Dear FRONTLINE,
I thought you piece was very good. There is a lot of detail that you never expand on, but this is a massively complicated issue. I hope people realize that
1. if we had the political will to step in immediately, we could have avoided a crisis of this severity. All those politicians that Americans didn't need a Wall Street bailout were painfully wrong.
2. Regardless of what this administration does, this problem can't be taken care of in Washington. The banks need time to deleverage, as does the worst credit of all---the US consumer.
chris beaulieu
chalfont, pa
Dear FRONTLINE,
I am an infrequent viewer of TV, but a frequent viewer of Frontline. I could listen to Will Lyman read the phone book.
I was deeply disappointed in "Meltdown." It seemed more like a Celeb/Mag story, and not an insightful look into the causes of the biggest economic story of our lives and the bigger story of the end of American Capitalism. No mention of the price of oil, the "giant pool of money," Republican tax cuts, and other fundamental elements that may have caused the mess we're in.
Why don't you take another swing at it with a multi-part series?
Mark Borderud
Stratford, CT
Dear FRONTLINE,
I don't understand. The bankers were the ones who apparently took on these toxic debts knowlingly and willingly for short term profit, and yet Paulson is the one who is portrayed as having brought down the economy? Isn't it kinder to let the economy crash suddenly so that we can recover quicker, than slowly let the economy die over the next couple years or so?
Gabriel Baldonado
Seattle, WA
Dear FRONTLINE,
This program leaves the impression that putting government money into these banks was the maximum that Paulson could do. It would have been nice if this report included a discussion of the lack of oversight of the TARP funds. Also, there was no discussion of the lack of restrictions put upon the banks receiving money. Our government hasn't demanded much of Wall Street, while making a big show of complaining about the auto industry bailout, where far less money will be spent.
Colette Brown
Madison, WI
Dear FRONTLINE,
As a follow on to watching the program on PBS, I have been reading through various sections of the web site to try to get a better understanding of what I saw on the program but did not fully understand during the viewing. I will admit that many of the terms associated with this mess had not been part of my daily vocabulary. And, even though I have now frequently heard these terms over the past few months, I am not sure I understand what they mean. I don't think I am alone. You ask above if "we all in a way bear some responsibility for the economic mess." Well, I suppose so, although I am not sure why. I don't think I am alone. It seems to me that ideology and greed both caused and failed to prevent this disaster. Unfortunately, it seems to me that both ideology and greed are still at work. Thank you for the program and the information on the web site, both of which have helped me get a better understanding of this mess.
Laurel, MD
Dear FRONTLINE,
I am taken back by the suggestion that all of us might bear some responsiblity in this mess. Definitely there are those that are responsible, but to say "all" is not only over reaching, but deflecting from the real source.
The men in power, both in government and the corporate world should be made accountable. It is not fair or rationale to implicate those of us trying to just stay alive.
Chicago, IL
Dear FRONTLINE,
As a witness to a historic global event, the bankruptcy of Capitalism, I feel somewhat saddened. To have my retirement, and non-retirement portfoliios get cut in excess of 50%, I feel very bad. To see the former CEOs of Wall Street firms leave their firms with huge, gut-wrenching golden parachutes, I feel sick to my stomach. This was the greatest Ponzi scheme of all.
Clive, Iowa
Dear FRONTLINE,
Ok. we just finished watching the scariest TV program since "Psycho". However, we are unclear why Bears Sterns started to fail initially. Was it just the Wall Street rumor mill running amok? What was the catalyst that caused Sterns' stock to drop? Great show. Thanks.
cumming, ga
Dear FRONTLINE,
The program did not cover those who have made billions on the meltdown. The wealthy short sellers and PUT Options contract buyers & CALL Option contract sellers..and the owners of credit default swaps (the insured) who should have not been paid their winnings but refunded only their basis. Maybe BS & LEH should have sold their own stock short. Short selling should have been stopped immediately and indefinitely.
Satellite Beach, FL
Dear FRONTLINE,
I was disappointed in Frontline's singular focus on the whats of this story at the expense of the hows and whys. There was little, if any, background or analysis on the details and interdependencies of the financial system and far too much emphasis on personalities. And where were the insight and commentary from anyone not working on or covering Wall Street during the debacle?
Brendan T. Redmond
Westford, MA
Dear FRONTLINE,
I couldn't help but get the impression from the program that the deliberate decision not to bail out Lehman Brothers was a fatal error that had a cascading effect, leading to the near collapse of AIG, freezing of the credit markets, and precipitous fall of the stock market. Which leads to my question, had the Administration decided differently, would our economy look any differently than it does now?
Washington, DC
Dear FRONTLINE,
I would like to know if it is true that the monies given to AIG were routed to Lehman Bros (the firm Paulson use to work at)and why there has been no mention of that? Also, get the true figure of the money associated with supposed "toxic mortgages" versus insurance policies held on these toxic mortgages. My suspicion is that the insurance payouts are what have gotten us into this mess. I also believe that the holders of these insurance policies (credit swaps) were held on the same packages by more than one company (e.g. having homeowners insurance with three seperate companies that I can get reimbursed if my home burns down, by three different companies). Please pass along any info you have on this.
bellerose, ny
Dear FRONTLINE,
I do not understand how you could interview any of the politicians except to ask what did they do to prevent this crisis and what did they do either in lobbying or influence to facilitate the events. I will only have to look at the policy paper that Mayor Bloomberg and Senator Schumer published on keeping NYC the financial capital of the world into the next century. It is evident to anyone who reads this 80 page policy paper that these two powerful politicians had completely bought into the business practices of the firms that brought this crisis to fruition. The question then becomes were these men captives of the financial industry campaign contributions.
Buffalo, NY
Dear FRONTLINE,
My husband and I just watched your program on the Meltdown. We were frustrated by our inability to read the one page agreement that the leaders of the country's nine largest banks were asked to sign by Henry Paulson before they received billions of dollars of taxpayers money. What did it say? What did they agree to? It seems this should be very public knowledge. In fact, every U.S. taxpayer should have a copy. Thanks. J. Roberts
Janet Roberts
Derby, Kansas
FRONTLINE's editors respond:
An example of this letter can be seen on Citibank's filings on the SEC Web site. Click on Ex-10.1: LETTER AGREEMENT.
Dear FRONTLINE,
While Bear Stearns' and AIG's exposure to credit default swaps were certainly a major factor in the meltdown, the policies of Fannie Mae and Freddie Mac were the snowball that started the avalanche. Rep. Barney Frank was a major architect of Fannie and Freddie policies that created the sub-prime debacle. It is a shame you did not ask him about his role in the formation of this current crises.
Kansas City, MO
