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The Bear Stearns conversations with Sorkin and Summers,
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This review is from: Charlie Rose - Bear Stearns / Bear Stearns continued / Robin Wright (March 17, 2008) (DVD)
The Bears Stearns collapse threatened the economy of the United States. According to Lawrence Summers the Fed did the right thing in intervening to save Bear Stearns, arranging for its purchase by Morgan, Stanley. Had it been allowed to fall according to Summers there might have been a disastrous domino- effect. There was talk about other possible failures. According to Summers the Fed had no choice but to take the unprecedented action of intervention. Now Summers suggests there will be in the aftermath a need for new regulartory legistation.
Sorkin the NY Times Financial analyst gives the inside blow- by- blow description of what happened. The highly aggressive Bear Stearns made many bad loans. The story of people using as collateral their homes in rising markets, and then finding themselves unable to repay when home values dropped- is fascinating. I am no financial expert. But these two conversations gave real insight into a 'crisis' which threatens to bring about a major Depression.
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