Please review our Terms of Use (. CNBC_Comscore = 'CNBC_feeds'; "true" : "false") + "; expires=" + d.toUTCString() + "; path=/"; In 2004, in the midst of the housing boom, President George Bush had a chance to do a little bragging in his State of the Union Address. })(); } An Emmy, Peabody, and Dupont award winner, David Faber is the anchor and co-producer of CNBC's acclaimed original documentaries as well as a contributor to CNBC's "Squawk on the Street.". The Investors / House of Cards (Video Preview). return unescape(document.cookie.substring(cStart, cEnd)); Highlights of CNBC Original Productions including documentaries and special prime time series hosted by CNBC anchors and reporters. An upcoming CNBC documentary investigates the origins of the global economic crisis and calls Orange County the birthplace of the sub-prime mortgage. In a rare interview, CNBC's David Faber speaks with one of the few savvy investors who bet against the mortgage-backed security fever -- Dallas's Kyle Bass -- whose hedge fund soared 600% in just eighteen months. Watch on your favorite devices, including TV, laptop, phone, or tablet. Release date : October 13, 2009. 'template' : 'story_simple' , return false; } } Reported by Maria Bartiromo. } The documentary uses a clear-eyed and . // check for region and redirect if country is in EEARegion 'adunits' : 'Top Banner|Badge A|Badge B|Badge C|Badge D|Flex Ad First|Box Ad 1|Non Iframe Custom|Inline Custom|Movable Box Ad|Responsive Rectangle' , Includes 30 min of exclusive bonus material. if (cEnd === -1) { ("undefined"!=typeof FormData&&t instanceof FormData))try{return JSON.stringify(t).length}catch(e){return}}}},{}],19:[function(t,e,n){var r=0,o=navigator.userAgent.match(/Firefox[\/\s](\d+\.\d+)/);o&&(r=+o[1]),e.exports=r},{}],20:[function(t,e,n){function r(t,e){if(!o)return!1;if(t!==o)return!1;if(!e)return!0;if(!i)return!1;for(var n=i.split("."),r=e.split(". Houses of Cards, a CNBC original documentary about the credit crisis, premieres Thursday night at 8 PM and midnight ET. , Run time This was CNBC's live blog tracking developments on the war in Ukraine on April 26, 2023. var setAdblockerCookie = function(adblocker) { 'cag[related_primary]' : 'Citigroup Inc|Morgan Stanley' , : "updatecorrelator" : true Two-hour Documentary Reported by CNBC's David Faber Premieres on CNBC on Thursday, February 12th at 8PM & 12AM ET ENGLEWOOD CLIFFS, N.J., January 27, 2009 - It's the defining story of our time . 'keywords' : '~' , let cStart = document.cookie.indexOf(`${name}=`); mps._queue.adview = mps._queue.adview || []; // check for region and redirect if country is in EEARegion Kos Media, LLC. var slotid = "mps-getad-" + adunit.replace(/\W/g, ""); mps.insertAd("#" + slotid, adunit) mps._log('**** LOADED: cnbc-cms-header-insert'); mpsload.src = "//" + mpsopts.host + "/fetch/ext/load-" + mpscall.site + ".js?nowrite=2"; CNBC's "House of Cards" will re-air on Sunday, February 15th at 9PM ET and Monday, February 16th (President's Day) at 8AM, 8PM and 12AM ET. mps._queue.adload = mps._queue.adload || []; if (typeof(window._mpspixZ) != 'string') { The result is the gripping chronology of the buildup and ultimate collapse of the U.S. housing market, which triggered a worldwide economic meltdown. The unfortunate thing that grew out of that was a program that was a very inappropriate loan program for a lot of people that took it," he said. " To calculate the overall star rating and percentage breakdown by star, we dont use a simple average. //begin OneTrust Redirect Sunday, February 15th 9p ET "updatecorrelator" : true Now up to six members of your household can have separate profiles so that favorites and recommendations are unique to each viewer. 'template' : 'story' , 'keywords' : '~' , )+[a-zA-Z]{2,}))/; David Faber is excellent in providing a clear path thru the complex perfect storm of events that nearly destroyed our financial system. var dynamic_yield_enabled = 1 if (!_qs) { return true; January 25, 2008 / 12:51 PM / CBS. const EEA_REGION_COUNTRY_CODES = ['AT', 'BE', 'BG', 'HR', 'CY', 'CZ', 'DK', 'EE', 'FI', 'FR', 'DE', 'GR', 'HU', 'IS', 'IE', 'IT', 'LV', 'LI', 'LT', 'LU', 'MT', 'NL', 'NO', 'PL', 'PT', 'RO', 'SK', 'SI', 'ES', 'SE', 'CH', 'TR', 'GB']; They didn't go in to the government involvement as much as I would like.Barney Frank and his policies did more to destroy the financial lives of more people than any loan company or S&L combined. } document.getElementsByTagName("head")[0].appendChild(script); Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower, CNBC ORIGINAL DOCUMENTARY "HOUSE OF CARDS" UNCOVERS THE REASONS BEHIND THE GREATEST FINANCIAL COLLAPSE SINCE THE GREAT DEPRESSION. const ONE_TRUST_COOKIE_NAME = 'OptanonConsent'; 'https' : 'http') + '://pix.nbcuni.com/a-pii.gif?X=piiblock&S=' + mps.pagevars.instance + '&P=' + mps.pagevars.mpsid + '&A=' + i + '&U=' + encodeURIComponent(window.location.href) + '&_=' + window._mpspixZ; Stay current with additional news, entertainment, and lifestyle programming from American Heroes Channel, BET Her, Boomerang, CNBC World, Cooking Channel, Crime + Investigation, Destination America, Discovery Family, Discovery Life, Magnolia Network, Military History Channel, MTV2, MTV Classic, Nick Toons,Science, and Teen Nick. } else { Banker Michael Francis tells Faber that no matter how risky the package, during the peak of the lending frenzy any mortgage-backed security could find a home on Wall Street. Collectively, the investment firms involved manage a combined $62.3 billion in assets, according to Crunchbase figures. (function() { Number of permitted concurrent streams will vary based on the terms of your subscription. Access to award-winning Hulu Originals. } } Best Sellers Rank: #203,297 in Movies & TV ( See Top 100 in Movies & TV) #10,509 in Documentary (Movies & TV) Most of what preceded the credit meltdown, which started in September 2007, happened under his watch, and in Fabers interview, Greenspan admits that even he couldnt explain collateralized debt obligations and he had a couple of hundred Ph.D.s on staff. ET) is produced at CNBC's headquarters in Englewood Cliffs, N.J., and also includes reports from CNBC news bureaus worldwide. } A 3 . 'id' : '28984151' , Americans are facing the most crushing economic crisis since the Great Depression. let cEnd = document.cookie.indexOf(';', cStart); Also, in a rare interview, Faber speaks with one of the few savvy investors who bet against the mortgage-backed security fever . ;NREUM.info={beacon:"bam.nr-data.net",errorBeacon:"bam.nr-data.net",licenseKey:"356631dc7f",applicationID:"230538944",sa:1} })(); (function(){ return Object.values(OneTrustCategories).filter((c) => blockedCategories.includes(c)).length > 0; mps.__timer = Date.now ? Multiple concurrent streams and HD content may require higher bandwidth. }); Trailer: Gray Area. Best 0% APR Credit Cards. Jill Landes is co-producer. mps._queue.gptloaded.push(function() { CNBC's David Faber explores how the history and culture of this financial powerhouse has set the stage for controversy and a fight for its reputation. document.addEventListener("DOMContentLoaded", function(event) { } Cookie Notice 2023 CNBC LLC. script.setAttribute("onload", "setAdblockerCookie(false);"); const matches = oneTrustCookie.match(COOKIE_REGEX); I honestly think he also thought the gravy train would never end. console.log('PUB-GDPR-CHECK Blocked Categories: ', blockedCategories); : 'cag[related_related]' : 'Economy|Alan Greenspan|The Fed|World Economy|Credit|Housing|Stock Picks|stocks' , mps._queue.gptloaded = mps._queue.gptloaded || []; function getOneTrustCookie() { The mantra on Wall Street was that home prices nationwide had not gone down in a single year since the great depression. //begin OneTrust Redirect }; } fetch('https://geo.cnbc.com/info/').then(res => res.json()).then(result => { document.cookie = "__adblocker=" + (adblocker ? then all the text fades except the words which form the opening title: House of Cards, Sign in to rate and Watchlist for personalized recommendations. *)$/,l=["appendChild","insertBefore","replaceChild"];f.inPlace(HTMLElement.prototype,l,"dom-"),f.inPlace(HTMLHeadElement.prototype,l,"dom-"),f.inPlace(HTMLBodyElement.prototype,l,"dom-"),c.on("dom-start",function(t){r(t[0])})}},{}],10:[function(t,e,n){var r=t("ee").get("mutation"),o=t(24)(r),i=NREUM.o.MO;e.exports=r,i&&(window.MutationObserver=function(t){return this instanceof i?new i(o(t,"fn-")):i.apply(this,arguments)},MutationObserver.prototype=i.prototype)},{}],11:[function(t,e,n){function r(t){var e=a.context(),n=s(t,"executor-",e),r=new f(n);return a.context(r).getCtx=function(){return e},a.emit("new-promise",[r,e],e),r}function o(t,e){return e}var i=t(24),a=t("ee").get("promise"),s=i(a),c=t(21),f=NREUM.o.PR;e.exports=a,f&&(window.Promise=r,["all","race"].forEach(function(t){var e=f[t];f[t]=function(n){function r(t){return function(){a.emit("propagate",[null,!o],i),o=o||!t}}var o=!1;c(n,function(e,n){Promise.resolve(n).then(r("all"===t),r(!1))});var i=e.apply(f,arguments),s=f.resolve(i);return s}}),["resolve","reject"].forEach(function(t){var e=f[t];f[t]=function(t){var n=e.apply(f,arguments);return t!==n&&a.emit("propagate",[t,!0],n),n}}),f.prototype["catch"]=function(t){return this.then(null,t)},f.prototype=Object.create(f.prototype,{constructor:{value:r}}),c(Object.getOwnPropertyNames(f),function(t,e){try{r[e]=f[e]}catch(n){}}),a.on("executor-start",function(t){t[0]=s(t[0],"resolve-",this),t[1]=s(t[1],"resolve-",this)}),a.on("executor-err",function(t,e,n){t[1](n)}),s.inPlace(f.prototype,["then"],"then-",o),a.on("then-start",function(t,e){this.promise=e,t[0]=s(t[0],"cb-",this),t[1]=s(t[1],"cb-",this)}),a.on("then-end",function(t,e,n){this.nextPromise=n;var r=this.promise;a.emit("propagate",[r,!0],n)}),a.on("cb-end",function(t,e,n){a.emit("propagate",[n,!0],this.nextPromise)}),a.on("propagate",function(t,e,n){this.getCtx&&!e||(this.getCtx=function(){if(t instanceof Promise)var e=a.context(t);return e&&e.getCtx?e.getCtx():this})}),r.toString=function(){return""+f})},{}],12:[function(t,e,n){var r=t("ee").get("raf"),o=t(24)(r),i="equestAnimationFrame";e.exports=r,o.inPlace(window,["r"+i,"mozR"+i,"webkitR"+i,"msR"+i],"raf-"),r.on("raf-start",function(t){t[0]=o(t[0],"fn-")})},{}],13:[function(t,e,n){function r(t,e,n){t[0]=a(t[0],"fn-",null,n)}function o(t,e,n){this.method=n,this.timerDuration=isNaN(t[1])?0:+t[1],t[0]=a(t[0],"fn-",this,n)}var i=t("ee").get("timer"),a=t(24)(i),s="setTimeout",c="setInterval",f="clearTimeout",u="-start",d="-";e.exports=i,a.inPlace(window,[s,"setImmediate"],s+d),a.inPlace(window,[c],c+d),a.inPlace(window,[f,"clearImmediate"],f+d),i.on(c+u,r),i.on(s+u,o)},{}],14:[function(t,e,n){function r(t,e){d.inPlace(e,["onreadystatechange"],"fn-",s)}function o(){var t=this,e=u.context(t);t.readyState>3&&!e.resolved&&(e.resolved=!0,u.emit("xhr-resolved",[],t)),d.inPlace(t,y,"fn-",s)}function i(t){g.push(t),h&&(x?x.then(a):v?v(a):(E=-E,O.data=E))}function a(){for(var t=0;t
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