And Then the Roof Caved In

Jul 30, 2009

Barnes & Noble Booksellers

David Faber talked about his book And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees (Wiley; June 22, 2009). Mr. Faber traced the subprime market implosion and subsequent recession back to September 11, 2001, and the Federal Reserve chairman's zealously creative efforts to get the economy back .. Read More
David Faber talked about his book And Then the Roof Caved In: How Wall Street's Greed and Stupidity Brought Capitalism to Its Knees (Wiley; June 22, 2009). Mr. Faber traced the subprime market implosion and subsequent recession back to September 11, 2001, and the Federal Reserve chairman's zealously creative efforts to get the economy back on track after the attacks. In his book Mr. Faber presents countless vignettes of specific players in the subprime market to illustrate how the advantage they took of Alan Greenspan's creativity, combined with greed and no regulation, led to what he termed the inevitable breakdown in the market. He talked about the finanical situation and responded to questions from members of the audience. Mr. Faber is a CNBC anchor and reporter who contributes to the network's "Squawk on the Street." He is the winner of an Emmy, a Peabody, and a duPont award.

48 minutes | 780 Views

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TRANSCRIPT

TIME SPEAKER TEXT
00:00:54 Unidentified Speaker I GUESS I THOUGHT I WOULD TALK OR A BID TO WHILE SOME THEY ALSO LIKE TO DO WE HAVE A SMALL GROUP FEEL...
00:10:48 Unidentified Speaker WE WILL BRING OVER A MICROPHONE SO EVERYBODY CAN HERE.
00:11:02 Unidentified Speaker ASSUMING WE PULLOUT OF THIS RECESSION, WITHOUT THE IRS -- IRAS IT DISALLOWING THE DEDUCTION WITH A...
00:11:23 Unidentified Speaker IS THAT WHAT WE'RE AIMING FOR? [LAUGHTER] I TRIED IN MY REPORTING EVERYDAY TO UNDERSTAND WHAT I THINK...
00:14:13 Unidentified Speaker I AM JUST WONDERING HOW DO SEE THE NATIONAL DEBT THE VERY MUCH GROWING NATIONAL DEBT PLAYING INTO...
00:14:21 Unidentified Speaker A LONG-TERM QUESTION A LOT OF PEOPLE SAY HOW DOES THAT WERE? ARE WE PRINTING MONEY? YES. WE'RE INCREASING...
00:16:48 Unidentified Speaker THAT WASN'T WHAT POINT DOES A BECOMING THE CHINESE INTERESTS NOT TO BUY SO MANY DOLLARS AND AT WHAT...
00:16:59 Unidentified Speaker I HAVE ASKED MYSELF THAT MYSELF MANY TIMES I HAVE 10 LUCKY TO SEE SECRETARY GEITHNER NEXT TO ME HE...
00:18:59 Unidentified Speaker I CAN HEAR YOU BUT OTHER PEOPLE CANNOT.
00:19:08 Unidentified Speaker POINTING THE FINGERS TOWARD WALL STREET ST. I BELIEVE IT IS THE PEOPLE'S WHILE NOT BEING EDUCATED...
00:19:21 Unidentified Speaker WHAT DO MEAN?
00:19:24 Unidentified Speaker PURCHASING A HOME LIKE THE MORTGAGE IS LOWER INTEREST-RATE, AND TWO YEARS LATER WHAT THEY MADE EDUCATED...
00:19:33 Unidentified Speaker SURE. THE QUESTION AND AREN'T HOMEOWNERS TO BLAME FOR MAKING VERY POOR DECISIONS?
00:19:41 Unidentified Speaker THERE IS NO DOUBT ANY NUMBER OF HOME BUYERS WHO I SPOKE TO WHO TOOK ON MORTGAGES THEY COULD NOT AFFORD...
00:24:52 Unidentified Speaker WALL STREET CERTAINLY HAD AN IMPACT IN AMERICA BUT ALSO A TREMENDOUS IMPACT ON OTHER COUNTRIES. I...
00:25:44 Unidentified Speaker FIRST OF ALL, THIS IS A GLOBAL PHENOMENON. EUROPE PARTICIPATED QUITE BOLDLY AS WELL UBS HAS TAKEN...
00:29:49 Unidentified Speaker [INAUDIBLE] HOW LONG DO YOU THINK THAT MONITORS AGING CAN LAST BEFORE THE U.S. HIT A WALL?
00:30:01 Unidentified Speaker WHAT DO YOU MEAN BY DEBT TO MONITOR THE SETIAN WERE YOU TALKING ABOUT?
00:30:10 Unidentified Speaker TURNING BONDS, ABOUT BONDS AND CASH THE FEDERAL RESERVE TURNING BONDS INTO CASH.
00:30:21 Unidentified Speaker YOU MEAN CREATING MONEY AND INCREASING MONEY SUPPLY? I DON'T KNOW WHEN THAT DAY AND IS. IT DOES. RIGHT?...
00:30:29 Unidentified Speaker A TIME FRAME?
00:30:31 Unidentified Speaker I CANNOT GIVE YOU ONE. IT IS NOT SOMETHING I AM FAMILIAR -- FAMILIAR ENOUGH IT IS AN IMPORTANT QUESTION...
00:30:44 Unidentified Speaker .
00:30:59 Unidentified Speaker WHAT YOUR THOUGHTS TO REBALANCE A CIT? OF IRAQ THAT IS A LENDER I WAS REPORTING ON THAT IS A LENDER...
00:34:41 Unidentified Speaker DO YOU HAVE ANY THOUGHTS IF YOU WANT TO GET INTO PUBLIC SERVICE THE A PREREQUISITE IS TO WORK AT GOLDMAN...
00:34:56 Unidentified Speaker GOLDMAN IS REALLY INTERESTING A FIGHT TO DO ANOTHER DOCUMENTARY I MAY WANT TO CHOOSE GOLDMAN SACHS...
00:39:06 Unidentified Speaker I WAS WITH CITIGROUP AND 97 WHEN THEY DID THE MERGER WITH TRAVELERS I SHOULD SAY WHEN THEY DID THAT...
00:40:06 Unidentified Speaker THOSE ARE ALL GREAT QUESTIONS AND WHAT YOU'RE GETTING AT IS A COMPLETE FAILURE OF THE REGULATORY ...
00:44:45 Unidentified Speaker THERE IS INTENSE DISPUTE BETWEEN DEMOCRATS AND THE BLUE DOG DEMOCRATS CONCERNING THE ECONOMIC CONSEQUENCES...
00:45:08 Unidentified Speaker I AM AFRAID IT IS ONE OF THOSE QUESTIONS I CANNOT GIVE YOU A GREAT DANCER I SPEND A LOT OF TIME, TALKING...
00:46:56 Unidentified Speaker HOW WILL BUYING YOUR BOOK HELP THE RECESSION? [LAUGHTER] YES. DO YOUR PART. IT IS EXPENSIVE BY IT...
00:47:21 Unidentified Speaker HOW DID BERNIE MADOFF RUINED THE ECONOMY AND A SEMI HOW DID HE HAVE A DEEP IMPACT FROM WHAT HE DID?...
00:47:29 Unidentified Speaker THE QUESTION IS ABOUT BERNIE MADOFF'S IMPACT ON THE ECONOMY I DON'T THINK HE HAD A SIGNIFICANT IMPACT...

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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