Must see Documentary – MELTDOWN – Part 1
I’d like to invite you to watch a fantastic documentary with me. It’s in four parts and is titled “Meltdown: The Men Who Crashed The World”. I’m proud to say that it is a Doc Zone documentary created right here in Canada, spearheaded by the CBC. Way to go Canada! Here’s a write up about part 1 as written by the CBC:
“Part 1 of this Doc Zone series looks at how greed and recklessness by the titans of Wall Street precipitates the largest financial crash since the Great Depression. It outlines the key triggers in this September 2008 meltdown, including easy lending in the U.S. housing market, the extravagant earnings of business leaders and a complex banking system with few safeguards. It was left to U.S. Treasury Secretary Hank Paulson, himself a former Wall Street banker, to try and avert further disaster.”
It follows the global economic collapse through the onset of the subprime mortgage crisis in the U.S. and ultimately, around the world. This event was a wake up call to me. While I understood that greed played a large part in our world I didn’t realize just how bad it could get.
My father was just about to retire when the meltdown happened. Everyone who had investments took a financial hit, and he was no different. He lost over 40% of his retirement savings over night. Here is a man who travelled to a new country to give his family the very best opportunities available. Here is a man who worked tirelessly to support that family often working 13 to 14 hour days. As a young boy, I would regularly not see my father for days, since he would leave before I woke up and arrive home after I’d gone to bed.
Now, due to the greed of a select group of men and a deregulated system, which allowed that greed the freedom to inflict damage with impunity, my father will have to live a lifestyle which is simpler and more tenuous than a dedicated and hard working man deserves.
This is a great documentary to educate yourselves about the financial crisis of 2008, one that is still effecting us today and I’m sure will continue to have repercussions for a long while still. I’m going to post all four parts up in a series of blog articles, and I hope you’ll be able to join me in watching them.
For now, that is all.