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tv   The 2000s  CNN  August 5, 2018 6:00pm-7:01pm PDT

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>> william cohen, thank you very much. stay tuned. a brnd new episode airs next here on cnn. that does it for me. thank you for spending part of your weekend with my. have a great week and a great night. the sub prime mortgage crisis left millions of americans to stay in their homes as wall street is feeling their pain. >> this is the biggest point drop that's ever been seen. >> what does that mean about the health of the american financial system? >> we're in the midst of a serious financial crisis. the federal government is responding with decisive action. >> they have been gamble iing w the house money for years and it's our job to bail them out? >> the largest swindle in wall street history. $50 billion ponzi scheme. >> every corporate official who
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has chosen to commit a crime should expect to face the consequences. >> the pardon is over. it is the chose b word of
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the nonconformist. if you are not afraid to ask why, you can change whatever it is you want. >> if there was any company to make energy cool, it was enron. >> texas energy broker trade electricity like any other commodity. sophisticated trading operation buys and sells billions of dollars worth of energy every day. it's the largest company of its kind in the world. >> enron is a company that deals with everyone with absolute integrity. we standby our word and mean what we say. >> he was the original ceo. he ran enron when the company was create d. he seemed like the ultimate american success story.
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>> he hired jeff skilling to innovate into commodity trading. >> every year, every day, every week you have to colt up with new ideas. >> he was very charismatic. when you heard a ra ra speech of his, you felt jrenergize ed. he could get you to drink the kool-aid. >> we're doing the right thing. we're working to create open, competitive, fair markets and in open, competitive fair markets, customers get better service. >> you're the good guys. >> we are the good guys. we are on the side of angels. >> the pendulum in business tends to swing too far in either direction. this was an era of deregular ration. >> the deregulation of the energy industry is causing one problem after another. >> enron was very good at weakening existing rules and regulations and then taking advantage of the space between the rules. >> the mist of this heat wave an
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energy emergency has been declared. >> californians could spend another day in the dark. >> the energy crisis in california was not just a force of nature. it was a result of market manipulation by energy generators and producers like enron. >> i want you guys to get a little creative and come up with a reason to go down. >> that's cool. >> hopefully. >> they were gaming their system, withholding power at the borders, taking power plants offline. it was devastating to california's economy. >> they had to do it and there was a red light there. >> they had strategies of pillaging california can called death star, get shorty, ricochet. >> as the lights went out on the west coast, enron's wholesale
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services revenues quadrupled to $48 billion and doubled again three months later. >> every time there's a shortage, it's collusion or conspiracy or something. it makes people feel better that way. >> you know it's nice for a business. you're in the business of making money for your shareholders. so you would be foolish, as you said, to turn down the kind of money you can make this past winter r in california. >> i think you put words in my mouth there. >> what happened in california was a flashing red signal about the nature of what enron was all about. but what brought them down was just the sheer brazenness and scope of their manipulation. >> the s. eflt c. is now investigating enron's accounting procedures after the company admitted it inflated earnings by half a billion dollars. >> enron had businesses that were losing immense amounts of money. so the company's cfo found
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extremely creative accounting methods in order to hide the losses, hide the debt, show profits that didn't actually exist yet. in the very same period, when an in house whistleblower was privately warning the chairman that i am incredibly nervous that we'll implode in a wave of accounting scandals. he was ensuring employees i have never felt better about the prospects for the company and in fact urging them to buy more company stock. >> leadership knew we cooked the books and yet through the fall of 2001 was still telling others to buy, that he was dumping. >> we're not going to get ours. >> many others who work for enron saw their retirement nest eggs wiped out this month. worse, they are powerless to
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stop the hemorrhaging because enron has blocked them from making any changes in the retirement plans. >> when i saw the stock drop, i ca called to sell and was told that i was locked out. so i had to standby and watch my savings disappear. >> many of the nation's top banks and mutual funds were heavily invested in enron. it's expected to be the big. est bankruptcy case in history. >> enron was the moment we realized that so much of the business world was not what we thought. >> something is very wrong in the case of enron. a lot of knowledgeable people on wall street were either dooped or purposely went along for the ride at the expense of thousands of others. >> this is not a story of a few bad people. this is a story of a lot of bad people. there were aided and abetted by accounts, lawyers, there was no
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cop on the beat. you got to put limits on the greed that drives a whole lot of people. >> enron's was among the most celebrated business leaders in america. tonight they are convicted felons. >> enron was just the first domino. it was followed by com, one accounting fraud after another, on and on and on. the belief that corporations are going to be restrain ed from running amok was revealed in this decade to be basically a fairy story we tell ourselves to sleep better. >> no executive is too prominent or too powerful and those schemed to defraud is too complex or fancy to avoid the long arm of the law. so you just walk around telling people geico
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i'm here today because we're taking action to bring many thousands of americans closer to own iing a home. >> homeownership had been expanding during the early and mid-2000s. part of this is bush's administration making this a priority. >> one of the biggest hurdles of homeownership is getting money for a down payment. so today i'm honored to be here to sign a law to help many low income buyers to overcome that hurdle and achieve an important part of the american dream.
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>> this was everything americans were supposed to want. the security and stability of owning their home. maybe you were supposed to stretch a little bit because since the great depression on arch home prices had had only gone up. >> if there's one area of the economy that has stood its ground, it's the housing market. still a hot market fuelled by low interest rates and hopes that reali estate will offer no only a safe haven but continue to gain value. >> they are join iing the growi number of first time home buyers convinced the time is right thanks to dropping interest rates. >> we prequalified a week ago and it's gone down since then. it's kind of amazing. >> everyone was talking about it. they saw buying a house as the main way to get wealthy. house prices connect going up so this seems like a no risk thing to do. >> mortgage applications hit an all-time high last week. >> current homeowners taking advantage of lower interest
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rates refinancing their homes. as americans seek to lower payments and put more cash in their wallets. >> this business has gotten so competitive and so aggressive because everyone wants a piece of the american dream of the housing market. >> there was this rampant fear of missing out. people were quitting their jobs to buy houses and to sell them at a higher price. >> i don't see a bubble. i see climbing prices. >> there was a euphoria where the american dream of owning a home converged with the american dream of risk free investments. or you might say the myth of risk free investments. >> new numbers out tonight suggest more than ever that the housing sector of the american economy is something of a house of cards. >> the housing bubble started to come undone in 2006, 2007 and sudden by people started to default and started to default in big numbers.
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it really became a domino effect and that devastated whole communities. >> from bad to worse, home prices experienced their biggest drop in more than 20 years. 2 out of 10 who bought their homes in the last two years are already upside down. >> there were good sfwhengs this country about increased homeownership. but in the last years of bubble, that's ground cover for prenishs activity. >> americans have seen their property values plummet and the country edge closer towards a recession. at the heart of the problem is something called a sub prime mortgage crisis. >> loans made to borrowers with low credit scores or no money for a down payment are commonly called sub prime mortgages. and the market for them has exploded in this country of late. >> there's some decent aspects to subprime lending. it's an effort to try to give them the ability to move up and
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to reach the homeownership dream. but like so much else, it starts as a good idea that et eventually gets perverted. the history of the modern age of finance is that. >> washington is pretty much failed miserably for the last 10, 20 years as the market as changed what washington has been concerned about is making it easier for lepders to make loans without requiring them to do some due diligence. >> it became possible to walk into a mortgage broker and buy a house with no provable income new york city assets and maybe not even using your real name. >> people are saying to themselves, huh, you're going to give me a mortgage when i don't have any money in the bank, when i don't have a job, when i can lie on my form and sign it and you'll give me the money any way give. ing me a free option to buy a home, i'll do that all day long. people love free options. >> one company considered an innovator in these risky loans and pursued that market was
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country wide financial. they made a fortune and so did its ceo. >> this may become the deeply tanned face of the mortgage mess. it belongs to the once celebrated c can eo of country wide. now facing allegations of predatory lending and greed. >> if youen don't bare personal speedometer, i don't know who does. >> i do take full responsibility for anything that happens at countrywide. >> mortgage lenders concocted a a whole series of loan products peddling them aggressively to people who didn't have the ability to pay loans back. >> when they say sign here and they tell you they have told you everything that's important about the loan, you think they have. and you just sign. >> i just feel so stupid. >> the whole system was designed to go after people with marginal
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means and put them in the highest cost loan possible. because those paid the most f s fees. >> banks didn't have to care anymore about whether the loan got paid back because. the loan had been sold to wall street. >> instead of eep keeping the loans in their own portfolios, the big banks and giant mortgage companies that originally underwrote them sold them off to investment houses. >> firms like merle lynch sliced the loins into little pieces, package them up with investments and sold them to their best customers around the world as high yield mortgage backed securities. turning it into. silk purses. >> instead of buying one mortgage, they would take a thousand, put them into a package and cut them into a thousand pieces and then sell the pieces as a much safer investment. >> the idea was that all this it was diversified in 100 different ways. everybody had little pieces of it and therefore, if one of the little pieces went down, the
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other piecen wouldn't go down. that was the fallacy of the whole scheme. >> from main street to wall street, the foreclosure numbers are foreboding. >> theorizing so fast they could soon involve 1 in 100 american homes. >> the fact that millions of americans were getting mortgages thigh they should never have had is kind of an isolated virus, but wall street, whoo, wall street sent the virus all around the world. capital one and are giving venture cardholders 10 miles on every dollar they spend at thousands of hotels. brrrr! i have the chills. because of all those miles? and because ice... is cold. what's in your wallet? hundred roads named "park" in the u.s. it's america's most popular street name. but allstate agents know that's where the similarity stops.
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comcast, building america's largest gig-speed network. good evening, there's no shortage of evidence showing a u.s. economy either already in recession or heading there. every day there's a new shock to the system. >> the housing slump has turned many lives and bank. accounts upside down. >> the dow futures down sharply for today's open as more banks report losses in the billions. >> mr. president, economists say that the nation is at increasing risk of recession. what do you say? >> i say that the fundamentals of our nation's economy are strong. >> the firms began to announce losses, but the whole idea was
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this is under control. ben bernanke said this is contained. >> the u.s. economy is diverse and resilient and our long-term fundamentals are healthy. our economy will continue to grow although at a lesser pace. >> he was the chief executive of goldman sachs so he was an insider. he knew where the bodies were buried and how the markets work. >> testifying before a house committee ben bernanke threw his weight behind a stimulus package. >> getting money to people quick ly and getting money to low income people is good in the sense of getting bang for buck. >> he was an expert in the great depression. his focus was to avoid another great depression in this country. here we enter the great recession. >> the fallout from the mortgage mess deepened today. a wall street firm reported its first quarterly loss in its 84-year history.
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>> it was answer investment bank and investment banks are not the same as banks. they do not have small depositors. investment bank clients are sophisticated who both do and should know the risk of the institution when they do business with them. >> bayer sterns was one of the major firms, but with a slightly edgier reputation. >> goldman sachs is the queen and morgan stanley went tohorse vard. bear stearns was the guy flipping you the birtd bird. >> it's been a hard week for shares of bear stearns as there are constant rumors of the liquidity problem. they maintain the balance sheet, capital positions all strong. >> questioning a wall street firm firm's, once the cat is out the
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bag, it risks triggering a stampede. >> should i be worried? no, no, no. bear stearns is fine. >> the liquidity position has not changed at all. our balance sheet has not weakened at all. >> if you have to proof you have credit, you don't have any us. if you have to prove that these assets are worth what you say they are, they are not. that dawning fear that all of these mortgages might not be strong and reliable suddenly had had everybody second guessing. >> for weeks there were whispers of trouble at bear stearns. by the opening bell, it was a full blown blown alarm. >> the firm's cash position had deteriorated sharply over the past day. >> the rumor became. the reality. all the rumors got way too ahead of even the people's ability to manage it. that's really the story. >> who could possibly imagine that bear stearns after 85 years of profitability never having a
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losing quarter would have a losing quarter in the fourth quarter of 2007 and be out of business two and a half months later in a week. >> the fact that a wall street firm could lose 90% of its value in one weekend has some convinced the markets and the economy have farther to fall. >> while most of the country was looking at this as one investment firm that maybe you have heard of, maybe you haven't is teetering, it's a different story in washington. >> an investment bank collapse, one as big as bear stearns is what wall street experts would have called an economic nightmare scenario. here's the good news. it's been averted. bear stearns has been bailed out by the government and now they have been bought out by a competitor. >> the federal government had never stepped in before in the history of our republic to save an investment bank. but the fed decided to change that in bear stearn's case because they decided it wasn't just because they were too big to fail, it was too
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interconnected to fail. >> given the current pressures and the global economy and financial system, the damage caused by default by bear stearns could have been severe and extremely difficult to contain. >> the fed knows this isn't just one firm. if one tall build iing on wall street falls, it's probably going to land on another one, which could land on another one. it was that institutional risk. the idea that you might have an uncontrollable fire on wall street. the concerned the policymakers in washington. >> the big question on a lot of people's minds is are there other banks in a situation similar to bear stearns right now. is this just the beginning? >> our financial institutions, our banks and investment banks are very strong and i'm convinced they are going to come out of this situation very strong. our markets are resilient, they are flexible and i'm quite koft we're going to work our way through this situation. >> after the collapse, most
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people thought we dodged that bullet. there was debate and criticism about the government stepping in, but the sense was it was a ripple. not a bomb shell. >> there's no question about it. wall street got drunk. now it's got a hangover. the question is how are we going to sober. ♪ ♪ ♪ raindrops on roses and whiskers on kittens ♪ ♪ bright copper kettles and warm woolen mittens ♪ ♪ brown paper packages tied up with strings ♪ ♪ these are a few of my favorite things ♪ ♪ ♪
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wall street is bracing for another victim of the credit crisis. lehman brothers has been experiencing what many fear is a slow death because of demise of the rival bear stearns back in april. >> there had been rumblings if bear went down, lehman would be in severe trouble. their ceo had been warned that you may be next. >> hank paulson, who knew him, had sat down with him and said you might want to think of finding a partner. someone to take you over. get someone with a bigger balance sheet. he said it was completely unnecessary. >> wall street is on edge after a weekend of talks in rescuing the lehman brothers investment bank. >> all weekend top executives of rival banks along with treasury department officials met under tight security to discuss plans to buy lehman whole or in parts.
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>> lehman is on the ropes. every ceo of virtually all the big banks gets a phone call. get down to the federal reserve. hank paulson had been land battsed and sat all the ceos in the room and said it's your problem. fix it. >> pretty clear the government is not going to bail anyone else out. that's the message they are sending. >> loud and clear. in fact, when i was talking to folks on friday, they were saying, look, we're trying to find a buyer, but let's be clear. we are not going to use taxpayer money. >> people believed if lehman went under, the panic might spread. but people were equally worried if they bailed lehman out, it would be this idea of moral hazard. if you believe the government is going to bail you out, whien wouldn't you make bad decisions. >> the government is trying to are restore confidence in the markets. you don't restore confidence by rescuing one institution after another after another. >> that friday when secretary
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paulson and i brought the market together at the fed, i don't think any of them and really any of us realized how bad it was going to get still. i think we were terrified at that point. probably not terrified enough. >> lehman brothers, a cornerstone on wall street, f l failure to find a buyer means it's bankrupt. >> merle lynch fearing it could be next agreed in an act of desperation to a shotgun marriage with bank of america. >>. now we're left with morgan stanley and goldman sachs. out of phi three months ago, there are two left. >> how long have you worked for lehman? >> when they declared bankruptcy, i cannot explain to you the shock and awe in the investment community. >> if lehman can go down, what does ma mean about the health of the american financial system? >> you're talking about investment banks. how have they been getting it wrong for so long? >> nothing happens until the lines of fear and greed cross. there's no better example of the
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lines of fear and greed crossing than the lehman bankruptcy on september 15th, 2008. the markets were fearful. >> your future, my future, our future at stake. a meltdown on wall street. the worst since 9/11. >> this is a once in a half century, probably once in a century type of event. >> is this the worst in your career? >> by far. >> because he's let lehman go. under, there's shock in the financial world that morgan stanley is going to go under and goldman sachs is going to go under. now you have panic. >> the american people can remain confident in the soundness, in the resilience of our financial system. >> nobody understood what was happening. they couldn't believe that these grand institutions were about to come undone. they were waking up in the morning and finding out it was worse today than it was the day before. >> it's the latest crisis to
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rock the financial markets. insurance giant aig teetering on the brink of bankruptcy. this is a colossal firm. if it fails, the ripples would travel far and wide throughout the global economy. >> all of a sudden, who would have dreamt this other bomb shell goes off, which is aia. if it you think lehman brothers was complicated to figure out, aig was monumentally bigger. >> aig is this massive insurance company, but they also had a division called aig financial products, which would offer something called a credit default swap. >> a credit default swap is a contract between two people, one of whom is giving insurance to the other that he will be paid in the event that a financial institution or a financial instrument fails. >> so it's an insurance contract? >> it is an insurance contract, but they have been very careful not to call it that. because. if it were insurance, it would
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be regulated. >> aig essentially facilitated the creation of a lot of the mortgage securities by essentially providing an insurance policy should they go bad. but because the derivatives market had been deregulated, aig could do this without requirement to put up any reserves. it's like a company selling you life insurance policy and not having any money when the time came to pay off. and the time came to pay off. >> after its credit rating was downgraded overnight, aig must raise at least $40 billion and fast. >> you had a full scale run on aig. there was a real view, by. the way, that if aig went under, the cagame was over. >> aig does business with every major financial institution and in 130 countries. >> aig will destroy much of the capital formation process in the western world. >> paulson, bernanke, they saw
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the risk that this could be not just a fire that would burn wall street down, but that could burn down our economy and burn down the world economy. >> it is uncle sam to the rescue. but oh, what a price tag. >> the federal government is saving insurance giant aig from possible collapse with an $85 billion loan. all of it your money. >> the move was designed to calm and brink stability to the financial markets. did it work? maybe down the road, but not today. >> another anxiety attack on wall street even after the aig bailout the dow tumbled another 450 points. >> in your 30 years, have you seen the market like this? >> never. >> they are working hard, but it doesn't feel like they are in control and that's very unsettling.
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crest. healthy, beautiful smiles for life. the $85 billion the federal reserve put up to save aig from near certain bankruptcy was not enough to calm terrified investors that the next disaster is not around the corner.
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>> banks are hoarding cash reluctant to lend to each other. >> they are nervous about giving out loans making wall street's troubles a main street issue putting economic recovery even further out of reach. >> the markets are freezing. the whole american economy is built on the ability to lend and borrow and to invest and. all of a sudden companies throughout the country who borrow because they are buying equipment, they need to make payroll can't borrow. millions of people start lose ing their jobs. >> the economy is shaken and we're close to a depression. forget the recession. >> it wasn't just a lost job. it was a lost job and am i going to have a bank to go to to get my retirement from. where am i going to deposit a check? hank paulson was concerned about whether or not people would be able to go to an atm. >> the treasury secretary says a bailout is the only way to
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prevent a collapse. >> america's economy is facing unprecedented challenges and we are responding with unprecedented action. >> it is no stretch to say that after this week, the era of big. government is back. >> it is an urgent request from the bush administration to congress for $700 billion to quickly stabilize the financial system. >> thursday afternoon we started to hear about this thing called tarp had many different variations, what it was going to be. but basically they were going o to infuse capital directly into some of these companies. >> this trouble relief program must be designed to have maximum impact while including features that protect the taxpayer to the maximum extent possible. >> the $700 billion projected price tag isn't pretty, but the president says it's a big package because it is a big problem. >> my first instinct was to let the market work until i realized that if i'm being briefed by the
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experts of how significant this problem became. so i decided to act and act boldly. >> george w. bush understands that he has to put his ideology aside, put 30 years of small government, no taxes, small budget aside because the country needs it and the economy needs it. >> opposition seems to be growing here in congress for the legislation that could be the most important of mr. bush's presidency. >> this isn't legislation. this is extortion. >> this is a huge cow patty with a piece of marshmallow stuck in the middle of it. >> please, please don't betray this nation's great history. >> main street went to wall street today to protest the bailout plan. >> people said why give the banks money. we could give money to homeowners to pay off their
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marg mortgage. is it fair that a company that should be going bankruptcy is getting a hand out? >> they have just mortgaged our future. >> let them die by the free market. >> there were a lot of people shouting let them fail. they got themselves into this position and its survival of the fittest. this is what. capitalism looks like. >> the last thing in the world i wanted to do was be going. up to congress asking for these kinds of things. it is a terrible position to be in. the only thing worse is the alternative. >> jobs will be lost, more houses will be foreclosued upon the economy will not be. able to recover no matter what other policies are taken. >>. i know we we will be able to live up to our side of the bargain. i hope the republicans will too. >> good day and what a day it's been so far. the president's financial bailout plan has suffered a major defeat. >> they go up to capitol hill and the bill fails. and the results are dramatic.
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>> wall street watched washington with shock and fear. as the bailout package went down on capitol hill, the dow went down like a sub. >> this is the biggest point drop that has ever been seen. there's no american who is not feeling this one way or another. >> just wiped out everyone's 401(k). >> pure disgust with the politicians. there's zero confidence. >> paulson called me stunned and scared. people were days away from not being. able to take money out of the atms. it was happening around the world. it was a more dangerous global dry sis than anything we had seen since the great depression. we were effectively out of ammunition. >> two days after the house killed a financial rescue package, leadership is determined to pass it tonight and pressure the house into taking action. >> to democrats and republicans who oppose this plan, i say stop up to the plate.
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let's do what's right for the country at this time because the time to act is now. >> we fail to act, years of our economy will grind to a halt. >> this is the greatest market disruption that's happened since the crash of 1929. reality finally imposes itself on capitol hill. >> the motion is adopted. >> given a second chance, the house did an about face. easily passing the $700 billion bailout of the financial industry. >> there were moments this week when some thought the federal government could not rise to the challenge, but thanks to the hard work of members of both parties and both houses and the spirit of cooperation between capitol hill and my administration, we completed this bill in a timely manner. >> the aftermath people criticized paulson for this and that's fine, but the truth is if he hadn't been there and they hadn't intervened, we never
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would have crawled out of that hole. >> they rescued the financial system. like it or not. you can wish all day long that they had all gone down the tube, but i really don't think we would have enjoyed that one bit. >> our so-called ownership didn't make the break, but at least we saved those wall street banks. the 2000s is brought to you by -- 'finish the job because they don't relieve nasal congestion. flonase sensimist is different. it relieves all your worst symptoms, including nasal congestion, which most pills don't. it's more complete allergy relief. and all from a gentle mist you can barely feel. flonase sensimist helps block six key inflammatory substances. most pills only block one. and six is greater than one. flonase sensimist.
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there are new details tonight about what may be the largest swindle in wall street history, an alleged $50 billion ponzi by bernard madoff. >> when you have a collapse on wall street, i think of it as the later going out of a lake or something, and suddenly you can see the roots of those trees and all the ugly stuff that gets caught in them, including like dead bodies, that's how i feel like that the water went down so much and everybody was like that's bernie madoff down there. >> a wall street wiz with a golden reputation. he earned trust because he made them money, lots of it. or so they thought. >> he had a legitimate life that
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was highly successful and he had this darker secret that fed his need for success. >> madoff allegedly had been newsing new investment company from clients to pay supposed profits out to other investors. under the weight of a tumbling stock market, the scheme had collapsed. >> desperate investors and their lawyers scrambled to madoff's offices friday looking for their money, they were turned away in the lobby. >> there has never been a ponzi on the scale of madoff ever, we're talking thousands of people who thought they had millions of dollars socked away for retirement suddenly found out it was gone. >> this couple invested everything. >> we started to sell our furniture, some of our things that we value so that we should have some money immediately. >> then there's 91-year-old ian fearman. he had to take a job to grocery
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story after losing $700,000 to madoff. >> the human suffering that madoff caused i don't think could ever be grasped. people had to come out of retirement. for those people, the madoff fraud will never be over. >> what may be the final steps of freedom for the most despised man in america. he pleaded guilty to the greatest investor fraud in u.s. history. >> i think the connection between bernie madoff and the financial crisis was one fundamentally about trust. it was about a loss of trust in the system, about a loss of trust in people that you thought were worthy. >> we all trusted the free enterprise system, we trusted these deregulated markets to foster our prosperity. all of america felt that they
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had been betrayed by wall street. >> the stock market just can't seem to find a bottom. >> it's day after day, week after week, and it's hurting the public morale. >> there is a deep sense across the country that those who are not responsible are bearing a greater burden than those who were. >> the scariest thing about that time is that the united states had already thrown a lot at this problem and the recession was getting much worse. we were losing 750,000 jobs a month. >> just this weekend there was a job fair at dodger stadium. 500 jobs available for ushers, food workers, security, $9 to $18 an hour, part-time, 500 jobs, 4,500 showed up. >> it's a lot of competition. i'm 55 years old trying to get a job. it's heartbreaking. >> millions of people lost their jobs. millions lost their homes. cities and towns were devastated. and on the other hand wall
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street survived, quite nicely, i might add. >> after they got their $84 million bailout aig executives spence hundreds of thousands of dollars on fancy hotels and spa treatments. >> they were getting their manicures, their facials, their pedicures and their massages while american people were footing the bill. >> your company's now bankrupt, our economy is in a state of crisis, but you get to keep $480 million. >> it's been a continual source of frustration that essentially no one at the big banks was ever prosecuted or held accountable for this. >> i do not think that we did anything wrong. we did not cause the financial crisis. >> there were a lot of people who made a lot of mistakes. the question is, whether they were criminal mistakes. it was hard to make the case. >> you belong in jail. you're criminals. >> you should go to jail. >> there's just part of us that
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wants justice. and sometimes justice is not what you should be asking for. you should sometimes just realize the system's broken, and needs to be fixed. . that said, wall street never change changes. >> there's always going to be people out there who are paid to try to find the loophole. or if there's a regulation, to try to roll back the regulation. it never ends. it never will end. >> that's why wall street has always been a very dangerous place. and it remains a very dangerous place. there's plenty of reasons why the same thing could happen again in the near term. >> we can buy the cure, but you won't get burned on wall street. $10 right here. >> the results of the poll, the financial hardship is taking a toll on families. one thing, the challenge has motivated people to learn new skills and more than half are
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confident their next job will be as good as their last. though the american dream has evaporated for some families, at least for now, optimism is a renewable resource, and an important tool on the road to recovery. we're all going to die. didn't mine to remind you of it, but it is on your schedule. >> we find the loss of comedians so profound because we had fun with them, and they were in our home. >> she'd make you feel that you had a special place in her heart. >> laughing with somebody binds you to them. >> comedians don't have a great mortality rate. we lose a lot of people. >> when you lose a comedian, i feel it's more personal because i know the [ bleep ]. ♪


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