“Houses of Cards,” a CNBC original documentary about the credit crisis, premieres Thursday night at 8 PM and midnight ET. Cramer interviewed David Faber, host of the program, to find out what the show is all about.
Faber follows the story from mortgage broker to homeowner, brokers to ratings agencies and all the way to former Federal Reserve Chairman Alan Greenspan. Most of what preceded the credit meltdown, which started in September 2007, happened under his watch, and in Faber’s interview, Greenspan admits that even he couldn’t explain collateralized debt obligations – and he had a couple of hundred Ph.D.s on staff.
Watch how aggressive interest-rate cuts sparked a housing boom, subprime mortgages brought down banks, overleveraging hurt Morgan Stanley and Citigroup and problems here in the U.S. worked their way overseas. And beyond the villains, find out who the heroes were as this crisis unfolded.
“House of Cards” will re-air Sunday night at 9 PM ET.
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