Recent bankruptcies and buy-outs of America’s largest and oldest financial institutions including Lehman Brothers, Merrill Lynch and AIG have affected tens of thousands of New Yorkers – on and off Wall Street. Thirteen/WNET’s award-winning public affairs series NEW YORK VOICES examines how the downfall of these major financial powerhouses will affect the city’s economy. The special also takes a personal look at the hardships in Queens, where the subprime mortgage crisis hit hardest in the city.
(Originally aired 9/23/2008.)
Hosted by Rafael Pi Roman, this live 30-minute special features interviews with Jim Tisch, CEO of Loews Corporation and Chairman of Board of Trustees of Thirteen’s parent company WNET, Carol O’Cleireacain of the Brookings Institution and Nicole Gelinas of the Manhattan Institute.
There are four segments within the half-hour program:
Wall Street’s Bad Debt – A look at how the problems of one New Yorker exemplify the national crisis that brought down the financial industry:
Interview with Jim Tisch – The CEO and President of Loews Corporation discusses the crisis on Wall Street:
NYC Real Estate – How will the turmoil on Wall Street affect the city’s housing market:
Economic Roundtable – Nicole Gelinas of the Manhattan Institute and Carol O’Cleireacain of the Brookings Institution discuss the affect of the Wall Street crisis on New York’s economy:
See Part II of this program, which aired Oct. 16, 2008.
I look forward to watching the program, but I am skeptical about whether public television has enough independence to ask the right questions and deal with truth about what this society really is.
The crisis is very bad for USA.It could be worlwide,if the G7 do not take urgent and appropriat action to stop the expansion of the problem
The 700 millions dollars proposal could help homeowners subject to foreclosure and those who have a mortgage which is more than30% of their earning,depending of their personal situation
I am scared, everything is tanking and those of us still working will be paying to help all those companies/banks going under. What is the answer? Who is the answer?
We need to stop giving these CEO’s large bonuses,for not doing the job and letting the working class people suffer because of this.
The “bailout” must be controled, no just a blank check to this extremely nule administration. Also must protect the people, no just Wall St. And must important, the guilty ones of this mess, should be punish.
I, unfortunately, missed the telecast. Will it be aired again?
I think everyone should take responsability of their own actions, their own mistakes, their own faults; and the ones that did this on purpose should be held on court and paid for their wrong
doings, no matter how much power this people have
This is worse than the ‘29 crash that my parents suffered thru. HOW is it possible these C.E.O.’s got these unbelievable bonoses for years, and we the poor guys, have after holding stocks for more than 10 years be reduced to nothing.
A great opportunity for service was missed by this broadcast. There are many informed, talented people in NYC that understand this crisis from an economic/finacial framework that can add value beyond the political slant. More pointedly, there are people who can be specific. I lost interest in the program after 5 min of listing to a guest from the usually informative Brookings Institue whose evasive generalities did not shine any light on the issues beyond saying that they were complex and had many parts. This was not “value-added.”
I do thinkdthat Jim Tisch was added value.
The opening segment was unnecessary–if not partonizing and unbalanced
This home owner in jamaica Queens is the cause of the current economic problems. She and others like her bought their properties knowing that they can not afford it. Her justification is the same as those investors on Wall Street: GREED. They hope to flip houses and make a quick and easy profit. She is one of theose greedy people that contibuted to this subprime bubble. Do not portriat her as a victim. Do not blame others. She should admit her guilt. She made her own choice. On the other hand, our kids are the victims. With her mistake, she had hurted the economy and our kids will have to pay.
I can not believe the free-enterprize Republicans are using tax payers money to bail out the Republican mismanagement and crooks of Wall street! What am I saying? Of course, that is what they do; steal from the working and poor class and give to themselves. I’m so glad I live in a democracy and I have freedom, what can beat that?!?! Thank you.
[...] to this video from Thirteen about the financial crisis and New York, a third of New York City’s tax base [...]
Mario Rios… yup those miserable Republicans are at it again! Too bad that there weren’t enough of them in Congress to stop the Democrats from legislating the removal of the barrier between banks and lending institutions and then again legislating the use of Sub-Prime loans to spur homeownership for those with less-than-stellar credit. Sure enough, those nasty Republicans put a gun to everyone’s head and made them take interest-only loans on houses that they couldn’t really afford.
Now, sure Republicans did their part to legislate little goodies for their constituencies as well… but I don’t think that they are solely to blame for this.
From my perspective, we American’s collectively own this problem. We allowed it to happen by believing the hype, needing to be bigger/better than the Jones’s, living off of credit cards, not saving anything for a rainy day. A pox on both political houses for not addressing this problem sooner (we knew the bubble was going to burst over 4 years ago) and on everyone living way above their means. Now, you and I and everyone else are going to be paying for this for quite a while to come. Good luck to you.
Debate: P{alin/Biden
Sarah Palin was appallingly condescending and annoyingly colloquial–insulting listeners intelligence. She knew nothing beyond what she rehearsed. There is something wrong with someone who is proud to be called a “barracuda”. A Lioness is a fierce protector and provider for her family, but a barracuda is out to get what it can and can devour a person in 5 minutes time. We don’t want a barracuda in the White House. Any one who is “right to life” and delights, most, in shooting and killing animals, and wants to destroy their habits destorying the ecology and wants to endanger our plante with nucear and oil wastes, has a problem.
I really appreciate the opportunity to watch this program. There are some new things happening to people as a result of this crisis of which you may not be aware. For example, our CD came due at WaMu on Oct. 7. On that day, we went in to withdraw our money in order to have the funds needed to pay the taxes for our required MRD for the year. WaMu charged us a hefty fee for closing the account of a CD which had come due! (WaMu branch on Main St. and Clinton Ave. Huntington). What recourse do people have against these outrageous charges?? Before the crisis occurred, there was never a mention of any closing fee.
Wall street has become very greedy. There is no patriotism in this country. Also we have a President, who has been sleeping for the last 8 years.His cronies has literally raped this country
[...] “Financial Crisis In The City” tonight at 8pm and soon after, online. Also see the first “Financial Crisis In The City” report, which aired on [...]