Saturday, October 1, 2011
Meltdown Parts 1 &2: The Men Who Crashed the World & A Global Financial Tsunami
The crash of September 2008 brought the largest bankruptcies in world history, pushing more than 30 million people into unemployment and bringing many countries to the edge of insolvency. Wall Street turned back the clock to 1929.
But how did it all go so wrong?
Lack of government regulation; easy lending in the US housing market meant anyone could qualify for a home loan with no government regulations in place.
Also, London was competing with New York as the banking capital of the world. Gordon Brown, the British finance minister at the time, introduced 'light touch regulation' - giving bankers a free hand in the marketplace.
All this, and with key players making the wrong financial decisions, saw the world's biggest financial collapse.
We present Part 1 and Part 2 below.
Part 1: The Men Who Crashed the World
Part 2: A Global Financial Tsunami
Posted by The Doc at 7:27 PM