It’s two hours… In particular, listen to the couple of minutes starting at 12:30 in. Then listen to 6:30, and 42:30, right around 50:00 and then again at 70:00 and finally, at 78:00 in.
Pay attention to what’s being said here.
First: The assertion is made that the lenders and holders of the notes were paid in full. That is, they have no economic damage from the default (!) due to the way they structured the deals.
Second: The assertion is made that there was fraud in the inducement in all of these loans, in that there is an implied duty of dealing in good faith in all contracts that was violated by the banks that made knowingly bad loans – which we now have sworn testimony on. While this is not settled by any means, there is currently pending litigation on this point, and if this approach wins, well, then you go – those contracts are voidable.
Third: The allegation is made that the banks were not stupid – they knew the mathematics (as we all do now) and intentionally crashed the market. That just compounds the second point.
He aslo has charts on the growth of US money supply and debt here