Volker took great pride in the Fed’s ‘independence within the government’ and did the politically unpopular thing to do by raising interest rates over the next few years — at one point, reaching as high as 21%. The stock started to go down. ... BEN BERNANKE, Federal Reserve Chairman Summary: Money for Nothing interviews former governors of the Federal Reserve… Max Blumenthal and Ben Norton discuss the enormous financial scam with Hudson, who reveals how the economy actually works, with the Federal Reserve … The rest of the film takes a close examination of Mr. Greenspan’s decisions during his tenure.The three events during Greenspan’s tenure most closely examined are that of the stock market crash of 1987, the collapse a prevention of contagion by Long Term Capital Management in 1998 and the creation of the housing bubble before collapse during the mid-2000s.During each, the film argues, Greenspan acted as an interventionist in ‘cleaning up the mess,’ but did little to prevent it from occurring in the first place.
Though less homes were being built and many construction workers were out of work, the Fed accomplished its mandate and returned inflation to manageable levels.And in 1987, President Ronald Reagan appointed a laissez-faire and Ayn Rand objectivist advocate by the name of Alan Greenspan to the world’s most powerful central bank. The Hollywood Reporter, LLC is a subsidiary of Prometheus Global Media, LLC. With such low interest rates, housing prices were artificially inflated for borrowers willing to sign for a home. Through the agreement, the US would link the Dollar to gold while all other nations linked their currency to the US dollar. ... they want the money out because you don't want to be the last person when there's a run on a bank. President Lyndon Baines Johnson envisioned a Great Society and winning the Vietnam War through a massive troop build-up.To combat the inevitable rising inflation through a massive increase in government spending on war and social programs, Chairman William Martin wanted to raise interest rates. Mike Bryan, vice president and senior economist at the Federal Reserve Bank of Atlanta, talks about money—its definition, the problem it solves, what fiat money accomplishes, and how the Yapese used giant wheels of stone for money—in four video segments that teachers can show to students or use for their own professional development. With the Federal Reserve so much in the news, both in policy terms and with the guessing game over who'll fill An established editor who has worked in both docs and Hollywood features, Bruce gives the film a degree of visual polish but is distractingly unsubtle in both his choices of music and in dumbed-down stock footage: If the word "formula" appears in the narration, images of 1920s scientists or Dr. Frankenstein will accompany it; if we're told Press materials note that Bruce "began writing a financial newsletter in 2006 warning friends and family of the oncoming crisis," and made enough money on pre-crisis short trades to fund much of the film. Money for Nothing: Inside the Federal Reserve is available to stream through Netflix. The film takes a historically objective examination of the decisions, and their consequences, made by Federal Reserve policymakers. The transcript from the Federal Reserve chairman's interview with Scott Pelley. Such actions taught traders and large banks that there was little downside risk to their increasingly aggressive actions.The film also concludes that Greenspan encouraged markets in the creation of “Asset Bubbles,” whereby individuals drew equity out of their home to support consumer spending, which would have otherwise been recessed during the mid-2000s. Texas Senator Phil Gram asks what the consequences of not regulating the markets would be, which Born states saving the US taxpayer.