America’s Bankrupt Banks (Inside the Meltdown) (2009)
The documentary Inside the Meltdown delves into the heart of the 2008 financial crisis, exploring its causes and the government’s response. Produced by Michael Kirk, Jim Gilmore, and Mike Wiser, this 56-minute film provides a gripping account of the events that led to the worst economic downturn in 70 years.
- Bear Stearns Deal: The film chronicles the Bear Stearns debacle, a pivotal moment when the investment bank faced imminent collapse. The government intervened to prevent a complete meltdown, but the shockwaves reverberated through the economy.
- Lehman Brothers’ Collapse: Within days of the Bear Stearns crisis, another investment giant, Lehman Brothers, teetered on the brink. Despite desperate efforts, Lehman Brothers ultimately collapsed, sending shockwaves through the financial world and triggering a chain reaction.
- AIG’s Bailout: The documentary sheds light on the extraordinary measures taken to prop up insurance behemoth AIG. The company’s precarious situation threatened to destabilize the entire financial system, prompting a massive government bailout.
- The $700 Billion Rescue: Against this backdrop, the U.S. government implemented the $700 billion bailout plan. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke grappled with unprecedented challenges, trying to stabilize the economy and prevent further catastrophe.
- Unseen Failures: “Inside the Meltdown” explores what Paulson and Bernanke couldn’t foresee, couldn’t halt, and haven’t fully repaired. The film delves into the complexities of financial markets, regulatory gaps, and systemic vulnerabilities that allowed the crisis to unfold.
In summary, Inside the Meltdown offers a gripping narrative of financial turmoil, revealing the inner workings of Wall Street, government decision-making, and the high-stakes battle to avert a total economic collapse. The film serves as a cautionary tale, reminding us of the fragility of our financial systems and the need for vigilant oversight.
