Stories from 2008's Great Recession | 60 Minutes Full Episodes

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From March 2009, Scott Pelley's report on bank failures. From April 2012, Steve Kroft's report on Lehman Brothers. From October 2008, Lesley Stahl's report on Bank of America. And from December 2008, Pelley's report on the mortgage problems that underlie the financial meltdown.
#60Minutes #Economy #GreatRecession
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00:00 Introduction
00:11 Your Bank Has Failed
13:25 The Case Against Lehman Brothers
26:50 Bank of America
38:58 Where's the Bottom?

Опубликовано:

22 май 2024

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Комментарии : 885

@Hannahbenowitz 9 дней назад

I wonder if people that experienced the 2008 crash had it easier because this market conditions are driving me to insanity, my portfolio has lost over $27k this month. alone my profits are tanking and I'm don't see my retirement turning out well when I can't even grow my stagnant reserve.

@PennyBergeron-os4ch 9 дней назад

Even in this economic storm, there are chances to be had, thus an increase in volatility is not always a bad thing. You have an opportunity to rebalance thanks to volatility. In order to help you diversify your portfolio, you must hire a professional

@FinnBraylon 9 дней назад

I completely agree, which is why I choose to delegate my daily investment decisions to a coach. They specialized knowledge, research, and risk management skills make it challenging for them to underperform. They focus on utilizing risk for its asymmetrical potential while mitigating downsides. I've been with my investment coach for over two years and have earned over a quarter-million dollars.

@HildaBennet 9 дней назад

Do you mind sharing info on the adviser who assisted you? I'm 49 now and would love to grow my stock portfolio and plan my retirement

@FinnBraylon 9 дней назад

Google Sonya Lee Mitchell and do your own research. She has portfolio management down to a science

@HildaBennet 9 дней назад

Thank you for the lead. I searched her up, and I have sent her an email. I hope she gets back to me soon.

@CatherineWilson8 3 месяца назад

I used to think everybody went broke during the Great Depression and other major crashes but they didn’t… Some made millions, I also thought everybody went out of business during these times but they didn’t, some went into business, there's always depression/recession for some people and there's always a good time for others, it's all about perspective.

@ritalorrigan 3 месяца назад

most of these strategies and loopholes are better managed by experts and pros in the market, the average Investor on the other hand are left to suffer during a crash.

@KevinClarke9 3 месяца назад

The issue is people always have the “I’ll have to do it myself mentality” Unapologetically, that’s why the get heavily affected during a crash and coupled with the fact we’ve had the longest bull run ever in the American history, most folks aren’t equipped to manage this crash and it’s impending opportunities well enough, so it only makes sense to seek proper guidance during these times, that’s what investment advisers are for, been using one ever since the pandemic 2020 and I’ve been barely affected by crash, I have $850k in profit sitting in my portfolio and I’m unbothered about the market outcomes.

@LukeMcfarlane5 3 месяца назад

I’ve been down a ton, I’m only holding on so I can recoup, I really need help, who is this investment-adviser that guides you

@KevinClarke9 3 месяца назад

I've shuffled through investment coaches and yes, they can be positively impactful to an individual's portfolio, but do your due diligence to find a coach with grit, one that withstood the 08' crash. For me, Carol Vivian Constable turned out to be better and smarter than all the advisors I ever worked with till date, I’ve never met anyone with as much conviction.

@LukeMcfarlane5 3 месяца назад

I just checked her out on google and I have sent her an email. I hope she gets back to me soon.

@PhilipMurray251 Год назад

America is currently plagued by the hydra-headed evil duo of inflation and recession. The worst part about this recession is that consumers are racking up credit card debt. In April alone, credit card debt went up 20% while rates have doubled in a year. Inflation is so high that consumers are literally taking debt for basic life necessities. Collapse has indeed begun.. Lloyd Bernard

@Robertgriffinne Год назад

Collapse is generous 1st time in our history with a full generation that wasn't taught financial literacy, civics, Google fixes their problems if their parents don't do it for them. Reckoning for participation trophies is incoming.

@tradekings5433 Год назад

Iron-ically, these are the conditions in which life-changing money is made by those who remain calm, patient, and take controlled risks. Volatility goes both ways. The banks are in a big crisis. The market looks very shaky. The bigger the red candles, the bigger the green ones. I have made over 280k in the last 4 months by invest-ing through my FA.

@PhilipMurray251 Год назад

Wow. I've heard similar success story from people who work with advisrs. How do I get in touch with yours, please?

@tradekings5433 Год назад

There are many you could potentially find online. I personally work with Deborah Sue Bohn , and she's been spectacular. But there are also many others you could check out yourself.

@PhilipMurray251 Год назад

Thank you for this tip. it was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé

@Raymondjohn2 Год назад

Some economists have projected that both the U.S. and parts of Europe could slip into a recession for a portion of 2023. A global recession, defined as a contraction in annual global per capita income, is more rare because China and emerging markets often grow faster than more developed economies. Essentially the world economy is considered to be in recession if economic growth falls behind population growth.

@hermanramos7092 Год назад

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

@martingiavarini Год назад

It's a delicate season now, so you can do little or nothing on your own. Hence I’ll suggest you get yourself a financial expert that can provide you with valuable financial information and assistance

@kenanporubsky2122 Год назад

Very true! I've been able to scale from $50K to $189k in this red season because my Financial Advisor figured out Defensive strategies which help portfolios be less vulnerable to market downturns

@hermanramos7092 Год назад

@@kenanporubsky2122 How can I reach this adviser of yours? because I'm seeking for a more effective investment approach on my savings?

@kenanporubsky2122 Год назад

@@hermanramos7092 My consultant is ‘’Christine Jane Mclean’’ I found her on a CNBC interview where she was featured and reached out to her afterwards. She has since provide entry and exit points on the securities I focus on. You can look her up online if you care supervision. I basically follow her trade pattern and haven't regretted doing so.

@MalindaDeleon Год назад

With inflation running at a four-decade high, the Recession is now the ‘most likely outcome for the economy and I cannot imagine being a victim of circumstances. My portfolio suffered a big hit, holding it further won’t be any good. I've heard of people netting hundreds of thousands this red season. How can I ensure this?

@Adukwulukman859 Год назад

True, the idea of a portfolio-coach used to sound generic, but a new study by investopedia actually found that demand for portfolio-coaches sky-rocketed by over 41.8% since the pandemic and based on firsthand encounters, I can say for certain their skillsets are topnotch, I've raised over $700k from an initially stagnant reserve of $150K all within 14months.

@ZITABELCOMEDY-xf1ws Год назад

@@Adukwulukman859 I will be retiring in two years and I have a goal of doing that with $1M. How can I reach out to your guide?

@Adukwulukman859 Год назад

@@ZITABELCOMEDY-xf1ws The advisor I use is actually quite known, you might have heard of her, Laura Marie Ray, she's been featured on several platforms including CNBC and Bloomberg, you can search her name.

@LucyHyde-zx8gq Год назад

@@Adukwulukman859 I just looked up Laura Marie Ray online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals.

@evanc8057 Год назад

Thank you 60 minutes for uploading these. It's so important to have easy and free access to our history so that we can learn from the past.

@johnortiz6225 Год назад

They do it because this will happen again.. 😅 conditioning for an other bank failure .. housing inflation caused by Government regulations on bank rates will be to blame this time .

@RealMTBAddict Год назад

@@johnortiz6225 They have inside knowledge. Media is prepping us...

@evelynsmith1851 Год назад

@@RealMTBAddict I Agree

@fluxcap4630 Год назад

@@johnortiz6225hey prepped us for the substation attacks in the same way. There was one attack a decade ago in cali. Then last summer 60 minutes ran a report on it and what do you know tons of substation attacks followed

@eyelovecolorado2195 Год назад

Learn from the past? Yeah right. I think J Powell needs to watch this video before anyone else! 😂

@ReidCoffman1 Год назад

Bad year for me, META down 40k, ALLP down 35k, Draft Kings down 6k, NIO down 15K, ABML down 8k, and my wife doesn’t know. I'm just hanging on to Jim Cramer's words about opportunities in volatile times so perhaps, I either wait for a recovery or pick profitable investments to substitute for my loss.

@AshtonGrace Год назад

Quite frankly there are actually ways to make high yields amidst volatile times, but such trades are best done under the supervision of a portfolio-coach.

@Rachelschneider03 Год назад

@@AshtonGrace I agree with Grace on having a portfolio coach, also patience is your best friend here. I'm a huge investor and cant afford to take the risk of investing by my knowledge, rather my portfolio is overseen by a license advisor, since late 2019 amidst rona-outbreak till date. I'm only about $86k short of closing in a $1m ROI

@MariusNatt Год назад

@@Rachelschneider03 magnificent! can you please share more info on the coach that guides you?

@Rachelschneider03 Год назад

@@MariusNatt Cant divulge much, her name is "Maria Teresa Tyler" most likely, the internet is where to find her basic info, kindly research.

@MariusNatt Год назад

@@Rachelschneider03 thanks a bunch for saving me backward and forward hours of researching the mrkts, I just copied and pasted "Maria Teresa Tyler" on my browser, and her site appeared top search, no nonsense at all. She looks impeccable.

@stephenpotter21 Год назад

So I remember I just got married and got my first home few months before the crash happened in 2008, with huge mortgage loans, of course, and a couple tens of thousands of dollars in the stock market, which got wiped out while I lost my home. It really ruined my finances. I have since recovered, and have been able to build up to $380k again in portfolio, but I can see the trend again, and I'm really worried about how to protect my finance this time around.

@victorlaranjahal Год назад

It was the worst of times, really. I had a similar experience, but I since learnt that naïveté played a huge role. I know a lot of people whom I had better knowledge of the market, but they survived the crash because they worked with a professional. I have since switched to doing the same, and I have no worries anymore.

@cloudyblaze7916 Год назад

@@victorlaranjahal Very true. The advantage of a professional financial advisor extends beyond market crashes. I learnt this lesson in 2020 following the COVID market crash, when I started working with my advisor, and I've been returning almost $200k per quarter from the same market people fear it's crashing.

@legacymedia8468 Год назад

@@cloudyblaze7916 Wow. I've heard independent advisors make mouth watering returns, and I've been shopping around for a while, but having a hard time settling. Maybe you could recommend yours, if that is okay.

@albacus2400BC Год назад

@@cloudyblaze7916 Thank you so much. I already have a $250k portfolio, but I will like to transfer it under the management of an advisor. Do you think that is possible?

@Lightlinefisherman 11 месяцев назад

i guess in this situation you would be focusing on your liquid assets and minimizing the losses on the market so you can afford to pay the mortgage? what would you do? trying to learn from others

@JimmyA.Alvarez 2 месяца назад

Still with Tesla stock, investors can never be sure what will happen next, bearish periods ultimately establish a new set of stocks to buy and watch while setting the stage for a robust new uptrend. I have been reading articles of people that grossed profits up to $250k during this crash, what are the best stocks to buy now or put on a watchlist?

@BeverleeR.Ziegler 2 месяца назад

The strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

@MorganGarner-bk 2 месяца назад

Yes, I've been in constant touch with a Financial Analyst for approximately 8 months. You know, these days it's really easy to buy into trending stocks, but the task is determining when to sell or keep. That's where my manager comes in, to help me with entry and exit points in the industries I'm engaged in. Can’t say I regret it, I’m 40% up in profits just in 5months with my initial capital of $160k.

@LenaSchweizer-ff8xy 2 месяца назад

in as much as my knowledge of the business is limited, it seems that this is the ideal time to enter the market based on my understanding of supply and demand in the economy. The consistent price variations, which shouldn't be an issue, are the only thing stopping me. But I really need a counselor; could you please assist me?

@MorganGarner-bk 2 месяца назад

One of the fiduciaries I deal with is Alicia Ann Jordan. Just check the name. There would be a letter with the necessary information to set up an appointment.

@Erickruiz562 2 месяца назад

I'm grateful for this advice. Finding your coach wasn't too hard. I researched her well before arranging to speak with her on the phone. Considering her resume, she appears competent.

@ClementRusso2 6 месяцев назад

Recessions are an inherent aspect of the economic cycle, and the key is to get ready and adapt. I entered the workforce during a downturn in 2009. My initial job out of college was as an aerial acrobat on cruise ships. Presently, I hold the position of VP at a global corporation, own three rental properties, invest in stocks and businesses, operate my own company, and have grown my net worth by $500k in the past four years.

@Rodxmirixm 6 месяцев назад

With supervision from an investment advis0r, I diversified my $401k portfolio across various markets, resulting in a net profit of over $850k within just a few months, thanks to high dividend-yielding stocks, ETFs, and bonds.

@Jason9o669 6 месяцев назад

How can I get in touch with your advisor? I'm interested in finding a more effective investment strategy for my savings.

@Rodxmirixm 6 месяцев назад

My CFA, Stacey Lee Decker, is highly esteemed for her proficiency and deep expertise in the financial market. She possesses an in-depth knowledge of portfolio diversification and is considered an authority in this field.

@AlexanderDanielley 6 месяцев назад

She seems quite knowledgeable and well-educated. I just Googled her name and found her webpage. Thanks for sharing!

@antonnohr 6 месяцев назад

What I like about Stacey is her willingness to listen, collaborate and educate always. She is impressive indeed.

@GorkemHernandez 2 месяца назад

Transfer of wealth usually occur during market crash, so the more stocks drop, the more I buy, in the meanwhile I'm just focused on making better investments and earning more as recession fear increases, apparently there are strategies to 3x gains in this present market cos I read of someone that pulled a profit of $350k within 6months, and it would really help if you could make a video covering these strategies.

@GorkemHernandez 2 месяца назад

Please can you leave the info of your advisor here? I’m in dire need for one

@GorkemHernandez 2 месяца назад

Thank you for this Pointer. It was easy to find your handler, She seems very proficient and flexible. I booked a call session with her.

@alexyoung3126 Год назад

Market declines, soaring inflation, a significant increase in interest rates by the Fed, and rising Treasury yields all point to additional losses for portfolios this quarter. How can I profit from the present market turbulence? I'm still debating whether to sell my $125,000 ETF/Growth Stock portfolio.

@chris-pj7rk Год назад

Yes, I have been in touch with a CFP ever since the outbreak. Today, investing in hot stocks is quite easy; the difficult part is deciding when to buy and sell. With an initial starting reserve of $80k, my adviser chooses the entry and exit commands for my portfolio, which has grown to approximately $550k.

@stephaniestella213 Год назад

@@chris-pj7rk my 401k growth has been stagnant since the 2019. I wouldn't mind consulting the advisor who guides you, I really want to grow my retirement fund since I could retire in 3 years.

@chris-pj7rk Год назад

@@stephaniestella213 The stock market is without a doubt the awkward teenager with the most extreme mood swings! I started out with a commentator named “Ingrid Cecilia Raad.” Her honest approach gives me complete ownership and control over my position, and her rates are incredibly affordable given my ROI.

@stephaniestella213 Год назад

@@chris-pj7rk Thanks, I just googled her and I'm really impressed with her credentials. I reached out to her since I need all the assistance I can get.

@MIchaelGuzman737 Год назад

My advice to new investors: Buy good companies stocks and hold them as long as they are good companies. Just do this and ignore the forecasts and market views which are at best entertaining but completely useless. In just 5 months my portfolio grew by $300k in gross profit, the main thing is to diversify your portfolio and you will see amazing results by investing smartly.

@kashkat987 Год назад

My portfolio has good companies, however it has been stalling since last year. I have approximately $200k stagnant in my reserve that needs growth.

@Americanpatriot723 Год назад

@Trevor Ogden Yes i agree and right now the markets are going berserk. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, "LISA ELLEN SHAW" she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next.

@Ammo-Hoarder Год назад

@@Americanpatriot723 Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.

@Americanpatriot723 Год назад

Most likely, you can find her basic information online; you are welcome to do further study.

@Ammo-Hoarder Год назад

@@Americanpatriot723 This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@nicholasweber5186 Год назад

I'm glad we are looking back at the 2008 recession. I think much of what went on hasn't been investigated properly. I know, in my neighborhood we starved. Several days with no food sometimes and this was never reported. I lived near some railroad tracks and shanty towns of hundreds of people popped up. I wish these stories of regular Americans could be told also because they certainly were not at the time.

@brianoleson9224 Год назад

we are witnessing another historic downturn this isnt ancient history . the question is will it be only a tad less severe but still historic just as bad or worse. we had our roaring 20s from 2010-2020 pandemic war inflation. we are only missing a random day the markets melt down and my guess is we will see that mid-late 2023 or mid 2024 at latest

@parrish8386 Год назад

@@brianoleson9224 Such market uncertainties are the reason I don’t base my market judgements and decisions on rumours and here-says, got the best of me 2020 and had me holding worthless position in the market, I had to revamp my entire portfolio through the aid of an advisor, before I started seeing any significant results happens in my portfolio, been using the same advisor and I’ve scaled up 750k within 2 years, whether a bullish or down market, both makes for good profit, it all depends on where you’re looking.

@ava61329 Год назад

@@oliviamia Having a counselor is essential for portfolio diversification. My advisor is Melissa Scott Glazner who is easily searchable and has extensive knowledge of the financial markets.

@brianoleson9224 Год назад

@@ava61329 im not looking at this from an investor standpoint im making the statement we are in a historic downturn right now for one homes are dropping in price more then at any point outside 2008 for 60 years that not something you take lightly. the question is how bad logic says with pandemic war inflation worse then any from 1950-2000 years

@mintybadger6905 5 месяцев назад

I was working for Lehman brothers right until it crashed and burned. After all these years, all I can see is insatiable greed from the top to the people who borrowed money they knew they couldn’t repay - off of houses they couldn’t milk equity from every 6 months any longer. I saw all those subprime loans, it’s ridiculous how everyone thought the good times were going to last.

@amg11901 Год назад

This is exactly the content I needed.

@mariacoronel2547 Год назад

How thoughtful of that lady to go by the bank to tell one of the employees that she hoped they were alright and she hoped no one was let go! WOW! Compassion and thoughtfulness should be shown more often.

@Natalieneptune469 Год назад

Every day we have a new problem. It's the new normal. At first we thought it was a crisis, now we know it's a new normal and we have to adapt. this year will be a year of severe economic pain all over the nation.. what steps can we take to generate more income during quantitative adjustment?I can't afford my hard-earned $180,000 savings to turn to dust

@Patriciacraig599 Год назад

We must consider safer investments with promising returns in order to plan for the future. If you approach investing with a five-year perspective and simply DCA whenever you receive a check. Under the direction of my investment advisor, "Corinne Cecilia Heaney", whose expertise in portfolio diversification is unsurpassed and client-focused, my portfolio has gained almost $643k since January 2022.

@srinivasnallandhighal Год назад

To this day, not a single person who cooked the books went to jail. We have a failed system.

@macariosanchez5640 Год назад

"Usually behind great wealth there is a great crime."

@rustyshackle917 Год назад

"Usually"? Try "Always".

@HafezBd Год назад

I believe I should watch a video on "How to survive the current recession" given the state of things. Actually, it's a complete failure. The fact that some people could still earn more than $$$k in a short period of time astounded me. If that's still the case, please explain how.

@harod033 Год назад

Keep this in the back of your mind. There are good days and bad days. It's a zero-sum game, but keep this advice in mind: spend wisely, invest wisely, and diversify your holdings so that when one performs poorly, the others do as well. This can be accomplished by hiring a knowledgeable specialist whose platform provides a wide range of investment options. By doing so, you leave little room for regrets and may even gain more.

@PiefferKrankz Год назад

@@harod033 Would you mind recommending a specialist with a variety of investment options? This is extremely rare, and I eagerly await your response.

@harod033 Год назад

@@PiefferKrankz It's funny you brought it up; I completely understand. Look up Ruth Loralann Brennan; she earned a lot of coverage in 2020. She's also in charge of my portfolio.

@djones7603 Год назад

@@harod033 I discovered Ruth website after conducting a search online. She has perfect credentials and exudes the aura of being a very smart woman.

@stevensanquist4437 Год назад

I agree with pretty much your whole post except the zero sum game. If you’re in it for the long haul, stock trading is not zero sum.

@seanofthefins Год назад

It doesn’t surprise me that the banks being targeted are primarily smaller, local banks, reducing small banks, assuring, larger institutions can fill the gap. The wrong doing by the corporate Giants has not been nor will be addressed. This is another example of the decimation of local business by large corporate interests. I’m not questioning the legitimacy of these banks that are being targeted, but why is it always restricted to small business?

@Saint696Anger Год назад

It's been planned this way the entire time. we can all look forward to no more cash and social credit scores

@rustyshackle917 Год назад

Welcome to the age of the monopolies and multinational corporations. You work for the shareholder's benefit, not your own.

@nunya2954 Год назад

YEP

@sarikagoode1505 Год назад

Consolidation of power.

@MijoShrek Год назад

That why I as even little old commoner understand nations moving to get out from the USD as the primary world currency. To This artificial Ghost currency crap where it's manipulated to the whims of the wizard of oz is too unstable and leads to cycles of greed and corruption by financial oligarchs over the lives of the rest of the world at large is asinine. And MSM covers none of that now and will act as if shocked when events unfold . The dollar going down in value, cost going up. Unstable and artificially pumped numbers into it's markets. And they'll roll out their master plan to introduce the citizen pay app.

@BK-dy8jk Год назад

I’m starting to watch 60 minutes more and more again. I want to know what has been going on and they are doing serious investigating like they used to do.

@wyattearp7082 Год назад

I wish we could go back to the days of objective journalism before it became profitable to play favorites and lie, ya know when truth was something they told.

@nathanielsingleton6302 Год назад

You thought 2008 was over??? This is Act 2. 😂😂😂

@YourFriend_Ben Год назад

Thank you for bringing this topic up again so thoroughly. It needs to be talked about and understood public wide despite many still slightly shuddering whenever hearing the year, 2008.

@giovannimartinez2145 Год назад

Crazy to see this happen when I was only 10 years old at the time but I remember the market and plenty of banks closing when I was so young, now I’m 24 and SVB is going under and the process repeats it’s self.

@VR_investments Год назад

i noticed this too, this video the guy is talking about banks closing and it sounds like the same situation we are going through in 2023

@KunalNatu Год назад

It’s so ominous how these were uploaded and Silicon Valley Bank went under three weeks later….😳😳😳

@TeresaBrickle Год назад

I just bought more of these a few minutes ago. Tying up money due to an apocalyptic stock market crash is also not a smart move. Life is a risk and it's better to take risks than to do nothing, you can't always expect to make huge profits all the time, people have so many opinions about a recession/depression. In just 5 months my portfolio grew by $300,000 in gross profit, the main thing is to expand your portfolio and you will see amazing results by investing

@Curbalnk Год назад

These are surely desperate times, but in my opinion, there is no market condition that a good financial advisor cannot navigate, especially those that have existed since the crisis of 2008 and before.

@velayuthman Год назад

@@Curbalnk Yes i agree and right now the markets are going berserk right now. This is the best time to watch them, get to know them better, and strike when the opportunity presents itself. I learned that from my mentor, "HEATHER ANN CHRISTENSEN" she's seen dozens of market cycles over the past few decades, and she has a feel for how they move, why they move, and what comes next

@Shultz4334 Год назад

@@velayuthman Mind if I ask you to recommend how to reach this particular coach you using their service? Seems you've figured it all out unlike the rest of us.

@velayuthman Год назад

@@Shultz4334 Most likely, you can find her basic information online; you are welcome to do further study.

@Shultz4334 Год назад

@@velayuthman This is useful information; I copied her whole name and pasted it into my browser; her website appeared immediately, and her qualifications are excellent; thank you for sharing.

@musicneverdie8874 Год назад

Another great report from 60 minutes, big thanks!

@AutomotiveAnatomy Год назад

History may not repeat but it rhymes.....

@donnaallgaier-lamberti3933 Год назад

We had a country required assessment during 2008 and my husband and I had to come out of retirement to come up with the $10,000 we needed for that assessment. There were almost no jobs to be found in our small rural community. We each found two parttime jobs 30 minutes away at $10.00 and $7.49 an hour. 2008--2012 was a very bad time for many of us.

@katherinesantiago4271 Год назад

May I know what was the assessment for?

@hughriger6177 Год назад

61 here and I had to start a karaoke biz to get thru... Kind of fun, but it was tough!! Glad you guys made it...

@AmericanTeacher-USA Год назад

@ColdPotato Год назад

I was laid off twice during that recession that lasted multiple years. I feel like enough time has passed that people forgot the lesson. The situation this time is different thanks to Covid and wreckless injection of capital. But greedy people have again just found another way to game the system creating another mess. While lending standards are stricter this time, a hot stock market and money injection has again allowed for a ton of loans to be taken out. Super low interest, some people getting rich off of crypto pyramid schemes, etc.. fueled this.

@emmajars58 Год назад

I learned so much from this. I’ve seen the FDIC “guarantee” posted at my credit union but never understood how they functioned.

@SupraRyu Год назад

?.. FDIC isn’t managing or overseeing credit unions, that would be NCUA..

@emmajars58 Год назад

@@SupraRyu oh yeah, you are correct! 🤦🏼‍♀️

@teddyrobinson813 Год назад

the 2008 recession was just awful for so many people--my security company in Memphis went out of business in Feb. 2009 because of the ripple effect on the economy.

@ianbrennan8952 Год назад

It started in America but the knock on affect into Europe was #Armagedon .. the whole of America and Europe was tied in together. Seeing it in Ireland when Lehman went under unbelievable ordinary working class in America and Ireland #europe suffered

@july9566 Месяц назад

That’s Crazy my mom was a housekeeper , my dad. Worked at a dry cleaners and I was a waiter and we did just fine lol we didn’t even feel it .

@ValenceFlux Год назад

I just started an apprenticeship the same time the bank took our house from an adjustable rate mortgage going up %400. I had to live out of my car to get to work to find out that changing my address put me out of work jurisdiction, but I had hope. I found some temporary places to live while doing city jobs but we eventually lost healthcare. After I survived nearly dying and pushing for health care after getting sick doing those city jobs, I could hardly breathe or walk. Sure had hope though, hope job contracts and healthcare packages would go through. You'd have to live through and survive it to believe it. Almost forgot a worthwhile mention of a certain bank charging me $1000 in overdrafts for a cheeseburger they listed as a 'medical emergency' simply because I bought it at a hospital cafeteria. I was charged $50 in fees every 12 hours. After going all the way up the chain they don't do that anymore. There I was working for a living while some of these swindlers tried to rob my hard earned paycheck. Was I ever aggravated they got away with some of it.

@RealMTBAddict Год назад

I started my concrete apprenticeship in 2008. The only student to graduate.

@ValenceFlux Год назад

@@RealMTBAddict Congratulations. Out of a class of nearly 300 there were less than 50 of us left by 2012 and they were looking to cut more of us.

@RealMTBAddict Год назад

@@ValenceFlux Wow that's quite a drop!

@VeggieRice Год назад

@@RealMTBAddict sorry bud, I think a few more people beside yourself graduated in 2008

@RealMTBAddict Год назад

@@VeggieRice Do you lack reading comprehension? I said in my class I was the only to graduate. I was there, the others dropped out in the 2nd year. Go drink some coffee.

@TheVoice010 Год назад

Privatize the Gains, Socialize the Losses…

@moniquemcconnell-roberts9770 Год назад

Very informative

@joergmueller4439 2 месяца назад

Thanks Wes. What a great ride it has been!

@bblwarrantydepartment981 Год назад

Thank you 60 minutes. A great company keeping the public informed for generations.

@lalodominguez7121 8 дней назад

Glad they promptly shared the findings 15 years later

@user-mf2gu8pc5w 5 месяцев назад

Thanks for sharing

@ilovethewiggle-crypto8033 Год назад

I agree that there should not be an option of the taxpayers bailing them out. Restrict their size.

@arashimardasi7256 Год назад

Love this channel

@73hd62dhs Год назад

“Maybe some of the CEO’s on Wall Street should have read the children’s books.” 😂

@stevenobrien595 Год назад

This is simply fascinating.

@bonniehalf-elven Год назад

We are very short-sighted people. 2008 the economy crashes; a few years later, everyone starts borrowing to excess again. In the US, the average savings rate is very low. Our standards have grown. Home sizes in the 1970s were about half, or less, than today. So many more things are deemed "necessities." The only things that really are necessities in today's world that weren't back then are cell phones and internet access. But by cell phones, I don't mean the latest and greatest available. We have to discern a want from a need and be diligent. Saving is important. Get rich quick schemes leave people with nothing. We can't control what the economy is doing, but we can control our personal economy, and that better prepares us for the rough times.

@FernandoDiaz-ur2zo Год назад

The best thing we can do is learn from others & other peoples mistakes! Thank you 60 minutes!!

@gomarlins Год назад

Well said put you money in different fields

@user-py5kg4yw1r 11 месяцев назад

🔐 🔑 is good 👍💪🏼✅👏👏👏👏🙏🏼

@historiqueafricaine1225 4 месяца назад

Most definitely

@Kevin-zz9nc 2 месяца назад

"An acupuncturist who got STUCK in real estate'!!!! The guy oughta write for The Onion.

@popsarah7805 9 месяцев назад

Most people venture into crypto to be a millionaire meanwhile I just want to be debt free

@markdamascus7878 9 месяцев назад

That's very practical and smart goal a wise man once said do everything in your power to get out of debt one of his tips on getting rich

@madiezancanellatl9205 9 месяцев назад

Just do the right thing by trading with an expert, trust me you will be successful and debt free

@jeremygood3246 9 месяцев назад

I'm looking for something to venture into on a short term basis, I have about few hundreds sitting in my savings

@anthonym3558 Год назад

Thanks sir for a fresh news

@charlespeckman Год назад

"Egregious accounting shenanigans" 😂 22:46

@ethanmisner Год назад

Oh man he really said “I’m not permitted to be bothered by that 😏” 22:17 Anton valukas is ICE COLD 🥶

@jro0807 Год назад

Thank you 60 minutes for this educational piece

@user-py5kg4yw1r 11 месяцев назад

Aga 😂😂😂

@abelhamm Год назад

great timing...

@antoniobaez6282 Год назад

Not really a lot of talk about why a bank fails or what happens to executives who run the bank into the ground. I agree, government needs to break up any institution that is "too big to fail".

@dboyette42 День назад

I did a short sale in 2012. Sold property for 45k that B of A had a 170k mortgage. We stopped paying the mortgage 11 months prior to qualify for the bail out. All my debt was wiped and didn't have to pay tax on the foreclosure and they paid me 5k to move. It took 2 weeks to close. I showed the property a 2/2 one time. With the money I save and the real estate market bottomed out I was able to pay cash for a fixer upper

@PraveenSriram Год назад

This definitely happened again and will happen again and again and again until we learn from our lessons.

@chicagocars Год назад

Aged well

@2blovedbygod Год назад

What’s the lesson

@cynthiadickerson5403 2 месяца назад

@@2blovedbygod • Too bad you didn't get it yet!

@AgentSmith911 Месяц назад

The next recession will be much worse than the one in 2008. The trigger won't be mortgages, but consumer loans like credit card debt, car loans, student loans etc.

@deeeeeeps 9 месяцев назад

Never trust anyone that smiles while they talk.

@davidshamiri1448 Год назад

If anything has to be done in secret .. there is something shady going on somewhere along the line of the process.

@americaneagle76 Год назад

VERY INFORMATIVE.

@ManuelBergher Год назад

We need another one.

@Leo12316 Год назад

It makes sense. The FDIC is there to protect the customers to stay in the bank. That way they’re able to find a buyer because it will be more difficult to sale a bank with no customers.

@winewoman224 Год назад

Curious that this report is being released again in 2023, we’re on the brink of another financial collapse.

@RealMTBAddict Год назад

We are overdue for one. Capitalism by design has to suffer a collapse every 8 years.

@dlgmdx Год назад

Pay attention

@rockhard9369 Год назад

I hope not.

@DrejaAndi Год назад

It's a reminder that we've learned little and done little to change it. We still don't hold enough people accountable and they're still getting filthy rich off of putting us all at risk.

@brianoleson9224 Год назад

@@RealMTBAddict its not going to be a traditional downturn we had a pandemic not seen in 100 years nobody seems to understand you seem to think a historic downturn is nowhere near in sight...

@tonybalbony Год назад

How timely, Silicon Valley Bank was just seized by the FDIC

@AngelAnthoNY809 Год назад

This is amazing journalism 💯💯💯💯

@renata13725 Год назад

Historically Important!

@PrettyPrincess9609 9 месяцев назад

I remember the 2008 recession. My mom lost her job and we were homeless for a while. We went from motel to motel and had to live with family.

@ronaldzent6321 5 месяцев назад

Here we are near the end of 2023, there has been no work this month at a Bakery production Company in Anaheim CA. Where I work PT, on call. Reading about numerous layoffs in CA. While not in the thousands, still if a Company has 50 employees or more, they still have to report the number of layoffs. Hope we don't slide into recession, what with Covid still around and seemingly never ending economic uncertainty, there could be another bad downturn. Maybe deeper than the one in 2008-09

@Babblemuppetz Год назад

We're still in a Boom-Bust system ever since Glass-Steagal has been revoked. It'll be another overinflated asset class soon that just crashes again, you'll see it in the next year.

@dinkeydink9376 8 месяцев назад

60 minutes! Thanks for sharing! Good video!🤗

@TmT10015 3 месяца назад

Wow,im glad i watched this video very good information for when this happens again. Thanks 60 Minutes

@fluxfaze 7 месяцев назад

By starting my company debt free in 2006, always keeping company deposits below the FDIC insured maximum, and never going into debt, it survived the 2008 collapse and a decade beyond just fine to retirement.

@donaldbrain5996 Год назад

Even if a non dollar-denominated asset sees no real gains during inflation that's still much better than holding cash and seeing your real purchasing power undermined. In other words, sometimes you have to chose between the lesser of two evils.

@justingregory2965 Год назад

Yes Donald. I would rather lose 3% on a stock due to inflation than lose 10% on cash due to the same inflation.

@stricklandpilman2123 Год назад

One thing I always have at the back of my head is the Rockefeller's advice on how to earn during times like this; while others are panicking and selling or holding,

@leemarty2765 Год назад

My primary concern is how to grow my reserve of $300k which has been sitting duck since forever with zero to no gains, sure I know the risks of short term gains are much greater but if well managed one'd make a killing, am I wrong?

@donaldbrain5996 Год назад

@@leemarty2765 These strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.

@stricklandpilman2123 Год назад

@@leemarty2765 I was investing on my own for about 3years, did my own study and analysis before actually buying, things became rather difficult after the pandemic which was right about when I reached out to a portfolio-advisor for guidance.

@suep3151 Год назад

The banking scandal was the very reason Satoshi created Bitcoin back in 2008, the SEC are corrupt with Gary Gensler up to his eyes in the FTX scandal .. and why is Ernst & Young still allowed to operate? Things really don’t improve, just change. Thanks for the videos.

@MosheUngar 4 месяца назад

Wow amazing interview thank you for sharing

@Rambl3On 8 месяцев назад

I knew what FDIC was. But before this video I had no knowledge of how it worked and operated. Thank you for the in depth reporting!

@mikethemechanic7395 21 день назад

I loved 2008-2009. My wife and I purchased 3 rentals. Got them dirt cheap. All construction work was almost non existent. I got work done for 1/3 of what it would have cost before the crash. My wife and I sold these rentals last year. I can retire comfy…

@resto95 Год назад

the only story i care about is that fact that none of the people who had a major hand in causing it and got ultra rich got in any trouble at all and are still trading to this day

@shirleylee2885 Год назад

Great Reporting! Please keep it coming. Citibank Bailout.

@SerenGordon Год назад

Elon Musk has finally come to our rescue, if really he can turn SVB to a digital currency bank with good security, its gonna help lives

@joshuapatel163 Год назад

The present collapse of banks has really shown us that our money is not even safe in the bank

@jasonsimpson7233 Год назад

I was thinking the rich only thinks about the rich, but the case of Elon Musk is different

@Nicholas-Richardson Год назад

I’ve been a beneficiary of Elon musk open trade investment and I make 300% weekly and I still get a Tesla phone

@SarahColemann Год назад

God is really blessing lives through Elon , many opportunities beyond our thinking

@jacobkhan6639 Год назад

Does he accepts little investment for a common person , cus I know he’s very rich and I can’t afford huge amounts for investments

@lala-wg1gc Год назад

The timing of this is uncanny. All whilst the FDIC is planning to make a big announcement. They’re gearing up for something

@RealMTBAddict Год назад

Insolvency

@hughriger6177 Год назад

What announcement and when??

@djokawari1 Год назад

They're*

@RicardoGarcia-uw6cr Год назад

@@bolognatony8739 exactly! The biggest financial collapse the world has ever known is coming quickly!

@sarikagoode1505 Год назад

Bail-ins and FDIC insolvency.

@TCMODS Год назад

Shout out to my bank SVB.

@tonysoprano1454 Год назад

Well isn't this impeccable timing with what happend at $SIVB lmao

@silita6193 Год назад

wow that is scary thumbs up

@Cyrus992 Год назад

Worst part we haven’t held Wall Street accountable, audit the Federal Reserve and bring back Glass Steagall. Another housing bubble was formed and is blowing up again.

@inthevault9603 3 месяца назад

She seemed to be the best financial leader that has ever been interviewed. Very honest and forthcoming. She’s also very beautiful.

@freddyhollingsworth5945 Год назад

08:20 the banks are not legally allowed to let you leave with a suit case full of money unless they call for a police escort first. I was going to take $250,000 cash from one bank to another once and found this out the hard way. We wound up wiring the money. They couldn't do a cashier's check....

@bmiller949 Год назад

I hope we learned from this. I was working on and off during the Great Recession as the Tech Industry was in a loop and hire and layoff.

@brianoleson9224 Год назад

what world do you live in? we are seeing a historic recession right now . housing is melting down for the 2nd time since 1940 . disposable income is the lowest since 1932 . debt is historic we had a pandemic not seen since 1918 this downturn will be worse then any recession from the years 1950-2000

@justinmullenix1523 Год назад

@@brianoleson9224 Simply put, we did not learn from this

@brianoleson9224 Год назад

@@justinmullenix1523 if you read some of the comments on this video and others people are not to worried about another historic recession atleast not any time soon like the "experts" say its a once in 70 year event, most people know we are in a recession but they dont seem to think things are going to tank soon why is that what do they know that we dont

@justinmullenix1523 Год назад

@brianoleson9224 a lot of people make little to no effort to understand economics or history, they intentionally distract themselves with fantasy, they don't dig into the weeds or read the fine print, they pay other people to think for them, and they parrot the mainstream "don't worry, be happy" talking points rather than entertain potential problems

@brianoleson9224 Год назад

@@justinmullenix1523 yes but people should have known 3 years ago to brace for hard times because of a rare pandemic. A 5th grader reads about the history of 1910-1930 and it mirrors today

@thonylara5961 Год назад

Amazing how this video was back in 2008.

@fireball0762 Год назад

not much gets my heart racing but this video was great(sad time but important information)

@michaeltaylor4271 2 месяца назад

13:12 lol she wants us to trust her cause the government has our backs? Hahahahhahhhaha holy crap I choked a bit.. lol

@ab8817 10 месяцев назад

here we go again !

@area52music Месяц назад

ive been saying for years, we are still technically in the 08' depression. Millenials got absolutely devastated by it. It happened right as we were trying to get into the workforce. I was never able to get a real job, and college graduation value also crashed at the same time. Nightmare.