High inflation. Fear of recession. Disruptions, like the collapse of Silicon Valley Bank. How did the U.S. economy get here? A two-hour documentary special traces the road to this moment, and the role of the Federal Reserve, the country’s central bank.
This journalism is made possible by viewers like you. Support your local PBS station here: http://www.pbs.org/donate.
FRONTLINE investigates the Fed’s epic economic experiment to revive the U.S. economy with what has been called an “easy money” policy and the far-reaching and sometimes unintended consequences.
“If we hadn’t been driving our economy for 14 years with easy money and then tried to really quickly undo that now, we wouldn’t be having these problems,” former top banking regulator Sheila Bair said in the documentary.
From the 2008 recession, to the COVID pandemic, to the rise in inflation, to the current economic uncertainty, “Age of Easy Money” charts the American economy’s tumultuous course, the fragility of the financial system and the widening gap between Wall Street and Main Street.
The documentary examines what led to the Fed’s recent decisions to hike interest rates at a historic pace and probes the ongoing effects, offering a comprehensive and timely examination of the role of the institution at the heart of America’s economy.
The documentary is supported by The WNET Group’s Chasing the Dream, a public media initiative that examines poverty, justice and economic opportunity in America.
The director, producer and correspondent of “Age of Easy Money” is James Jacoby. The producer is Anya Bourg. The senior producer is Frank Koughan. The editor-in-chief and executive producer of FRONTLINE is Raney Aronson-Rath.
For more reporting in connection with this investigation, visit FRONTLINE’s website:
https://www.pbs.org/wgbh/frontline/documentary/age-of-easy-money/
#Documentary #FederalReserve #Inflation #Economy
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FRONTLINE is produced at GBH in Boston and airs nationwide on PBS.
Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting.
Additional support for FRONTLINE is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; the Heising-Simons Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation, and additional support from Koo and Patricia Yuen.
Funding for “Age of Easy Money” is provided by The WNET Group’s Chasing the Dream, a public media initiative reporting on poverty, justice, and economic opportunity in America, with major funding by The JPB Foundation and additional funding from Sue and Edgar Wachenheim, III.
Prologue – 00:00
Federal Reserve Tries Easy Money Policies in Great Recession – 5:38
In 2010, Federal Reserve Steps Up Quantitative Easing – 19:37
Concerns and Criticisms of the Federal Reserve’s Easy Money Policies – 28:48
After An Attempt to Pull Back in 2018, Easy Money Becomes Status Quo – 38:25
Dire Warnings About Largely Unregulated “Shadow Banks” – 50:28
Federal Reserve’s Easy Money Policies Go Into “Overdrive” to Combat COVID’s Economic Impacts – 53:28
“Bad News for the Economy was Good News for Markets” – 1:06:26
Warnings That “Unprecedented” Stimulus Could Lead to Excessive Demand and Inflation – 1:16:18
An Epicenter of High Inflation in the U.S. – 1:23:30
The Federal Reserve’s Response to Inflation – 1:28:42
The Impact of the Federal Reserve’s Interest Rate Hikes – 1:37:57
Lessons for the U.S. Economy From the Era of Easy Money – 1:48:34
Credits – 1:51:58
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Best fucking documentary rn
It was an "Emergency act" to buy bonds from banks in 2008… it is still happening today.
To bias.
We should also ask ourselves how much democratic is the fed, respect the power of influence people life has.
And also why this people are not be fired after such a great misjudgment that will affect millions and millions of people…????
CRIMINALLY Depraved InsiderTraders, Perpetual HumanSacrifice-MassDestruction WEALTH SSupremacy; GIVE unwarranted sums of cash to the very Predators who destroy the ENTIRE Global Economy, AS those SAME CorporateFascist cannibals, who SHOULD be imprisoned, with TOTAL IMMUNITY, Expropriate free Fed money to illegally INFLATE their Own Stock Prices WHILE stealing Workers Homes right out from under them. Did Obama, cut-off and ReDirect the funding❓ Did he bring his DoJ down on the Predators to ensure it NEVER happens again❓ NO. You Are what you DO Mr. President. In your case a FRAUD and CRIMINAL ACCOMPLICE; A Harvard Educated Attorney who demands Americans believe you had NO POWER, as U.S. President, to REGULATE Hooked-On-Heroine Wall Street Gamblers AND DeCouple REAL ECONOMY Commodities from their Criminal Depravity ❓
This sounds like GREED to me!
Overall good documentary; however, there were some mischaracterizations and events that were taken out of context. For example in 2018, the markets did not crash due to Trump nor monetary policy singlehandedly. The most profound and unprofessional comment was "Trump threw a tantrum too". As a large broadcasting network, the lack of cordial journalism is lacking here for such a large company as PBS.
It feels like we are in war
Neel Kashkari OWNS James Jacoby here. Jacoby is trying to reduce these problems to sophisticated-sounding soundbites that all add up to "it has to be the Fed's fault because we have no idea how to hold the rest of the financial system responsible and fundamentally all we know is efficient markets theory". Banks – BANKS – create money. That is an almost magical power that has to be managed by someone and that someone – for the world – is the U.S. Federal Reserve Bank.
Nouriel Roubini has successfully predicted 15 of the last 10 recessions.
The Eurodollar shock occurred in late 2019, you skipped that
Maybe we will see companies be forced to actually provide some value to society
The most funniest part about our sufferings is that the economy is totally fabricated from thin air and in all actuality we already have everything we need as humans to survive and thrive on this planet. We just need food water community and shelter but we make it so damn complicated with money and taxes and social security numbers and other Babylonian bullshit like that. 😅 what a joke. This place could truly be a paradise for all of us but here we are.
..Labor retraining" at the end. I have been hearing from people, seeing how normal people behave in their daily lives, suffer, get fast and easy money, then missuse it, see themselves back in their original problem, just like wallstreet, goes to show how that last statement trumps it all! People need to be properly train for the jobs that are right now in demand, without have a strong workforce, the wheels aint turning! Too many people off work, all its going to do is make the economy worse for everyone and themselves!
Incredible journalism, thank you frontline
That is why folks make contracts or government write decrees when money is handed out.
An hour into this, I stopped. I simply don't understand what they are talking about. It's all meaningless to me. Sure people are pissed off, but a documentary about the economy doesn't help. I'm an average man, college degree, a career in resort hotel management. Owned a couple of average homes, had a family, a 1 week a year vacation, many times just a few thousand in savings in case of emergency. I know I'm better off than many. But, it's been a life on the edge, few splurges, a budget for Xmas, birthdays, looking for just about everything in life on sale. Walmart, Applebees, budget this, budget that. But the money I see around me. People who have so much. People for whom $10,000 is like $ 1 to me. Fuck them! Rich assholes. Fuck the politicians and all their bullshit. American greed will destroy the world.
WHAT Total Perpetual DisRegard For Human Life, PR BS. CRIMINALLY Depraved, OUT Of TOUCH, SELF ENTITLED Wealth SSupremacy ReBranding BLATANT CorporateFascist GREED as “Mysterious Inflation.” As if Inflation just HAPPENS to relentlessly rear its manipulative head in RESPONSE to EVery Workers Strike Movement, for COST OF LIVING : WAGES PARITY. We’re ORGANIZED CRIME VICTIMS not congenital imbeciles.
time to buy bitcoin
Did I miss something? Was there no mention of the incredible inflation caused by policies to deliberately raise the cost of energy?
The Fed is not independent. It's an instrument of the politicians whom are funded by people with enormous stakes in financial markets. Why can't a computer control the supply of money?????? Wake up America before it's too late.
Shadow Bank to COVID -19
Did they just have this on standby for when it would be relevant?
People have been telling me crypto was a scam or a Ponzi scheme since 2013. I invested 2600 dollars in May of 2020 and even after the long crypto "winter" crypto has been through I have about 10 grand from my initial investment. There was a point my 2600 dollars was worth 28,000 dollars. I am hoping that people will find instantaneous and inexpensive payment methods attractive, as well as the freedom from government control, and government inflation and if that happens btc, eth, and a handful of others will become widely adopted, and highly valuable. BTC is hovering around 28,000 dollars right now which isn't bad. You only need one. This is however NOT financial advice and you should never invest in anything more than you can afford to lose…
all of you who voted for the great black hope named obama make yourself known with a comment/reply
The ones who should be held responsible for Jan 6 are those who kept truthful information from the nation concerning Hunter Biden's laptop. None of it would have happened and we would be in a much better place now. ❤U45
inflation is a tax on the American people created in part by the governments extremely careless spending, central banking is communism. the banks in 2008 should have never been bailed out, that's not capitalism. the tax payers paid for the bailouts in 2008, and we are paying for the bailouts again silicone valley
"The Fed" is Central Banking. Why wouldn't it do things that would benefit it's own entity's place in the hierarchy? Also, of course it's going to deny it… it knows it's done something wrong.
"That argument ignores the benefit to the poor."
And what benefit would that be? Better scenery when we look up at the shit falling on our heads?
1:15:13 Man, this guy really likes us having the option to be softcore slaves. It's super valuable to him.
all these congressman and senators say we going take our country back are the same one that voted for the bailout and fund there own pockets…lmao
Interesting subject, but video too long, did not watch! Please provide key points or summary video! Thanks!
Inflation has been over 5% for 23 months.
Capitalism poisons everything. The banks should have been nationalized and a lot of Wall Street people arrested in 2008…. Instead Bush gave them 2 trillion$. They've stolen and stashed it offshore and here we are again…. and all these millionaires with their yellow ties are saying to save the banks we'll have to fire a few million workers.
epic documentary! what perfect timing
16th place winner, Lex Luthor!
We are now in similar situation looking for exit in all of my holdings
Capitalism is a colossal joke.
apparently every aspect of a failed economy is always talked about in documentaries like this but the root of the problem remains almost like a taboo no one even hints at: the Monetary System itself that is corrupt at its very core! an evil system that's been bothering humanity for at least three millennia …
Would love a part 2 to see an honest, informed, civil public debate on what needs to be done to find a resolution from a policy perspective.