Concluding last night's post [4] on the PBS Frontline "Money, Power, & Wall Street" [5] mini-series, the remaining two episodes below take us from the market lows to the current euphoric highs. From Obama's decision for more of the same on his economic team to the Stress Tests, from Larry Summers cavorting arrogance to the Public's rising anger, these two 'post-crisis' episodes seem to have less revisionism than the first two and proceed beyond the US to Europe's 'hiding of the truth' and whether the system can ever be truly reformed - not a pretty picture (especially with the mutually assured destruction argument already being played by the banks in their discussions with the Fed on Dodd-Frank today). No Blythe Masters' pool-side this time but Larry Summers is always happy to please.
Episode 3
Chapter 1 - Obama Inherits A Crisis
The president-elect faces a key decision: Who would serve on his economics team?
Chapter 2 - A Financial Stability Plan
Geithner's team decides on stress tests, but his speech announcing the plan is a disaster
Chapter 3 - A Showdown At The White House
Economic adviser Larry Summers suggests it's time to break up a 'too big to fail' bank
Chapter 4 - The Stress Tests Revealed
The results are positive - with no mention of billions of Fed loans propping up the banks.
Chapter 5 - Summer '09 - Anger Boils Over
Obama revives a campaign to reform Wall Street but utlimately leaves the details to Congress
Episode 4
Chapter 1 - Everybody Was Making Money
Despite the crisis, nothing seems to have really changed the culture of Wall Street.
Chapter 2 - When Derivatives Deals Go Wrong
Banks promoted swaps to help cities lower debt payments. But then the markets crashed.
Chapter 3 - Europe Was "Cooking Their Books"
In the 1990s bankers offered derivatives to countries bidding to join the EU.
Chapter 4 - Can The System Be Reformed?
While Occupy Wall Street takes to the streets, another battle is being fought in D.C.