‘Too Big to Fail’, the Movie: Why Andrew Ross Sorkin Is Worried About a Sequel

If we are so lucky to repeal the Commodity Futures Modernization Act of 2000 and The Financial Services Modernization Act of 1999, then the hedge funds and investment banks won't be able to manipulate the price of commodities. They will not be able to partake in the great worldwide swindle and they will not be in phony billion dollar markets. They might just go belly up if they have to rely on just stocks and bonds. Then I guess that the recession will just be felt in southern Connecticut, the Hamptons, and some parts of New York City and the rest of the country will return to prosperity.

By rewarding the bad behavior of corporations and punishing the taxpayer to pay for this insanity will only encourage further irresponsible behavior. The government leaders are only rewarding their big contributors. Some day, the taxpayers will wise up and send these politicians packing. Until then, the too Big to Fail will get bigger and richer, will continue with its risky behavior, and will shackle the taxpayer with the bill for its bad behavior. And we will see another financial meltdown. But this time the government has maxed out its credit card and will be unable to help.

I wrote in the popular ebook, Ponzi House Scheme, 21st Century, the affordable housing push only kickstarted the ponzi. Had the investment banks, private mbs and the new financial order not gotten involved in late 2003, the bubble would have fizzled.

It corresponded to the reign of Tim Geithner at the NY Fed. Even Stossel admits the CRA/Acorn lending was a small part of subprime. Then you add prime no docs, jumbos, option arms and you see that it was much bigger than Barney Frank. Both parties were involved but what set it up was Basel 2 in 1998 and the repeal of Glass Steagall.

The scam came from Basel 2, and the math they used to lower risk management was bogus and the central banks NEW IT WAS BOGUS. So the blame for the ponzi housing scheme sits squarely on the central banksters.

Why is Sorkin worried about a "Sequel"? We never got out of the original crisis. It's all been faked. The next time this joke falls apart it won't be something they can save.

Lets all just get real.

The lesson learned is that it is good to have friends in high places.

I am sick of hearing "there were no villains". This crisis just did not manifest itself immaculately. The real hard unvarnished truth is, the villain of this story is the US Government - which removed regulations designed to prevent just this sort of mess - the Glass Steagall rules that were put in place in the 30's after the last time something like this happened.

Lack of rules and lack of oversight - it is really as simple as that. When the parent's are away and the teenagers throw a wild party, get drunk, and nearly set the house on fire, you don't go and increase the kids allowance and rap them on their knuckles with a stern "do not do it again". Wall street is a wild bunch exceptionally adept at getting around rules. They need to be watched closely and the Financial Industry should be one taxed to help overcome the deficit.

This baloney about jobs leaving the US if taxes were raised or more rules were promulgated is just that, baloney. Besides if some CEO blowhards did leave, it would not be any great loss. I���d like to see them give up their kingly lifestyles to move. They will not. If they did, other���s would rise in their place. This fallacy that you can reward failure is nothing but fear mongering originating at the top echelons of the uber-wealthy to protect their own interests.

Capitalism means letting companies fail when they take risks the market cannot bear. If the government removes rules and regulations, does not exercise oversight, encourages risk taking and then steps in with trillions to reward those who fail, it is not capitalism, but cronyism.

And no, Wall St, has not "repaid" the government help. Trillions of dollars of printed money still sit on the Fed's books - money that was used printed to buy up the worthless junk no one wanted. The damage done to the country was far in excess of the billions of equity the government bought in the banks. The financial industry in particular should be taxed to recoup some of those losses.

Great Book - hope the movie can live up to his writing - Should be a must read for all citizens.

The bankers and politicians are all a shell game. Look under each shell and the ball is never there. Do you really think they care. While we (not me) focus on the misdirection of these sensational stories the next crime is already being perpetrated. A crime involving the looting of pensions and eventually 401Ks not to mention the purposeful destruction of the healthcare system so that there is no avenue for spending Medicare dollars which in turn means that there is no liability. So cry about the bankers. The problem is so much bigger.

Things to think about:

Massive illiterate population that thinks it is educated.
Decimated manufacturing base meaning little ability to acquire means of producing weapons.
Food production in the hands of the few completely dependent on oil.
Oil also controlled largely by a cartel.
Endless stream of entertainment and mostly fake news to keep people mesmerized.
Debt backed by paper not assets. The worker cannot acquire assets to form a revolt.

The list goes on and on. Yet each of you cry about things like something can be done within the system as it exists. The system is corrupt.

We have an Internal Error

I side with the strong. I side with my masters. Not out of love but out of fear. I am smart enough to know their game. The masses are there tools. The masses are too ignorant to know any better. The masses will be used in a slaughter of the innocents that speak out against these crimes. The masses will never listen to the wisdom of those that are intelligent. They want their pound of flesh, their entertainment, their games...

you ain't seen nothing yet oh baby you ain't seen nothing yet(bto)

The exact moment that Federal lawmakers were convinced by Wall Street lobbyists on one side and fat-cat union bosses on the other to UNDERWRITE failing corporations using TAXPAYER money IT WAS ALL OVER.

In other words, the moment our leaders ABANDONED free-market regulation (via bankruptcy laws already on the books) and adopted collectivist/"too big to fail" ideology and BAILED OUT BAD BEHAVIOR, they REWARDED FAILURE and now the money is gone, and the BAD BEHAVIOR is still hanging around making massive political contributions to Obama and the Democrats.

If stupidity got us into this mess why can't it get us out of this mess.
(Will Rogers 1933)

you mean they even make more money filming their own evil schemes?

the film director may even be from SEC. what better person can you get except from the ones with front row seats.

3,000,000,000,000 in make believe credits on a make believe balance sheet.

Your under a bad spell America, it's called the Rothschild Inbreds and corporate incest.

Voodoo is doodoo.

They Always LIE, they have to at this point.

Just finished the Too Big book (on Kindle). It shows how close we came to going over the cliff. It also indicates that the necessary regulations have not been put into place. The moral hazard the public is liable to still exists. Wealth is concentrated, big banks are bigger, risk takers are still rewarded for risk, the unintended consequences of which will only be known as the next crisis plays out. In my view, the only global solution is the public funding of elections. Only that can defeat the controlling power entrenched interests exert through their lobbyists and "contributions," aka, bribes.

Too dumb to fail? Vote Obama out!

OBAMA 2012....LETS BRING IT ALL DOWN!

break the banks!

well, look at this, will ya? the difference between a liberal and conservative is that the conservative screams before something happens and everybody says shut up, and a liberal screams after something happens, and everybody is saying amen brother. it's yet another one of those scenarios in which the liberals get to make the mess, and then they get the credit for having "discovered" it, and then the glory for having fixed it, this all after its' made political of course, when everything was just fine before they got into the mix. this recession is due to the recklessness of this culture: nothing else. things like this rarely happen amongst prudent conservatives. it is the way they HAVE TO run things. morality works just as well as pragmatism as ideal. only now are the educated and brilliant liberals saying you need to find out what's going on. duh, duh, and duh. now watch as they wreck everything for everybody trying to fix what they still don't understand until there is a crises, and then its over reaction and blaming. if they had let things fail, instead of consolidating this mess and making it more powerful, it would have been over by now. but we had to save their butts didn't we? Ed Asner ought to stay out of politics; he's a joke. people like him bought this house down on themselves. they were outright participants and had a lovely time when it was trendy to look the other way. now, that they are looking, they don't like what they see in the mirror.

the next crisis will be the reverse mortgage debacle , oldsters are taking the equity out of their homes and treir heirs will walk away and leave the banks with all these properties they must maintain.

The Media are idiots and pawns. Barack Obama is "hope and change" while he follows most of Bush's policies times three.

Subprime, Fannie, Freddie, CRA and CMO were the tip of the iceberg, What it reveals is the Wall Street casino, Subprime may have lit the fuse, but it was Wall Street's leverage that was the problem. Lehman, Bear and Merrill were not bad luck. Other than the sleazy pigs at Goldman, the rest would have went under, too. It was derivatives.

Heads, I win. Tails, you bail me out. We are too big to fail. You tell them, Tim. BTW, can you suck my d*ck because we got you the job at Treasury? I hope so because your next assignment will be unemployed.