Filmmaker Michael Covel on Broke: The New American Dream

"[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'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.

Scroll down for HD, iPod, and audio versions of this and all our videos, and subscribe to's YouTube channel to receive automatic notification when new content is posted.

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

Click here to follow Reason on Instagram


Get Reason's print or digital edition before it’s posted online

  • Progressive Puritans: From e-cigs to sex classifieds, the once transgressive left wants to criminalize fun.
  • Port Authoritarians: Chris Christie’s Bridgegate scandal
  • The Menace of Secret Government: Obama’s proposed intelligence reforms don’t safeguard civil liberties