PANIC! The Untold Story of the 2008 Financial Crisis
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- čas přidán 9. 02. 2023
- Panic： The Untold Story of the 2008 Financial Crisis ｜ Full VICE Special Report ｜ HBO
#documentary #stockmarket #inflation #economics #stockmarketcrash #documentaries
Panic: The Untold Story of the 2008 Financial Crisis examines the major players and various factors leading to the 2008 US financial crisis and the ultimate prevention of devastating economic collapse.
The documentary takes a political and economic microscope to the atmosphere just before, during, and after the end of the 2008 market decline. With exclusive interviews from politicians, entrepreneurs, and leaders of the big banks such as Lehman Brothers, the story unfolds itself into gritty layers of a complex socioeconomic mashup.
US Presidents George Bush and Barack Obama give their account of the crisis that occurred during their delicate transition of power. Members of Congress Nancy Pelosi and Judd Gregg discuss their efforts to stabilize the economy and support an American people on the brink of destitution. Included are perspectives from the likes of investment guru Warren Buffet and the former head of Goldman Sachs Lloyd Blankfein.
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Disclaimer : This video was created with the aim to educate and inspire its audience. Trading Coach UK does not own the video clips or the music, i.e. all rights are reserved to their respective owners. If the owner/s would like to get the music or video clips removed, I have no problem in doing so. (There is no negative impact on the original content)
Copyright Policy : Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use. _______________________________________________________________ - Zábava
Really where are investors putting their cash? Isn’t it crazy how mortgage rates continue to rise with higher imports and declining exports, but the FED is yet to lessen cost. Something will eventually break if they keep raising interest rates and quantitative tightening.
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It's so sweat of Paulson that he helped out the economy by dumping public money into dumpster fire that he helped create as CEO of Goldman.
The regulators let them do it. They had legislation in place long ago that would've prevented it from happening, but they got rid of it (red tape as it's often called). They all let it happen.
Hank Paulson sold $485 million dollars worth of Goldman stocks and paid no tax on it. It was a great deal form him to become Sec of Treasury.
He saved $50 million
The tax on the stock sale was deferred, it wasn't forgiven...
So eventually he will pay what he owes
So that's not how that works. He got a certificate which allowed him to sell the assets to avoid conflicts of interest and then he had to place the money in permitted property (treasuries). The tax is deferred to the sale of the permitted property, not forgiven entirely.
@@looneyburgmusic Has he paid up yet?
@@100perdido no idea...
It’s hard to watch these people celebrate and be honored in this video when we’re still dealing with the after effects. “Accountability Zero” would be a better title.
Were you surprised when Mr. Bernanke was awarded the Nobel Peace Prize for Economics?
Is had to watch this video, do to so lady background music 🎶 🎵
@@yengsabio5315 for a paper he had done years before
Everyone wants someone to blame. The companies that made the mistakes- went bankrupt.
Absolutely
I remember this crap. I was laid off. Couldn't find work. Lost my apartment and my car. Had to live with my grandmother while my step mom just called me lazy and that I didn't want to work. No one was friggen hiring and every company was cutting costs and laying off or firing the moment they could.
I was in highschool at the time but would always help my pops with his business which I eventually took over. At the time he had over 300 condo units being renovated to be put on the market everything derailed and came to a complete stop in just one week end. I graduated highschool that year and we got into welding literally the only thing that kept us fed and alive it got quite lucrative in the end.
You eventually found another job and recovered…yes?
@@f430ferrari5 Yeah. Took a lot of time though, and I mean literal years. Job took a couple of years. Then the place closed down. Moved with a friend and got a job near by. Eventually, years later, finally found a deal on a place of my own and settled in. Took about 7 years in total.
It's shocking disparity in how rich institutions see their behavior as "risky" while any normal person would see it as "stupidity".
That's what makes them rich institutions and us normal people. Our society and system rewards stupid risks. Playing it safe is what's stupid and risky.
Kinda like giving Ukraine hundreds of billions of dollars. All the money in the world is backed and by its citizens through treasury and bond.
Ironically most of the people that were interviewed for this film were the ones that refused to speak in “Inside Job”.
its funny when you watch these two docs back to back, they tell the same story, just completely different perspectives.
I noticed that......
@@Fluganflogen Ooo inside job? What Doc is this ??? Can't seem to find it...
So true
So true
They're not confessing, They're bragging...
@JHartless 1488 They really are. So sad
Of course they are, they played the game, and had the rare chance to be the dealer, and even tho the government knew they were at a disadvantage, they played it.
Good movie interviewing those (of many) who privatized profits and socialized debts. 2008 left them with no damage and (what this movie is not clearly showing) they were exactly the people who created instruments that crumbled 2008 crisis.
120 percent right...
Blacksmith theo
Harlingen holland the
People bleed...they
Drink champagne....
On their yachts ...
Give Inside job a watch instead of this sensationalized shit
Facts
It’s hard. And sad it feels like history is about to repeat itself again. This year or very soon.
You are very correct. The biggest financial collapse the world will ever know is on its way. And the same people behind 08 are behind this orchestrated collapse.
You're god damn right! (with Bryan Cranston voice)
Ain't no lie, I hear people talking about it's booming........... it's more like a castle built on quicksand. I think something is coming again, I can't shake the feeling. Nobody learned their lesson last time
Absolutely
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Vice and HBO carrying water for the people that caused this. That's like someone take a dump of all over your house, wiping up a little bit of it and then saying "ah, that seems good enough, bye"
Gold. Right to the point
For real. "Look what good guys we were!" Makes me pretty ill. And Dodd-Frank was a joke. We are going to reap the disasters of that act very soon.
Yep This "documentary" is a joke.
Greed is the underlying problem. None of this would have happened if a small group of people with no morals had behaved responsibly and most importantly thought about the average taxpayer.
These "Master's of the Universe" wickedly and WILFULLY constructed the 2008 financial crisis
They didn’t exactly willfully create the crisis….they willfully created the circumstances that birthed the crisis
What an amazing crime story.
Unwatchable. Who mixes these films??? The underlying music is way too loud and distracting. Why does there have to be music when people are talking and you want to listen? Are such documentaries nowadays made for 15 year old kids that need music everywhere to stay interested? Maybe focus on information instead of cutting a music video.
Interesting how they don’t cover that many of these people years before lobbied for deregulating banks - which caused this.
Power of hindsight is all that is. St the time those were good ideas based on free market fundamentalism. We're still basically on they wagon and never got off. Which is why they're regarded as heroes for pretending to save us from what they caused. But hey, critiques of laissez faire isn't allowed.
Bill Clinton was paid off to repeal the glass steagal act so Wall Street could run unchecked
no wonder there all so happy. they're all retired millionaires who didn't have to suffer the consequences of the crisis
Imagine thinking your handyman is calling you and it’s actually Warren Buffet
He said that for effect.
These folks weren’t heroes. They failed everyone. They let this go on until the brink.
True that's what happens when you don't have the good men running your system. There is so much bad people in power that they basically corrupt even the moral and good ones eventually.
It is amazing to think about this moment in time’s impact on the culture in the USA. We like to think that we’ve “recovered.” Financially and economically, sure. Culturally…this is something that will impact our decisions for generations to come.
And, if course it's been going on forever, but the social, racial, etc discourse and aggression really started popping with economic crisis, Republicans (Palin) truly starting Tea Party and racial discourse and Obama coming into the Presidency. These 3 points and lack of manners beginning in Congress (You Lie comes to mind) lit the fire for tDump and 'the forgotten ones ' to not start a class war (super rich against 95% of us) but a social war. What a Shame! AND Wall Street is Back at it with little or no regulations.
Exactly this! Wallstreet is still manipulated by the 1% and what has the fed changed? we are on the cusp of the biggest destruction of the economy and yet no one is willing to look at the facts. Wallstreet is no longer a free market it's manipulated and ran with corruption. Welcome to 2023 the beginning of the greatest depression@@andred3299
Why is that amazing?
We've recovered??
Impact ? you mean Scarred ?
I think the whole Occupy Wall St/Tea Party fallout could have been avoided if some of the big players were sentenced to jail. As Rahm Emmanuel said, there had to be some Old Testament justice and if they weren’t going to loose their bonuses then there had to be an alternative.
It’s astounding how similar the Occupy Wall St and Tea Party movements are without even realizing it. Two sides of the same coin - Americans harmed by the GFC and not being clued in, TRULY clued in, as to why the decisions being made were being made.
Occupy was a lot broader than just 2008, it also didn't exactly amount to anything in the end. It's not like it actually elected officials or changed anything. It still exists in progressive sentiments but there's about it. Tea party was less about the recipients as it was about the bail outs in principle. Bunch of hot air. But then again, that is its legacy, still with us, just hot air and bluster as they happily continue to shovel money out to the usual suspects. That movement got subsumed very very quickly, while occupy in the other hand got dispersed.
This "documentary" is an unbelievable piece of propaganda. Good Lord.
It is funny how the market guys somehow wanted the gvt to step in to support banks. But, Regs since the Great Depression protected investment banks from themselves to avoid unfettered greed. Quantitative Easing is another example of enabling more greed
Print more money, issue more debt, inflate your way out of financial mismanagement. Kick the can down the road. It doesn’t matter until it matters and the whole situation has no resolution. That collapse can be delayed, however the day will arrive.
The effects from 2008 are still here. America never recovered from it. And not a single CEO was ever charged with any wrong doing. Obama was paid off in hush money by Wall Street. He made millions of dollars
Typically American to blame someone else for their mess, or not helping them get out of their mess
Great video! I liked the phrase 'the UK was not going to import the US cancer'😂. But looks like the Brits eventually did, not vis-a-vis Lehman Bros, but the rest of the banking crisis!
The documentary titled "Inside Job" is much better and more truthful than this one.
But not a word about the deregulation caused by Gramm-Leach-Bliley Act, and significantly, though the repeal of that legislation could have been an integral part of the deals, it was never even considered.
I have like 5-6 corporate/financial catastrophe documentaries i like to watch 1-2 times a year. This is one of them, alongside inside job. I love watching both back to back.
What strikes me about this one is just how many times the big players in this (paulson, bernanke, bush, geitner, the bankers) all contradict themselves, sometimes within 2-3 sentences lol.
"I have always been a free market guy, the government should never intervene. But when the market needs almost 2 trillion dollars in bailouts, we need to give the government unspecified and wide ranging powers to save the markets"
The whole metaphor of the squirt gun and bazooka is also such a massive contradiction. "We need these powers but will never use them. But if we dont get these powers, the economy will fail. But dont worry, we wont use the bazooka, we'll just need it to scare people who are scared." And these people used the bazooka as soon as they got it to federalize fannie mae and freddie mac. Like come on...
Fannie and freddie are also part of the contradictions bc of the "implicit guarantee" or whatever they called it. "It diesnt exist in paper, it was just assumed. But no where was it stated that the government would guarantee the loans. So thats why we needed wide ranging government powers to federalize them". I felt like when paulson was explaining the implicit guarantee or whatever he was acting as if this would never ever happen.
They make statements similar to this one time and time and time and time again.
And i think thats what bothers me the most about this specific documentary. The people who created this mess 30 years ago are trynna come off as the heroes because they "fixed" the mess and prevented societal collapse. Its like mass shooters who kill themselves after killing 10 people in a mall and saying "hey at least i killed myself too so i know i was doing something wrong".
Please
The Morgan Stanley dude using his southern aristocrat accent he picked up at cotillion class to act like he had no idea how this happened lmfao "all of a sudden we were looking at all this data" uhhhhhhhhh isnt that the entire basis for investment banking? How the hell did you get to be CEO of one of the largest banks ever and have such a derisive tone towards "data". Makes you wonder what wouldve happened and how bad this wouldve been if Fuld, Paulson, Dimon and all these other clowns actually knew what they were doing. What would the bailouts have been like then? 5 trillion? 10 trillion? I mean jesus christ the fact no one was hung in the middle of times square for this is such a shame
I’d love to know what other ones you watch if you have time to share.
Please share
Good comments. Frankly this particular documentary feels more like an ass covering exercise for Paulson, Bernanke, Geithner and the establishment. "We didn't know", "when the music's playing you gotta dance" and all the other noxious bs is just an excuse for staggering levels corruption on Wall Street and complicity at the highest levels of our government. They knew damn well what was going on and let it happen because they knew the American taxpayer would bail them out.
you have to be a blogger dude
What are the other ones you watch?
I'm curious to know if the day will ever come when an administration will leave the country in better shape than when they took office. Not one has lowered our national debt. Not one.
They increase it like that's the way it's supposed to be.
It seems that every administration spends more money than the last administration before them. The national deficit is going to bankrupt America. And the pension fund debt
There really is no way to decrease the debt anymore. There is no hope in that and I’m not sure we have the ability to grow our way out of it. Obama added more to the debt than all 43 presidents before him combined. Trump and Biden admins are continuing the trend
Another re-upload?
Great film.
I’ve seen this before, and even have family that personally dealt with some of these ‘characters’… many of them were viewing this whole thing as a board game. Many of them didn’t take a hit worth mentioning.
Seriously, ‘rushes on money-making schemes equal ‘bubble’’ and bubbles pop.
Best advice I was ever told, if you see ‘make money quick’ schemes on late night TV… don’t do it, party’s over, and the sharks are circling to eat what chum is left
You see it on CZcams all the time now. I lived through 2008 as a 20 year old. Watching regional banks collapse and the Fed rushing in to help seems all too familiar.
Yup,They competing against each other.The working class are nothing but consumers.
Who mixed the sound on this? The music is way too loud.
I think the series by Frontline "money, power, Wall Street " is the the best perspective on this crisis.
INSIDE JOB / THE BIG SHORT are excellent movies on this.
I look forward to watching the follow up entitled `Panic: The Untold Story of the 2023 Financial Crisis.`
How wrong you were, maybe get off Faux news.
*2024-2025 it’s coming.
I know I’m going to be president? That’s the most dangerous thing I’ve ever heard.
You're telling me that an UNCONDITIONAL $700 BILLION BAILOUT WAS PUSHED BECAUSE A DUDE HAD A BIT OF ANXIETY?!?! Like are you freaking kidding me, this is the DAILY LIFE of the people that the money they were given came from! What in the mother fuck is that. Wow.
58:33 ...and I've thought I have problems ... This meeting OMG 😅😅😅
I'm keeping with me Paulson's quote: they were too big to fail... and he did nothing about it, and nobody has done it ever since... to me it was the beginning of the deterioration of the capitalism as we knew before 2008.
Economic investigator Frank G Melbourne Australia 🇦🇺 still watching this very informative content cheers Frank
One thing is clear. These people think they’re smarter than us and know what’s best for us.
They definitely are in it for themselves and have no concern whatsoever for our interests.
It’s the middle man, those fees are killing the economy. Everybody wants to sell, and everybody wants to buy.
all i want to know now is the trumpet song in the 49 minute
Imagine if they cared about the people as much as they cared about their pockets.
A lesson for the average person to not invest in something you do not understand. NFT's, bitcoin are just other manifestations of this idiocy and greed.
Dont be average
I've been in technology my entire career and agree with this. People are far too enamored with tech such that it robs them of basic common sense. NFTs are a bust and a joke at this point. Bitcoin is basically a ponzi scheme. Perhaps when they wake up and find their life savings has disappeared into the ether and they've been replaced on their jobs by AI or robots they will finally understand where we are now.
The average person or even most intellectual people don't actually know what money is and were it comes from.
Sincerely, I'm not sure if investing at this time is a good option. Pay attention to how often things fall apart. Despite reading charts and predictions from renowned investors from the past and present, I'm still seeking for a better way to invest my money because I still have some time before retiring. I want to create a strong and trustworthy portfolio in order to produce passive income.
Without a doubt, the Fed is to blame for the exceptional catch-up measures currently in place since they were initially too slow to control inflation. The outbreak, supply-chain issues, and the state of Ukraine are all contributing reasons to the impending inflation perfect storm. Not to mention the steep rise in housing costs, another aspect that makes it difficult for the Fed to keep inflation under control. In conclusion, if you have the money, remove it quickly away to take advantage of the high savings rate.
This is the problem! People who have little to no stock market knowledge frequently try to acquire on their own. I had the idea before acting responsibly and contacting financial advisor Sharon Lee Casey in the US, but now everything is different. I started getting amazing returns on my investment.
@James Cooper Do a check on Sharon; she received a lot of coverage in 2020. Okay, I'm not sure if I have clearance to mention anything. She oversees my portfolio and works as a mentor for me.
S C A M
SCAM SCAM SCAM SCAM!!!!!!!!!
In the telling of the greedy tale that almost destroyed all of us globally 😢”not only were they bailed out, they were ungrateful”😂😂 just summed it all up.
I want one of these for the Pandemic
Most people venture into crypto to be a millionaire meanwhile I just want to be debt free
That's very practical and smart goal a wise man once said do everything in your power to get out of debt one of his tips on getting rich
Just do the right thing by trading with an expert, trust me you will be successful and debt free
Starting early is the best way to getting ahead of build wealth, investing remains the priority
@@leahmolly9150True
Crypto currency will outsmart the banking system in the nearest future serving as a global fiat. Already making over 85% of my investment
The best line in the move, "This is a slippery slope to socialism" and here we are in July 2023 with a FED NOW digital currency on the way.. When you look back in time nothing changed, they just kicked the can further down the road, and provided tons of liquidity to the opps.
What they didn't realize and what you aren't realizing is it's describing capitalism. Capitalism requires capital, which requires loans and debt, and the fastest possible transactions so that sanctioned business can be conducted. Welcome to America brother. It's way worse than you will ever realize.
That mad man had no idea what he was talking about.
I wish the government would come to this comments section. So many experts here who can tell them how they would have done it better
the one we're heading into now won't be as easy.
The title claims thus to be an untold story. That, of course, is utter nonsense and misleading. People who falsly advertise videos should be banned.
American Incompetence has continued at all time highs since this crisis
Essentially those 3 guys and the banks CEOs are heroes thats the sense i ve got. They meaning the CEOs didnt want to take the 25b dollars but were like ok if its in public interest we will do it😅
dont forget the part where they were bailed out with our tax dollars. diamon said he would only take the deal if the government pitched in. well, that us. we fund the government
Wow I was born during the recession. Just sad honestly
"If you got bajucka and people know it you have, then you don't have to take it out" - It made my day.
That’s what she said 😆
you don't have a bajucka and the one there is is pointed at our aggregate a$$ that includes yours too. So what made your day exactly?
Bajucka?
Looks like the producer of this video doesnt quite understand. Its not that people didnt understand the response, its that they were angry(rightfully) that the system is set up like that. That was the problem.....and it still is! We are putted against eachother and slaves to the stock market because the only hope for retirement is that they or at least the companies in one's portfolio. The stock market isn't the economy. Often when the stock market is doing well the REAL economy is terrible. Whats the point of keeping them in business for the sake of an IRA or 401K when people can't afford to live now?! I did everything "right" if not more. I contributed a matched 5% of each check for almost 2 decades into a "low risk" IRA. It was wiped out in 2008. In fact it went to negative because I was still being charged "management" fees! I spent the next 12± years doing it again and adding any kind of "extra" money to help make up for it.....and the pandemic wiped that all out. I wpuld have been better off buying Nintendo games! They went up hundreds of percent in that same time. Wealth addicts are ripping the copper out of our society and we call them the "people of the year"....and make films trying to rehabilitate the same types of people that did that their whole lives. The same kinds of people who apparently not only didnt think that home prices would go down, but bet everything that they would keep going up as they had been. The people that caused it, went on to do it again(with bonuses) while those who had nothing to do with it still suffer today. The system is literally obscene!! My only hope is that I die before I reach retirement age and that my life insurance will pay my kids school loans or maybe get them a car. We didn't defuse the "bomb" we just added more fuse. Yes it "recovered" , but recovering means getting back to how something was. How it was, and still is, is the "bomb". We need to change things before it goes bad, not while it is.Rant. rant.
Same here. It's brutal
Leonardo Javier Chile Curicó ❤❤❤❤
It is surprising to see all these characters, these protagonists of the events acting as themselves, but..... Editor: the background music and sound efects were too loud for most of the "movie" that it covered the voices of the "actors".
@42:25 ... just as well. in a few months the UK will be bailing out RBS ... so Lehman would have been too much for the UK
I never saw HBO as the wall street propaganda arm. Until today.
Heavy Lies The Crown...👑
Title should be: "FED, Treasury Postpone Fall of American Empire until 2023"
Subtitle, "Jim Cramer STILL getting it totally wrong"
insane to hear it from the ones who were the one lighting the fire
people who should b behind bars....
r in front of cameras.
Almost 20yrs later, because they put a billion dollar bandaid on it, here we are, yet again. Different characters, same play 😂😂😮💨
All these people are criminals! How many went to jail for their crimes? The bad thing is that they are not done. We’re in a worse spot and this will be insanely worse. They will try to get away with this again but what is coming next no one will be able to escape
Short the market and become rich if its so obvious, genius.
Nobody went to jail because Obama was paid off by Wall Street. He made millions
The music covers what people are saying, as if done on purpose.
Banks should be government run and nationalized businesses, ya wanna gamble and pull shit like this, do it with your own money, not public finances >
Wow, just , wow. I expect that those deeply involved in creating the crisis should find humility, deference, and vow to create a better tomorrow. I was given a great gift at this time to work for a growing company, thriving, an incredible shining city on the hill during this crisis which my family did not have to experience the depths of this problem.
That was a chance for the U.S. to take over all banks. We lost that chance. We bailed out the rich and left the poor in the dirt.
i worked for Triplex in Ireland . A sub of Pilkington UK. It did not take long to realise that managment were responsible for the decline
COMON USA PRINT MORE MONEY
I think regular people understand the problem of being interconnected with corrupt financial companies that if they fail it affects everyone else. Kinda like being held for ransom. It’s unacceptable and being too big isn’t an excuse for the unethical practices of Wall Street.
The amount of fraud and criminal activity that took place during this engineered financial crisis is astounding and they got away with it. And left thousands tens of thousands of people homeless. Unbelievable
And here they are on video with all their friends saying they saved the country. The next generation will never be educated on what really happened. They will be fed propaganda until it happens a couple times to them. American public is no more than sheep
America never recovered from 2008. Wall Street won and not a single CEO was ever charged with any wrong doing. I can guarantee that Barrack Obama was paid off by Wall Street. He made millions
It’s really sad to watch and even crazier to think something much worse could happen… imagine the government didn’t have the money to save our economy? Even though we got robbed the world kept running. If this happens again I fear we won’t be able to “fix” this and majority of people have no idea what could happen.
Jamie : $29 B ? No.
how come i didnt know about this when i was 17?
You're the best. I thank God for your Life
Henry Poulson was a prime mover for deregulation pre crisis?
It reminds me of things that some developing countries doing business look like
@@-TradingCoachUK
Hello my friend
It's like watching drunk driver patting them self on the back for saving life of their passenger in their car ... right after driving through a bus stop full of children killing them all.
Honestly at this rate I wondered what it would have been like if they did absolutely nothing and see if the people be kicking themselves rn for thinking in such a close-minded manner
Dont worry people, "history does not repeat itself, bit it often rhymes ".... 😉
31:37 People stopped mortgage's payments, that was the base of the problem plus bad government regulations regarding guaranty of every mortgage allowing two, three mortgages above each house, it was the crisis already, sooner or later this will be a huge breakdown.
I would say few good men live to somewhat acknowledge all there greed and darkness inside their heart.
Hello everybody from China. We are fxxx up as well here. Take care, bye!
😆
Your more fucked up as at least in the west we have a illusion of freedom.
What a JOKE!!! They caused it all from their greed and they got bailed out to continue to do it!!!
thank you president Bush , hank , steve gaithner
Im curious where this tax payer profit went off to.
The bailout wasn't a giveaway. It was more like a loan (but not really a loan). The government profited on the bailout, to the tune of many billions of dollars. An equivalent bailout for the people would require them to pay it all back plus significant interest.
The bank bailout and the fed's actions did not cost anything, but it did prevent total financial collapse.
Things are about to repeat themselves
Just wait until 2024 if you thought GFC was bad.
That background music is so F*((( loudly
I don’t want to be nice but the moderators say I have to be. I’ll leave it with, “Greedy SOB’s”
Well, at least a bunch of the people responsible were prosecuted and sent to prison,...oh wait,......
Back in 1776 Adam Smith advised that the motivations of capital amount only to extortion. The etymology of the word capital refers to barbarian tribute when cattle were wealth. The word for war has the same foundation. This crisis was the jolt of the dark financial world becoming a major player in the entire global finance structure.
Just out of interest, what happened to all the people who got forclosed and lost their savings, or doesn't anyone care about them?
And the pillars of power shall crumble under their own greed and indifference.