BBC’s third episode from “The Love of Money” describes the story of world’s reaction to the financial crisis, what has been done, and what has been learnt from that. The documentary brings an interesting parallel between some European countries’ actions (U.K., France, Ireland, Iceland) and US, immediately after the Lehman Brothers bankruptcy in September 2008. Iceland goes bust, banks are bailed out, huge costs for everyone, mostly for the tax payer.
Conclusion: The collapse of Lehman Brothers shuttered assumptions built up over decades: modern finance eliminated risk, the assets price only rise, and the markets operate best when left alone. More than that, throughout the time, all the crises have shared a common thing: a reckless love of money.
