Age of Easy Money (full documentary) | FRONTLINE

[Mach]

Came out a few days ago.

Know all sides.

"we were carrying the load all by ourselves"

[Mach]

Wow...

47:14

JACOBY:Even some of the largest beneficiaries of this trend told me it made them uncomfortable,
like legendary investor Jeremy Grantham.

Grantham: In my career in America, the percentage of GDP that goes to finance
has gone from three-and-a-half to eight-and-a-half. (chuckling): We're, in a way, we're like a giant bloodsucker,
and we have more than doubled in size, and sucking more than twice the blood out of
the rest of the economy. And we do not generate any widgets.

We do not generate any, any real increase in income. We are just a cost.



JACOBY: When you say "we," you mean you and other members of the financial community have been this kind of
"bloodsucker" on the economy? Is that, is that what you're saying?

Grantham: Yes-- collectively, we fulfill a completely necessary service, but what we have done is created layers upon layers
of more and more convoluted, expensive financial instruments. And that's what makes all the profits

for the financial industry. And it's, it's taken a lot of ingenuity and salesmanship
to make this happen. And a lot of lobbying in Congress, et cetera, et cetera. And we have imposed on the rest of the economy
the idea that banking and finance are utterly important at all times.



If, if you do anything wrong to us, the entire economy will collapse in ragged disarray. (said in a mockingly sarcastic way)

[Madison320]

Came out a few days ago.

Know all sides.

"we were carrying the load all by ourselves"

I just watched the first few minutes but that video hasn't aged well now that the Fed folded like a cheap tent and launched another round of QE.

[Bern]

I have not watched the video, but here's a fun read on the subject:

https://mishtalk.com/economics/a-fed...nancial-crisis