"[Politicians and the Federal Reserve] rigged the market," says financial author and filmmaker Michael Covel. "They rigged the market through interest rate manipulation and we're still paying for it today." In his documentary, Broke: The New American Dream, Covel explores the roots of the financial crisis, which he traces back to Netscape going public in 1995.
Covel sat down with Reason.tv's Ted Balaker to discuss the role politicians, the Federal Reserve, Wall Street, and media figures like CNBC's Jim Cramer played in the financial meltdown. Topics include: why Covel is down on "buy and hold" as an investment strategy and the differences between state lotteries and poker.
Approximately 9.18 seconds.
Shot by Alex Manning, Hawk Jensen, and Paul Detrick. Edited by Detrick.