월가가 쌓아올린 거품의 바벨탑.. 어떻게 붕괴되었을까? [Editor's PICK] | KBS 20100102 방송

※ This video was produced in 2010 and may differ from the current situation. ▶ Confessions from Inside Wall Street on the Financial Crisis Wall Street, once the world's dominant economy, and the collapse of Lehman Brothers, at its center, left a deep scar on the global economy. The financial crisis caused people around the world to lose their jobs overnight, and their dreams of wealth vanished. KBS Special meets with Lawrence G. McDonald, vice president at Lehman Brothers and author of "The Failure of Common Sense," to learn how the Tower of Babel, a bubble built on Wall Street, collapsed. We also meet former Senator Phil Gramm, who spearheaded the Gramm-Leach-Briley Act (the Financial Industry Modernization Act) in 1999, laying the groundwork for the current economic crisis. ▶ How the Bubble Was Created Last month, the production team visited Stockton, San Francisco. At the heart of the Wall Street bubble lies subprime mortgage lending, and Stockton is one of the areas with the highest volume of such loans. According to local real estate agents, people bought homes with loans of up to 110% of their value, only to see their prices plummet by 60%. Wall Street marketed mortgages as promising financial products and sold them to the global market. The Wall Street-driven American economy, intoxicated by the bubble, crashed into the glacial iceberg of mortgage lending. ▶ Wall Street Copycat: Iceland, From Financial Hub to Debt Mound Iceland is considered the biggest victim of the global financial crisis. Following the crisis, Iceland received an IMF bailout, and its per capita debt currently stands at 500 million won. KBS Special examined the reasons why Iceland, once a thriving European financial hub, fell into debt. ▶ The Center of Wealth Is Shifting to East Asia The global wealth map is shifting in the wake of the economic crisis. How has the economic crisis, which began on Wall Street, affected this wealth map? Most products supplied to Walmart in the US are produced in Asian countries like China and India. East Asian countries, with their manufacturing sectors, have been resilient in the crisis. Despite a 30% decline in global trade, Korea has risen to 9th place in exports. Many Wall Street experts predict that the center of global economic wealth will shift to East Asia. ※ This video is from [KBS Special - New Year's Economic Planning: Wealth Map: Winners and Losers], which aired on January 2, 2010. #WallStreet #FinancialCrisis #Rich This is the official KBS Documentary channel. We deliver documentaries that connect with the world. Copyright ⓒ KBS. All rights reserved. Unauthorized reproduction, redistribution, and use (including AI training) are prohibited. 📝 [email protected] 📞 02-781-1000 ✔KBS Documentary | KBS Official YouTube Channel Copyright ⓒ KBS. All rights reserved. Unauthorized reproduction, redistribution, and use (including AI training) are prohibited. 📝 [email protected] 📞 +82-2-781-1000 🏢 Seoul, Republic of Korea (South Korea) ∙The current situation and content may differ slightly depending on the broadcast time. ∙Defamatory or malicious comments may be deleted by the operator to protect the cast.