We saw “Inside Job” today. It’s the sobering documentary on the fiscal crisis of 2008 narrated by Matt Damon and populated by a handful of interviewees who quickly asked themselves why they said yes! I spent a good part of the rest of this afternoon and evening wondering where my retirement funds would be safest: basement or mattress?
From Academy Award® nominated filmmaker, Charles Ferguson (“No End In Sight”), comes INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia.
I can summarize Ferguson’s conclusions in a few short words: deregulation, conflicts of interest, incompetence, greed.
Actually I should have listed greed first. As the movie points out then points out again… and again… and again, when the bottom fell out those who greased the skids escaped with everything while the rest of us (and in this case us it is truly everyone–this is a worldwide meltdown) were left holding the bag!
There’s no doubt this movie has a progressive (aka: liberal) point of view. Still, plenty of blame is placed firmly on the Clinton Administration. The root of evil seems to be the three sided revolving door connecting the financial industry, financial regulation within the government and Ivy League academia.
Time-after-time quotes were provided from experts who supported what our massive financial industry was doing. The quotes kept coming right up until the moment the system failed! The support of these government leaders and academics gave the crooks on Wall Street legitimacy and cover.
Are the experts still running the show? Yes. Are they still flush with cash? Yes, again. The only thing they’re missing is a conscience.
The movie is as sobering as it is disturbing. I can’t recommend it enough.
Addendum: We saw the movie at Cine 4 in North Haven. I’ve written before how Helaine and I like to go to this independent theater which often shows quirky smaller films.
Today as the previews played I noticed the projector was slightly out-of-focus. It wasn’t horrible, but I’m a stickler for sharp focus. As the opening credits ran and the problem remained I went and told the only employee I saw of the problem. It was never fixed.
We’ll be back, but it’s troubling this problem wasn’t addressed.