so they really don't know much when it comes to investing. I think at the time they working doing pretty well before 2008 but nothing too crazy. But what I do know is they ended up $70,000 in debt
@@Tommy-su9tb Let me explain how it probably went down. A banker offered to give them a variable rate(an adjustable rate loan some call it as well) loan for their business. Think like they gave them 300K to open their business at a rate of 2.9%. For a thirty year loan this would work out to around a thousand dollars a month payment. After 3 years though the bank does a review of the interest rate and adjusts it based on the contract. So after 3 years it goes to 4.4 percent interest. This increases the payment to 1250 a month. After 3 years this repeats. During one of those periods the crash hits and due to the contract it increases from 4.4% to 9.4%(the max increase allowed per the contract small print). this makes the monthly payment goto 1700 a month. With loans front loading the interest(you pay 90% of the interest in the first 15 years) the majority of the loan still remains. Most people can't handle those kind of increases.
Yeah, that "mud people" comment, that came from Wells Fargo. That was the Scandal at Wells Fargo before Wells Fargo was repossessing Cars and Trucks from active duty military.
WF is a real gem with their creating accounts inknown to customers and now Mud People. Recently here in FL there was a billboard announcing that WF was now an honest organization.
Scummy outfit thriving in a culture that accepts/condones this
kind of behavior.
Here in San Francisco there are Wells Fargo billboards everywhere saying established 1851, reestablished 2018, fucking criminals.
Yikes!!
YUP I remember that. I had to close my account over there. Too SHADY
I was in Europe working last summer, tried to withdraw some cash in June, how did I contact them, and the only way TO contact them overseas? Facebook.
Bring back Glass Steagal.
We got Clinton to thank for that. 🤦♂️
Yeah no shit. Every single one of the employees for those ratings agencies should've been in prison too.
Glass-Steagal would not have prevented the financial crisis. Indeed the process of securitizing mortgages goes back to at least the 1980s. The ratings agencies were giving out AAA ratings (a rating that is normally reserved for US treasury bills) because of the implicit backing from the federal government for it's GSEs' Fannie Mae and Freddie Mac. The combination of the Community Reinvestment Act of the 1990s under Clinton, the loose monetary policy by the Federal Reserve in response to the dot com bubble and 9/11 attacks, as well as the American Dream Downpayment Assistance Act of 2003 under Bush would lay the primary foundation for the financial crisis. Fed Chairman Alan Greenspan even endorsed adjustable rate mortgages, which Matt describes at 11:45. The very regulators tasked with the security of the economy would unwittingly promote the bubble they helped created because it benefited them in the short term, and then directed the blame on a failure in the free market when the deal finally turned sour. The reason it became a world wide crisis was because everyone from Canada to Australia, from Sweden to China, was dipping their hands into that honey pot. The real culprit in all of this is the lack of financial literacy by the general population.
Probably not Glass-Steagal, but something similar to it.
The separation between basic banking (commercial banking plus vanilla investment banking) and investment banking needs to be brought back, for no other reason than to clarify public exposure.
Checking, savings, mortgages, loans, and basic commodity hedges (farmer selling corn crop in three months locks in a price now). That's what the FDIC should protect.
Anything beyond that, leave that to risk not on the public dime
@@Bobbe002 + plus prohibiting Broksley Born and CFTC to regulate derivatives
It's nice to see Joe Rogan and his brother having a conversation
That was 10 years ago (video’s date). 10. These corrupt “people” are still in control
It's up to the American electorate to 'put their collective foot down' and DEMAND that whomever they vote in as president dismantle the Federal Reserve without delay; after all they'd be enforcing the constitution.
@Vitaliy Markov Whatever you say mr BLM/Antifa.
They are still in control because we vote them into control. Let us try something else.
Nothing changed as a result of this disaster which says it all. Watch out, this disease is ready to strike again.
@@bbushism That's just it. We don't vote corrupt men and women into control. We vote good men and women into a corrupt system. Once those good men and women get into power, they realize how corrupt the system is and how easy it is to get away with things, so they too ultimately fall into corruption. Doesn't matter who you vote in, things won't change until we fix the system.
I learned a lot about 2008 Financial crisis more than any other books. Thanks for down-to-earth, get-to- the-point explanation!!!
Cus you haven't read any book
Matt Taibbi talks about AIG in the past tense ("was," "did," etc.) as if AIG no longer exists.
In reality, AIG is still around, has about 50,000 employees world-wide, and is still making HUGE amounts of money...thanks to a LARGE bail-out which was funded by taxpayers.
They payed everything plus interest
This was one of the greatest episodes ever.
35:00 on... I'm an IT Specialist who has worked with Governmental Departments as well as Offshore Financial Institutions handling multi-billions of investments, large Charities etc and can assure anyone who wants to know that, within each of those organisations, everybody below Directors' level assumes that Directors and/or their (usually non-existent) Advisers know how it all works and is keeping a close eye on everything whilst everyone at Directors' level (as well as any PA/Advisers they DO have) assumes those at Managerial and/or Operational level know how it all works and that they are keeping a close eye on everything when, in point of fact, almost invariably NOBODY knows how almost ANY of it all works and none are keeping a close eye on anything other than their own bonus and the ass of the most attractive (to him/her) member of staff.
Once this fact began to dawn on me, I used to try to point it out to them - casually, at first, but becoming more blatantly incredulous (even scathingly sneering) over time - yet it was all to no avail. So I gave up. Shut my mouth. Did my job (brilliantly, if I do say so myself). Got paid.
Just like the rest of them (apart from the "brilliantly" part - that was just me).
Am thinking of writing a book.
Sebastian T. Dangerfield congratulations, you’ve discovered how literally every company works. Anyone who has worked in a professional capacity for more than two years has observed this.
@@seefore5409 Pretty scary when, whilst recently conducting an IT security inventory of a major international bank it was revealed that approximately 70-80% of the time conducted on each and every workstation - from the CEO down - is spent viewing porn and/or updating FaceBook and other social media services. When an offer is made to prevent (or at least monitor) such usage, nobody is willing to give their approval (worrying, no doubt, such action would curtail their own access to those online distractions), meaning that any suspicions we may harbour of bankers being wankers are both figuratively and practically spot on target.
@@SebDangerfield-yu7cm "meaning that any suspicions we may harbour of bankers being wankers are both figuratively and practically spot on target." LOL
Maybe worse or not depending how you look at it: everyone got paid, the operational people and management the most (as long as they didn't choose stock options and company hasn't failed yet).
Sebastian T. Dangerfield plenty of bullshit bingo in the board rooms - once this dawned on me 3 years ago, I changed career. You feel like you are working just to make people look pretty rather than contributing to the financial gain of the business.
The simple way he explains his understanding of the crises absolutely rocks, in my humble opinion.
and how he looks like a evil villan revealing a secret plot.
I know from my experience I lost my home. Went from a good income & 1.3 million with the ability to maintain, to $850,000 in debt and no work. Watched the banks strip me of almost everything I owned. Had to move into my camper. Tyg I had a camper. Live in California I drove until I found people still working. First the east bay now Marin. Still coming out from under the load.
Good luck.
Working on a similar project, how can I get in touch with you for an interview?
where are you now in your recovery?
I've noticed that people don't analyse how corrupt American politicians and bankers financially ruined so many developing countries around the world back in 2008.
Maybe we need more superpowers to keep such reckless behaviour in check.
yes way way way more super powers. 👌
Watch out young people the new targets of execs is college loans
So it’s a student loan default swap? That’s what’s the new hype to cash in on?
To clarify he’s talking about Refinancing student loans. 100% unregulated and when you hear “Lower your loan payments!” You think it’s a good deal. Very reminiscent of the subprime industry pre-2009.
Matt is what journalism is supposed to be
And the lesson here is: Diversify your assets and don’t hold a ton of debt.
A ton of debt isn't the problem, the TYPE of debt and how you're leveraging that debt is the issue.
Alejandro Don’t hold a ton of short term, high interest debt*
@@mohnjayer short term or long term, high interest debt is never the move lol
Alejandro truth
@@Gaonaism In which scenario having a ton of debt is not a problem?
Once again the truth is stranger than fiction.Great interview with Matt,love both guys.
Watch "The Big Short" explains the housing crisis perfectly. Also watch " Too Big to Fail" that deals with the Gov side of what they new and what little they did to stop it.
No it doesn’t. TBS doesn’t blame the government at all.
Those were both great. Well done.
Too big to fail was genius. HBO knows the game. Also the documentary called Inside Job.
Also Inside Job
Shite movie
This is why I joined the financial industry. Knowledge is the greatest weapon against this type of stuff, and no one will fall victim to predatory practices again, if I can help it.
That's such a load of happy horseshit. You are nothing against a system designed to push this agenda.
Yeah unfortunately you alone are very unlikely to succeed, but I wish you the best. I truly hope you can make these type of situations never happen again.
@@SamShoemakerMusic keyboard warriors love to be cynical.....
Props to you kid for trying to fight corruption. We need folks like you
@Jimmy Ray Good attitude. It will take many of us to topple those in control, but battles between good and evil all start with one person with the knowledge that one willful person with a powerful idea can do a lot. I know you guys have heard the Martin Luther King story, and he wasn't killed because he was black. ...Just curious, assuming you're not a mere bank teller, what is it you do exactly or what's your job title?
Uh, I like your optimism, but you are delusional.
This is why I listen. The financial crisis got me and a lot of people I knew , but never understood what happened.
I remember the bailout and president Obama saying the banks didn’t do anything technically illegal, but it was unethical. And I remember no one went to jail.
Man I wish I would have found this years ago. May more of us wake up n have the strength to face the darkness with light 🕯️. Blessed be y'all. Stay safe
Joe, Please keep having brave people like Matt Taibbi on your show!!!! Amazing, the research this man has done.
Matt's book Utopia is a great book about what went down in 2008. His piece on it in Rolling Stone is really good and was what helped me understand what happened and why.
The Big Short was an excellent movie that explains a lot of this in a way that the common person can understand.
I still can't believe those bastards got away with it. Financially crippling hard working people around the World without any consequences.
Yet politicians will say with stone stares... nobody's above the law. BS!!!!!
I love Matt! So brave! No one else will talk about things he does.
I'm a new fan! I feel like what I went through finally has an honest voice!
We need to stop saying things like "our system is broken."
It's working exactly as it's designed. First people in, first people out, we trust these assholes with our retirement so we let them leverage us, and then we bail them out because we've let them convince us we're hopeless without them.
“My neighbor dreamed of building this dream house.”
Gee...I'm totally shocked that the U.S. government supervision of the financial market is under-resourced. Amazing!!
more like selectively-resourced
that’s odd because i’m sure if anyone average Joe was $20 off on his taxes he’d ABSOLUTELY be found out... seems as though maybe this shits selective.
I watched this clip and The Big Short 4 years ago when in the process of buying our first house. I was terrified and sick to my stomach at the same time. I graduated highschool the year of the recession, terrible time to enter the job market. Back watching again because it helped me question my loan officer all the way through to make sure nothing shady was going on. She kept telling me that the buying process is so difficult because of this very scheme.
This is a very important clip to keep around when the next crisis happens just before the 2024 election.
yes
It’s happening now btw, they just kicked the can down the road. Groundhog Day
In 2006. I went to a seminar. That resembled something of selling timeshares.... but it was on refinancing my home. It was all Hard Sell. And when I left there I was completely exhausted. I did not refinance my house. But all my friends Did and ended up losing everything. I immediately went to my broker And change my whole portfolio
Dude seems so nervous but did such a great job
What I find most objectionable is from the first part where this guy doesn'tseem to know what he was talking about. Sub-prime was always a fairly small part of the mortgage industry. It exacerbated things once the collapse got going, but it was FNMA & Freddie Mac crazy guidelines pushed by politicians who began it all. I was a mortgage broker through it all and experienced it first hand.
Subprime exploded after 2004 post Glass Steagal cancellation - and even if it wasn't the whole market its effect rippled through the entire mortgage market since mortgages were sold to investors as soon as they were originated. And banks and other lenders had a choice to not participate but they didn't. Blaming ninja loans on regulators is more than a bit rich.
@vmoses1979 I was in the middle of it, underwriting and funding loans every day. You don't know what you're talking about. You've read articles and seen news reports from people who were not there. It was government caused, and then they blamed everyone else for what they did, pushing reckless guidelines, starting with A paper, and then they even pushed subprime.
@jimmalloy7279 What a shill you are. So the government was forcing you to give mortgages to people with no jobs and no income. Yeah sure the government is dictating your risk parameters and not your greed and desire for quick and growing profits. Pull the other one. There is so much written on this time period that your so called expertise matters little.
The Big Short is one of the best movies ever made. Breaks my heart I remember in 08 I was about 11-12 years old. My mom took my brothers & I to the skate park & started talking to another mom who some how her & her husband got approved for a 600K house while both being managers at Wendy’s & one at target. Sad how people were getting scammed back then... & they were taking their money with a smile
PrinceChamp Camp
What I don't get is , yeah...the bank was stupid / scum to loan unqualified people large loans....but, the people who signed up for these loans! What idiot takes a loan of $600,000 when you work at Target? It's their own fault, absolutely irresponsible and insane!
@@caroleehubbard8380 If you live in CA that is not a big house for the money. Renting an apartment is more money than a mortgage for a simple house.
Debbie J.
I grew up in LA, my first apartment was a 2-bed 2-bath and was $900 a momth, I moved out in 89. I don't see how anyone could get ahead in LA and work in fast food or retail, it's almost impossible to survive there!
This guy is like the Martin Luther of financial journalism. He translated the latin bible into ordinary language so everybody can read and understand.
My dude, Wulfila translated the original Greek biblical Scriptures into a language he literally invented so that the Goths could read it in a language that mimicked what they spoke. It predated the Latin Vulgate by at least a decade. That’s the real reason why the Arian “heresy” was such a big deal, because they were translating the Bible into languages that people without formal Greek and Latin educations could read.
Hello, Joe. Thanks for your discussion with Matt. You both strive for integrity in work and dignity for those who do their best. I look forward to listening to your podcasts, Joe 😊
i doubt you understood any of that. lmao.
@@Graahk-r8u unnecessary fr
Well done Matt's explained this in simple terms. The real shame for the nation is that the brightest grads go into finance rather then science, education or other more worthy fields.
So true. All these geniuses who could be working for Boeing or NASA instead go work on some way to game the stock market so that the wealthiest 0.01% of society become even more wealthy.
JRE "40 minute" Clips
Hahaha
39 minute*
@@abdullahas7157 39 minute and 52 seconds*
Telos u r right, my mistake brother
@@ToastyWaffle456 39 minutes, 53 seconds* 😂
I was too young to understand what was going on at the time but my father is a home appraiser and my mom used to be a teller... not a good time for our family and I didn’t understand why. At least we were fortunate enough to keep our house. But it’s incredibly interesting to learn about what shaped so many people’s lives
Joe “I had a neighbor... yeah, I think he died” Rogan
typical talking head Rogan
Yeah , they were taking DMT together . And he's still in the isolation tank on the end . That hasn't been used for a couple of years .
Hahahaha What a story Mark!
It's such an amazing coincide that no matter what story a guest has, Joe had a neighbour or a friend of a friend who was in some same way affected or had a remarkably similar experience as exactly what is being spoken about at that particular moment.
@@Lordofthegeeks108 It's hardly surprising, given Joe's network of connections, he's one of the most famous people on the planet.
01 Dec 2023. please have this guy back! 👍🏻🇺🇲
I like this guy. He speaks the truth without spinning his flavour on the information dishes. Good honest guy.
Ummmmmm yaaaaaaa theeeeeeyyyyyyyyyy ummmmmmmm really ?
Matt Taibi's original article was "THE" thing to read about the financial crisis, before all the books and movies came out.
Thomas Sowell wrote an excellent book covering the finacial crisis of 2008 and what caused it called The Housing Boom and Bust.
Everyone is blaming banks and politicians who bailed them out but no one's blaming politicians who imposed regulations forcing those banks to give risky loans in the first place. No one's blaming forced cut of down payments, or the fed setting interest rates below what they should've been, all because of the pressure from irresponsible politicians. The truth is out there but even this comment section shows how many people simply don't care.
Lol dude the government is controlled by international finance, not the other way around.
Amen. People love giving the federal government and consumers a total pass just so they can yell at bankers because it fits their overarching anti-capitalist narrative. Nobody should be talking about the financial crisis without mentioning the Community Reinvestment Act or race-based lending quotas demanded by the government.
@@tilleryinnovations592 Why did you delete your previous comment attacking Sowell as "hating his mom for bringing him into the world as a black man"? Did you feel it wasn't as persuasive as your finalized argument of calling him a "dumb a$$"?
@@tilleryinnovations592 Welp, you've certainly convinced me. Thomas Sowell is way off and is clueless about economics. Maybe he should consult with Bernie Sanders to learn a thing or two! But hey, if I ever need to buy some toilet paper, I'll give you a call. Take care, hon.
Yep, the govt gave financial companies plenty of rope to hang us all. Also, Matt highlighted scumbags targeting elderly black people, but there were plenty of people taking out loans that should've known better
Excellent interview! 🎉❤