We All Lost
â€œI donâ€™t think most people really understood that they were in a casinoâ€ says award-winning financial reporter Mark Pittman.Â â€œWhen youâ€™re in the Streetâ€™s casino, youâ€™ve got to play by their rules.â€Â This film finally explains how and why over $12 trillion of our moneyÂ vanished into the American Casino.
For chips, the casino used real people, like the onesÂ we meet in Baltimore.Â These are not the heedless spendthrifts of Wall Street legend, but a high school teacher, a therapist, a minister of the church.Â They were sold on the American Dream as a safe investment.Â Too late, they discovered the truth.Â Â Â Cruelly, as African â€“ Americans, they and other minoritiesÂ were the prime targets for the subprime loans that powered the casino. According to the Federal Reserve, African-Americans were four times more likely than whites to be sold subprime loans.
We meet the players.Â A banker explains that the complex securities heÂ designed were â€œfourth dimensionalâ€ and sold to â€œidiots.â€Â A senior Wall Street ratings agency executive describes being ordered to â€œguessâ€ the worth of billion dollar securities. A mortgage loan salesman explains how borrowersâ€™ incomes were inflated to justify a loan.Â A billionaire describes how he made a massive bet that people would lose their homes and has won $500 million, so far.
Finally, as the global financial system crumbles and outraged but impotent lawmakers fume at Wall Street titans, we see the casino’s endgame: Riverside, California a foreclosure wasteland given over to colonies of rats and methamphetamine labs, where disease-bearing mosquitoes breed in their millions onÂ the stagnant swimming pools of yesterdayâ€™s dreams.
Filmed over twelve months in 2008, American Casino takes you inside a game that our grandchildren never wanted to play.
Listen to the original song by Roq Off Crew
Listen to the original song, “Foreclosure” by B. Dazzle
Listen to the original song, “American Casino” byu Kojo Hotflow