Gaia Community

compassion, collaboration & cooperation iN transistion

How did we end up in this terrible financial crisis? Here's the movie that uncovers this sad story.

'Inside Job' is the first film to provide a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.

Rating:
  • Currently 0/5 stars.

Views: 74

Comment by Michael Grove on January 6, 2011 at 17:14

Blame for the global banking crisis is variously apportioned to greedy bankers, lax supervision and incompetent management.

But many of the financial industry's excesses flow directly from the political cover given to its activities, especially in the US and Britain, since the Thatcher and Reagan years in the 1980s.

Within a year of Big Bang in 1986, when the City was deregulated, it became conventional wisdom to believe that management of the economy was best left to global market forces. The mantra of the market became even more pronounced when the Berlin Wall fell in 1990 and the Soviet empire collapsed soon afterwards.

Western capitalism had triumphed in the life-and-death struggle against communism; what is more, the capitalism that emerged victorious was the red-in-tooth-and-claw variety that believed in unfettered free markets where a huge derivatives industry (mortgage-backed securities being but one small part) was allowed to grow up largely unchecked and unsupervised.

After the crisis of recent weeks and months, few believe that capitalism isn't in need of urgent reform. A return to the protectionism and nationalism of the 1930s would be to see the pendulum swing too far the other way. But expect some fairly major adjustments, not tweaks around the edges, in the months and years ahead.

Comment by Michael Grove on January 6, 2011 at 17:29

The red-in-tooth-and-claw variety of economics that believed in unfettered free markets where a huge derivatives industry was allowed to grow up largely unchecked and unsupervised ...

 

INDEED

Comment by Michael Grove on January 6, 2011 at 17:35

The corrosion of character

Archbishop of Canterbury, Dr Rowan Williams, sociologist Richard Sennett and writer Susie Orbach discuss whether the free-market model has created a moral vacuum

Comment by Michael Grove on January 6, 2011 at 18:22
A NEW ECONOMICS that works for business, families and the planet.
Comment by Michael Grove on January 11, 2011 at 16:18

The SOUND of AIR ESCAPING

 

Altogether, the bailouts succeeded in preventing an immediate meltdown of the national (and potentially the global) financial system. But they did not significantly alter the culture of Wall Street (i.e., the paying of exorbitant bonuses for the acquisition of inappropriate risk via cutthroat competition that ignores long-term sustainability of companies or economies). And they did not relieve the underlying solvency crisis faced by the banks—they merely papered these problems over temporarily, until the remaining bulk of the “troubled” assets are eventually marked to market (listed on banks’ balance sheets at realistic values).

 

Meanwhile, the U.S. government has taken on the burden of guaranteeing most of the nation’s mortgages, in a market in which residential and commercial real estate values may be set to decline much further than they have already done.

Comment by Michael Grove on February 13, 2011 at 12:50
Comment by Michael Grove on February 13, 2011 at 12:51
Keiser Report - Episode 31
Comment by Michael Grove on March 6, 2011 at 8:29
Comment by Michael Grove on March 6, 2011 at 8:29
Keiser Report - Episode 124
Comment by Michael Grove on March 6, 2011 at 8:38

Just watch Episode 124 of the Keiser Report, below,  as evidence of what appears to be

 

"the dissemination of mis-information" by the vendors of ...

AUTOCRACY, DESPOTISM, NEPOTISM and CRONYISM

 

and consider the possibility of those vendors' influence and the consequences of that influence

on the YouTUBE statement that ...

 

"This video is no longer available because the YouTUBE account associated with this video

has been terminated due to multiple third-party notifications of copyright infringement."

 

THEN GO to watch a.n.other VERSION of the trailer HERE

Add a Comment

You need to be a member of Gaia Community to add comments!

Join Gaia Community

© 2020   Created by Michael Grove.   Powered by

Report an Issue  |  Terms of Service