The 2008 financial crisis created an overwhelming sense of mistrust and anger among consumers. Today, as the situation festers and brews, its teachings remain relevant and timely. Panic: The Untold Story of the 2008 Financial Crisis, produced by VICE News, is a feature-length documentary that attempts to unravel the complex series of judgments and mistakes that led to the crisis and examine the consequences that continue to reverberate in the lives of ordinary people. Americans many years later.
The biggest highlight of the film is the participation of all the main actors, including Federal Reserve Chairman Bernanke, New York Federal Reserve Bank President Tim Geithner, Treasury Secretary Hank Paulson, President George W. Bush and world-renowned investor Warren Buffett . Through lengthy and incredibly detailed interviews, we learn about their backgrounds, their respective areas of expertise, and the steps they’re taking to prevent the impending financial catastrophe.
The financial crisis was sparked by a mortgage boom, only to be quickly wrecked by shaky home prices, lackluster economic growth and an utter lack of discipline on Wall Street. The writing on the wall became legible and predicted the biggest financial crisis since the Great Depression. Global investment banks like Bear Stearns were quickly bailed out by the federal government. The public outcry was deafening as they sensed that these privileged institutions had successfully negotiated massive looting. Much of this consumer anger stems from misunderstanding and miscommunication, according to those interviewed in the film.
The film details how each key figure works with politicians to influence and legislate to avoid total collapse, short-term solutions as band-aids for more permanent woes, and the PR battle that unfolds in the film’s crisis. Viewers also get insight into how this crisis has mirrored our entire political spectrum and had a major impact on the elections of Presidents Barack Obama and Donald Trump.
Panic: The Untold Story of the 2008 Financial Crisis is perhaps the most comprehensive, well-crafted, and articulated overview of the crisis to date.
Directed by: John Maggio
