When COVID-19 struck, the Federal Reserve stepped in to try to avert economic crisis. As the country’s central bank continues to pump billions of dollars into the financial system daily, who is benefiting and at what cost?
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FRONTLINE investigates “The Power of the Fed” — and how the central bank’s actions have played out over the years on Wall Street versus Main Street — in a gripping new documentary.
From the award-winning investigative team behind “Amazon Empire” and “The Facebook Dilemma,” the film traces how an experiment the Fed began after the 2008 crash has been dramatically changing the American economy — exploring criticisms that, while well-intentioned, the Fed’s efforts have contributed to wealth inequality, helped today’s financial world grow far removed from the real-world economy, and prompted fears of growing inflation and an impending crash.
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 correspondent is James Jacoby. The writers and producers are Anya Bourg and James Jacoby. The co-producer is Megan Robertson. The senior producer is Frank Koughan. The executive producer is Raney Aronson-Rath.
For more reporting in connection with this investigation, visit FRONTLINE’s website:
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FRONTLINE is produced at GBH in Boston and is broadcast nationwide on PBS. Funding for FRONTLINE is provided through the support of PBS viewers and by the Corporation for Public Broadcasting. Major funding for FRONTLINE is provided by the Ford Foundation. Additional funding is provided by the Abrams Foundation; the John D. and Catherine T. MacArthur Foundation; Park Foundation; and the FRONTLINE Journalism Fund with major support from Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation. Support for “The Power of the Fed” is provided by The WNET Group’s “Chasing the Dream,” a public media initiative that examines poverty, justice, and economic opportunity in America, with major funding by The JPB Foundation and additional funding from The Peter G. Peterson and Joan Ganz Cooney Fund.
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The Power of the Fed (full documentary) | FRONTLINE
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26 comments
Just one stupid question: why, instead of buying the debt of financial institutions, didn´t the Fed bought the mortgages and student loans of the entire population? Lowering their debts, securing the homes of millions of families which are homeless today, so they can had a tremendous relief and start spending their money on food, cloth, etc. as well as starts ups, entrepenourship, professional activities and so on and therefore impulsing the real economy?
When people are scared about the value of their money thanks to reckless handouts and spending, are we still surprised to learn that they put it in the market? No wonder we saw big moves on wallstreet, everyone is pumping their money in because it does them better there if it makes 3% instead of being devalued 2%. At least they will make SOMETHING.
And when they do raise rates it only affects us working people. They raise the rates of mortgages, personal loans, credit cards while lowering savings rates. Corporate & Government rates are always the lowest next to zero.
Quantitative Easing= Counterfeit money for Wall street. People go to prison for that right???
More White privilege and capitalism mechanism to increase wealth for the rich. More nullification of supreme law of the land, the three branches of government are conspirators in unconstitutional activities of the Federal Reserve. The Federal Reserve violations the U.S. Constitution commerce purpose by support private sectors pouring money to benefit private corporation wealth. United States money generated to pay the country debt, not to make the white hierarchy subsidy to defiant of the rule of law.
Who owns the Federal Reserve?
Money printer go……
BRRRR……
The only solution is Gold Backed Crypto.
The federal Reserve is not owned by the United States. It is a private corporation owned by people over sea's. The federal Reserve cannot have it's books Looked into and audited by any government official so what does that tell you.
They and the system founded upon are criminals and it is them who live a life of pamper them who see and live the very best .. on our backs most of witch are left to chase a carrot they will never get s bite of… It's sad and time we the people get wise and do not let this happen ….. How many threats does it take before you face the bully?
the federal reserve is private. banks control and issue money. not the usa government. the money is own by the bankers is a loan to every person in usa and we pay interest. not a free service. does the government teach you that no.
Can't stop, Won't stop
Most corrupt government in the world we do not need a Fed that communist printing money causes inflation and we're going to be like Venezuela soon
Why are they borrowing from the federal government this is the question that everybody is asking it's like translation of embezzlement larceny and crimes committed and no one is being told but left in the dark a lot of them are asking why are they borrowing money from clients through the state federal should be held accountable for the embezzlement of clients money that they earned in the past for their social security and SSD from unemployment why have they been robbed other benefits that they work so hard for and being left behind to live in the streets with nowhere to go why are they misleading on rental homes and mortgages when they're going out and buying expensive homes cars and going on vacation instead of using the money for their business
Basically the morals are all wrong and now they went about it mistakenly is all about greed and what lines the pockets of the government greed has gone so far out of control that the misuse of power is out of control spinning loudly like no tomorrow everybody has their hands in their pocket and taking money for silence taking briberies for the bearings of this act of crime is all about a drug war it's not about the civil Rights of humans it is about a war that's gone beyond the point for over 24 years now
1:35 come on bro the federal reserve… you need to understand fractional reserve banking.
Fed was created in part so W.Wilson could buy his army and then eventually get into WW1. No money for arms, no war. U.S was broke in 1913 and needed a way to centralize banking. Fed was all about WW1 and getting the U.S. involved regardless that most of the country wanted nothing to do with that war.
Im suppose to retire from the military in 2024 and I don't have faith that the government can afford to keep their promise with my pension.
We live inside a global debt-fiat based economic system, controlled by central banks; nearly all are privately controlled. Thomas Jefferson has a famous quote about these type of banks and where their cycles of inflation/deflation will end up taking you.
Wake up slaves in America these tyrannical bastards need to be in prison for their crimes against us
Of course bernack is not going to talk to you
Oh you mean on September 9th when 2.3 trillion dollars went missing is that what you were talking about with Ben bernanke and then he came to the Senate hearing and he said he didn't know how to point three trillion dollars goes missing
Federal slave masters
ABOLISH THE FED!
When Feds illegally used my identitys and cops in New York and Bakersfield California what do I do Have no cell phone number no phone number watch them all Fall all 3 married names and my birth name this will keep happening Death till all stop stealing my identitys sherrifs have been killed for using my identities I warned you all I don't kill or murder you must face how you all destroyed my life
In 2008 my dad lost his business. After that he lost everything. He killed himself. My mom lasted a month longer. Screw the feds & all the morons that flatlined my dad & his business. The same year my sister lost her house. I managed to hold onto mine even though I hadn’t had a job in over 18 months. If I knew about 2008 before it happened I would have killed myself in order to not witness all the damage. To this day it haunts me. The feds did that. They decided to help the banks, not the people.