It's Friday Night! Party Time!   Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!

Tonight's video is Frontline's financial crisis documentary, Money, Power & Wall Street, Part I.

This documentary is skewed and while interesting, seems to favor JPMorgan Chase and Wells Fargo. There are some issues in the documentary which are seriously flawed, probably the worse of which is a favorable skew towards Obama and Geithner. That said, the documentary is generating a lot of talk, but before you watch it, we suggest reading Naked Capitalism's scathing commentary.

Frontline's Money, Power & Wall Street, Part I, Ch. 1

Frontline's Money, Power & Wall Street, Part I, Ch. 2

Frontline's Money, Power & Wall Street, Part I, Ch. 3

Frontline's Money, Power & Wall Street, Part I, Ch. 4

Frontline's Money, Power & Wall Street, Part II, Ch. 1

Frontline's Money, Power & Wall Street, Part II, Ch. 2

Frontline's Money, Power & Wall Street, Part II, Ch. 3

Frontline's Money, Power & Wall Street, Part II, Ch. 4

If you have problems playing the video or the next chapters do not show up, here is the direct link.

We were here writing as the action happened. There are moments in this documentary where one will say, out loud, bullshit. Just take one issue. The documentary acts like derivatives were just this grand, innocent plan to mitigate risk, born out of innocence at a conference. This view is just absurd and anyone who knows anything about mathematics, probability and statistics knows it's absurd. Writing fictional mathematics that have such bad computational complexity as a financial product, clearly on purpose, is not our idea of saving the world or even innovating. The only innovation here are lies with math in our view and unfortunately derivatives are still going on as are unregulated insurance products such a credit default swaps. There too, the mathematical model is simply invalid, yet nothing is done to ban such fiction. Frankly many derivatives are snake oil bottled up in a new form, complex mathematical equations.

Anyway, enjoy, at least the narration is dramatic.