6 chapters across the catalog
Maxine Waters 2008 Crisis, Congressional Bill Reading
Archival footage of Representative Maxine Waters from 2008 shows her admitting that members of Congress do not read the entirety of the massive bills they vote on, such as the $800 billion bailout package. Waters argued that lawmakers rely on staff summaries to understand the "most important aspects" of legislation, comparing it to how citizens read newspapers.
Iceland Debt Forgiveness and Global Banking Stability
Iceland has moved to forgive a significant portion of its population's mortgage debt, a story the hosts claim is being suppressed in the US to prevent similar demands. Unlike Greece, Iceland refused to impose extreme austerity to pay back foreign investors from the UK and Netherlands. The discussion questions the "too big to fail" narrative used to justify bank bailouts.
Homeowner Hope Program, Lend America Investigation, Loan Failure
A Forbes report reveals that the government's "Homeowner Hope" program has only facilitated 51 loans despite hundreds of millions in funding. Of those 51 loans, 50 were made by a single company, Lend America, and are currently under federal investigation. The hosts characterize the program as a massive failure.
Moody's Ratings Scandal and Software Coding Errors
Moody's Investors Service attributed the misrating of complex debt vehicles (CDOs) during the subprime mortgage crisis to a software coding error. The agency reportedly knew about the glitch, which inflated ratings to AAA status, for a full year before the information was made public.
The global financial crisis is attributed in large part to the failure of rating agencies that granted "AAA" status to subprime mortgage securities. This systemic failure has led to a breakdown in the lending system, which has transitioned from personal relationships to automated, often offshore, computer-driven processes. Observers suggest that the current economic turmoil is the result of widespread "shenanigans" and a lack of transparency on Wall Street.
Global Financial Crisis, Adjustable Rate Mortgages and UBS
The subprime mortgage crisis has spread to Europe, affecting homeowners with high adjustable-rate mortgages and falling property values. Major institutions like the Swiss bank UBS have suffered due to complex derivatives trading and interconnected global markets. In Britain, the nationalized bank Northern Rock is drawing criticism for offering high-interest savings accounts that competitors cannot match.
