Love of Money, The (3)
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| Subjects: Anthropology, Business Studies, Economics, Finance, History, International Trade | ||||
In September 2008, capitalism looked like it was on the brink of collapse. This is the story of how the crash was caused, how it developed and what the long-term consequences will be. Just one week in September saw the biggest bankruptcy in US history as Lehman Brothers collapsed; the shock sale of America’s largest broker Merrill Lynch; and the nationalisation of AIG, the world’s largest insurance group. The world held its breath. For over a year, governments had battled to contain the financial fallout from America’s sub-prime loans. But as banks across the world ran out of cash – from Northern Rock and Bear Stearns to Fannie Mae and Freddie Mac – the crisis spiralled out of control and the world’s economy went into freefall. This series takes a look at the week itself and explains how cultural and financial decisions taken over the last 20 years led to the crash of 2008. Eerily reminiscent of the five days of the 1929 crash, the series explains how the fates of all the main players were interlinked. It meets the people who saw their careers, their reputations and their fortunes disappear overnight. It tells the revelatory tale of the birth of easy money and cheap credit and how it was then exported around the world with catastrophic results. Finally the series reveals just how close we came to a total meltdown and asks if world leaders really have managed to avert crisis. Featuring exclusive interviews with many of the major players, key commentators, international leaders and finance ministers, this series places the crash in its social context, analysing how it was reported by the media and how it has changed the lives of so many. |
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Links: news.bbc.co.uk/2/hi/in_depth/business/2007/creditcrunch/default.stm
| Series Titles | Clip | Producer |
|---|---|---|
| Bank that Bust the World, The (1/3) | 
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BBC |
| Age of Risk, The (2/3) |
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BBC |
| Back from the Brink (3/3) |
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