I strongly recommend a documentary film, "Money For Nothing: Inside the Federal Reserve". The film and its trailer are available at Amazon.com (http://goo.gl/PE5TUD). Last year, I watched this film several times. This video will cultivate your understandings of Federal Reserve Bank and financial crisis in 2008. This one was free when I watched last year, but it requires a payment. If I find enough people interested in this film after watching the trailer, I will find ways to show this video in my facilitator week (week2). Please leave a comment after watching the trailer.
I also suggest all classmate to give a brief glance to "The Financial Crisis Inquiry Report" (https://goo.gl/XNQbnu). This report was officially written by The Financial Crisis Inquiry Commission under the U.S. government. In the report, the commission presented succinct conclusions why the financial crisis happened. Interestingly, the commission acknowledged that the financial crisis in 2008 was avoidable. Please share your comment how this report changes your original knowledge towards the Financial Crisis.
The commission stated "the public stewards of our financial system ignored warnings
and failed to question, understand, and manage evolving risks within a system essential
to the well-being of the American public"(PDF file 18 page out 663). This part of conclusion leads me to think "Did Ben Bernanke do a great job as the chairman of FRB before the Financial Crisis?" (He was appointed as the chairman in 2006). If the Financial Crisis was avoidable and Ben Bernanke was the one leading the FRB just before the Financial Crisis, shouldn't Bernanke partially deserve blames for letting the Financial Crisis happened? The following article from Chicago Tribune might expand your insight (http://goo.gl/jyQvzi)
I do not negate Bernanke's great job on preventing further recession. However, I would like to discuss whether Bernanke only deserves credits for defending us from the Financial Crisis. What is your opinion?