Following the Path of the Meltdown

A new documentary tracks the meltdown of Wall Street and its impact on housing throughout the country. <em>The New York Times</em> offers this review.
September 3, 2009, 12pm PDT | Nate Berg
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"'American Casino,' directed by Leslie Cockburn, who wrote and produced the documentary with her husband, the liberal journalist Andrew Cockburn, begins on Wall Street, where various whistle-blower types describe the climate of greed and carelessness that produced the financial meltdown. The documentary dates the origins of the crisis to the insertion of a provision in the 2000 Commodity Futures Modernization Act, introduced by Phil Gramm, the Texas Republican and former senator who was then chairman of the Senate Finance Committee, exempting credit-default swaps from government regulation."

The film tacks the path of the housing market's downfall, travelling from Wall Street to a neighborhood in Baltimore and eventually to the foreclosure capital of California.

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Published on Wednesday, September 2, 2009 in The New York Times
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