PBS ran the 1st run of Inside the Meltdown tonight.
A brief synopsis: The story begins with the lead up to Bear Stearns failure. The program walks through the Paulson, Bernanke, Geithner decisions (as only Frontline can do) up to the passing of TARP 1.
Last week, CNBC released House of Cards. A walkthrough of the crisis from beginning (Homowners) to end (Icelandic village mayor that purchased toxic CDO's) and all the players in the middle.
I'm curious of other's reactions, because I will gladly share mine.
House of Cards is straightforward. David Farber had well-crafted interviews that illuminated those that contributed to and enabled the crisis. The documentary leads in detail how the risk was spread from one sector to another. House of Cards also exposes those who specifically targeted and exploited the vulnerable (at both end of the spectrum). It is a clear domino type process.
Inside the Meltdown is more exploratory of decision-making, once the collapse was underway. The programs seems to draw sympathy for Paulson due to the cognitive dissonance of his ideology and his decisions.
At the point that Bear Stearns bad assets were uncovered, the narrative insinuates that all involved were shocked - including Paulson and Bernanke. But, Paulson had been a WS veteran. I find it difficult to believe that he was unaware of the depth of the toxicity.
Likewise, the narrative seem to illicit Paulson's decision to request the TARP funds from Congress as being a huge burden - due to his belief against government intervention.
Inside the Meltdown was an excellent production with interesting interviews - including Dodd, Frank, and Krugman. But it was only a snapshot of a brief period that the ramifications have been much farther reaching.
Jump in with your thoughts.