FRONTLINE: inside the meltdown

Last Tuesday, Frontline ran an interesting piece — Inside the Meltdown — about the collapse of the financial system. You can view the entire piece below. The website also has additional resources.
I thought this was very well down — a thoughtful look at how the system fell apart. However, it does leave somewhat of an incomplete picture. The story starts with the sage of Bear Stearns. The implication indirectly (and not intentionally) given is that the problems really started with the rumor started-run on Bear in March of 2008. The recession started in December 2007 (according to NBER). The Frontline time line on the website is more complete, starting in the summer of 2007 with the housing slowdown and discusses the fall of two Bear hedge funds in June 2007.
And many believe the economic troubles ran throughout the decade — as real incomes stagnated around the turn of the century.
So the collapse of the financial system is the tsunami that threatens to overwhelm us. But the roots of the crisis – the factors and triggering events – lie much deeper in the rickety economic situation that has developed over the past decade.

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