Too Big to Fail: Nothing Can't Fall

Eliezer 2022-11-04 05:22:50

In 2008, when China was holding the 29th Olympic Games in full swing, the United States on the other side of the ocean was mired in an unprecedented financial crisis and could not extricate itself. The then U.S. Treasury Secretary Paulson shuttled between Wall Street and Washington to lobby for a scorching mess, and finally, it was inevitable that Lehman Brothers with a history of more than 150 years fell at the forefront of the crisis, resulting in a series of chain reactions. , causing immeasurable consequences for the American people and the world situation.

For this huge crisis, the film focuses all the focus on Paulson's head, how to turn the tide in a hurry, sleepless at night thinking hard, like a movie that justifies his name. Attributing a country's crisis to a single person is often just an afterthought. To focus the escape of a country on one person is nothing more than changing the topic, not to mention that it is a unique and huge disaster.

As a film, if you feel that the documentary "Guarding Yourself" is too boring and "Ultimate to the Sea" is too artificial, then this film has indeed achieved a balanced effect by integrating the two into one, allowing everyone to objectively understand more events. cause and effect. It is a pity that this is not the whole story, and even some key node figures Clinton and Bush were completely ignored. Had Clinton not repealed the most binding Glass-Steagall Act in November 1999 and instead signed the new Financial Services Modernization Act. If Bush Jr. had not turned down a last-minute call for help from his cousin George Walker IV, who was a director of Lehman at the time. It might have been a different story if Paulson, who was born in a rich family, had not been grumbling and rebuked by Lehman Chairman and CEO Richard Fuld Jr. Lawrence, the former vice president of Lehman, would not say: "This is the biggest crime in 100 years, and we cannot let history repeat the same mistakes. This financial crisis is 10 times the impact of the Enron crisis, and the impact of General Motors. 6 times the sub-crisis.” Of course, in reality, there will never be an “if” that makes us do it all over again, and there will never be something “too big to fail” that will always be admired, and all the power figures in it are even more It will never be possible to escape responsibility.

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Extended Reading

Too Big to Fail quotes

  • Michele Davis: They almost bring down the US economy as we know but we can't put restrictions on how they spend the $125 billion we're giving them because... they might not take it!

    [the Assistant Secretary of the Treasury for Public Affairs upon hearing that the 9 bank CEOs may refuse to take free money from the federal government if they had to be held accountable for how they spent it]

  • Richard Fuld: [on the phone with Neel Kashkari] Last February, we were at 66 a share. Lehman Brothers is *not* Bear Stearns. We have a great business. Real estate will come back. I am not *fucking* giving this company away!