KERA Airing: Charles Gasparino's The Sellout: 30 Years That Led Up to the Financial Crisis
News Updates for Monday

Critically acclaimed investigative journalist and CNBC TV personality, Charles Gasparino, joins Dennis McCuistion for an intense discussion and look at the last 30 years that led to today’s financial meltdown.

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

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KERA Airing: Charles Gasparino's The Sellout: 30 Years That Led Up to the Financial Crisis
News Updates for Monday