Charles Gasparino discusses today’s economic crisis, the financial and political debacle that led to it, and the role and responsibilities Ben Bernanke, Hank Paulson and others had in contributing to the global meltdown in our economy. He argues that the present day situation had its roots in irresponsible actions taken 30 years ago and the same may happen again if the systemic problem is not resolved.  He states that if we want answers, we need to look back at the players then and the key figures today… which are still built on yesterday’s greed and risk taking.

All McCuistion TV episodes can be found in the program directory, where you can both watch the videos and interact with the McCuistion team and other viewers. You can also follow McCuistion TV on Twitter.

Charles Gasparino talks about Wall Street’s “love affair” with risk. From the 1980’s and the advent of mortgage-backed securities, to the packaging of mortgages to bonds, to the selling of those to Wall Street.  He speaks on the bond market situation in 1986 and Alan Greenspan, the former Chairman of the Federal Reserve Bank, who in 1987 lowered interest rates and  bailed out Wall Street.

Charles Gasparino explains the trail of culpability, including the Government’s encouragement of home ownership which prompted mortgage brokers to give loans to people who did not have the means to pay back the money loaned and the underwriters who invested in risky debt.  He states the outcome was an abdication of collective responsibilities on the part of government, homeowners and financial institutions and for Wall Street – greed and risk taking.

Overall, Charles Gasparino says it was about avarice, arrogance, stupidity and greed… and the “selling off of the American Dream.”

Niki Nicastro McCuistion
Executive Producer/ Producer

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1812 – 01.24.10

Joining host Dennis McCuistion is Charles Gasparino. Gasparino is a critically acclaimed investigative journalist, CNBC TV personality and author of The Sellout: 30 Years That Led Up to the Financial Crisis.

Gasparino goes back to 1980 and how Wall Street’s “love affair” with risk precipitated the financial meltdown of today. He talks about the advent of mortgage-backed securities, the packaging of mortgages to bonds and the selling of those to Wall Street. Gasparino comments on the bond market situation in 1986 and how Alan Greenspan, the former Chairman of the Federal Reserve Bank, lowered interest rates in 1987 and bailed out Wall Street. And, the situation goes on, he claims, with no end in sight.

Stay tuned for a riveting and disturbing story that will be continued next week…

All McCuistion TV episodes can be found in the program directory, where you can both watch the videos and interact with the McCuistion team and other viewers. You can also follow McCuistion TV on Twitter.