CNBC Documentary by David Faber, “House of Cards,” Is Worth Your Time

One of CNBC’s finest, David Faber, recently completed a two hour documentary about the housing bubble and the credit crisis. I had the chance to watch it on Sunday and it is very well done. For those of you who are interested in how the combination of mortgage brokers, Wall Street, and consumers led to the dire financial predicament we find ourselves in right now. Faber really hits on all of the major culprits and explains them well along with his superb guests.

CNBC replays House of Cards in prime time during the week and over the weekends. According to my Comcast program guide, the next airing is Wednesday from 8-10pm ET but check your local listings and set your VCR or Tivo.

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6 Thoughts on “CNBC Documentary by David Faber, “House of Cards,” Is Worth Your Time

  1. Pingback: I feel asleep in 2009 and woke up in 1997 link edition

  2. anyone got a link to the video?

  3. Faber stopped short of outing what I call the perfect storm of the financial industry. He could have started with Greenspan skirting Glass-Steagall, and him and Rubin convincing Clinton and the democratic party in joining the republicans to repeal G-S with no regulations. Add to that credit default insurance called “swaps” to avoid being regulated, with the CDOs and mortgage backs, an unregulated commodities exchange pushing oil prices up breaking Americans backs, all that added to Wall Street greed you’ve got a nasty storm. Add Sarbanes-Oxley and you have to write assets down immediately, it becomes the perfect storm.

  4. It was a very good documentary. It will probably air again. Search on your TV for the show and tivo or get someone to record it for you.

    Pat- yes the perfect storm. There was also the change of the capital gains roll over on houses to allow people to keep the money for a few years. This change allowed home owners to speculated and hold multiple houses without cap gains if they were lucky enough to sell before the house of cards fell.

    I wonder though with all the housing and AIG mess I have not heard much about how demutualization of banks and insurance companies have contributed.

    Many banks demutualized and converted to stock companies. These companies grew by acquisition and probably started becoming to levered and started investing in riskier and riskier investments to keep the shareholders happy. Look at Fith Third
    A great ponzi scheme (in a sense) that no news agency has written about as far as I know.

  5. Scott Newman on May 26, 2009 at 10:36 AM said:

    What a sour note! The whole schmiel ended with Greenspan’s virtually condoning the whole rotten mess and blowing it off, with his usual flowery tone, as something Greedy Mankind did it to itself again, oh well! It was bound to happen and will continue on repeating a similar pattern for all time. He’s learned everything to know about finances, has he ever studied about something called ethics??!! Doesn’t the industry has a term referred to as ‘moral hazard’?? Greenspan’s knowledge is not in question here but just his common sense. He should have been one of the whistle-blowers LONG AGO!! It just goes to show you that being our biggest and brightest doesn’t mean you won’t still sell the rest of us all down the river for a few bucks. Maybe he’d like to also stand in the unemployment line with me and explain CDO’s once again, I didn’t quite get it! However, there’s no denying that David Faber did a flawless investigation. My hat goes off to him.

  6. Eugene Salganik on October 9, 2011 at 10:26 PM said:

    Read “Requiem for Greed”, great satire on the financial crisis.

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