HBO's 'Too Big to Fail' Chronicles Economic Crisis

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BY JIM FLINK ANCHOR MEGAN MURPHY You're watching multisource entertainment news analysis from Newsy. To...
BY JIM FLINK ANCHOR MEGAN MURPHY You're watching multisource entertainment news analysis from Newsy. Too Big to Fail. A made-for-TV -- real life crisis. The movie is now out on HBO. And the reviews are in. First -- to the trailer. “(Drums) Right now the thing we don’t have is time. (Drums) If we don’t do this now, we won’t have an economy on Monday. (Drums) Goldman and Morgan Stanley are going down...NOW. It’s falling off a cliff. People are freaking out. This is not just an American problem.” (HBO) So -- the economy. Boring stuff, right? Not when the world is on the brink of economic disaster. On CNN, Ali Velshi talks with the movie’s producer Peter Gould who talks about the heroes and villains of this tale. “One of the ironies, is that there were a lot of heroes and a lot of villains, and a lot of the time, they were the same people. ... I’d have to say one of the villains of the piece is the idea that the financial markets are inherently self-regulating and should be just left alone.” But GOP Senator Richard Shelby takes a different look on Big Think. He says, the problem was and is, with the entire idea of ‘too big to fail.’ “Although they were big, we should have let ‘em fail. And we would have been better off. It would have been more efficient. I would not have been without pain. But we would be a lot of ahead of the game.” NBC’s David Gregory talks with the author of the original book, the New York Times’ Andrew Ross Sorkin who says, he fears this wasn’t a one-time bailout. His concern - this could happen again. “If there’s any lesson from ‘Too Big to Fail,’ it’s too much debt. That’s what created this crisis in the banking world. And now we use this phrase ‘too big to fail’ in the context of municipalities, and states and other countries in Europe, and eventually we might be talking about here.” So WILL it happen again? Most wonks and movie reviewers recognize -- it could, and likely will. The blog IndieWire notes... “By the end, when [former U.S. Treasury Secretary Henry] Paulson has pushed through the TARP bailout giving $700 billion to banks, Bernanke dourly says he hopes they’ll lend out that money, which was the point. Paulson says of course they will, but looks worried. Not worried enough. As a postscript to the film tells us, they didn’t, and it was another year before the economy began to level out.” Follow Newsy_Videos on Twitter Get more multisource video news analysis from Newsy Transcript by Newsy
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