FRONTLINE investigates how the economy went so bad so fast and what Bernanke and Paulson didn’t see, couldn’t stop and weren’t able to fix.
On Thursday, Sept. 18, 2008, the astonished leadership of the U.S. Congress was told in a private session by the chairman of the Federal Reserve that the American economy was in grave danger of a complete meltdown within a matter of days. “There was literally a pause in that room where the oxygen left,” says Sen. Christopher Dodd (D-Conn.).
A fantastic job explaining what happened and why:
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