Sunday, March 13, 2011
For anyone out there who is the slightest bit intrigued by the financial crisis of 2008- "Inside Job" The Academy Award winning documentary is a must see. This has been a topic that I have been borderline obsessed with for the last 2 years. I have read countless articles, books and have seen pretty much every interview or documentary available and few tell the story in a more clear & understandable way than this movie.
Why should anyone care about a bunch of finance geeks with their fancy degrees who seem to speak a language that only other finance geeks can understand? Because what happened in October 2008 was the financial equivalent of the "Cuban Missile Crisis" minus the "almost". With subprime mortgages instead of nuclear warheads that were launched on a global scale.
How exactly does a "simple" home mortgage that originated in the United States ultimately bankrupt a country as far away as Iceland? What ever happened to regulation? And why didn't anyone see this coming? All these questions were asked and no one seemed to have any answers.
The film is narrated by Matt Damon and does an excellent job keeping its audience captivated about a topic that few people understand by breaking it up into 5 parts.
1. How We Got Here
2. The Bubble
3. The Crisis
5. Where Are We Now?
"Inside Job" looks at the financial meltdown of 2008 as a product of the human condition and not just as a numbers game. It delves into the ever expanding breadth & influence of the world of Wall Street on Government and education which shapes legislation in its favor.
While watching this movie, a midst all my feelings of betrayal and outrage, I kept asking myself one simple question, if I was in the same position as some of these Wall Street titans making obscene amounts of money by just being in the right circle of influence "Would I have acted any different?" Morality is often more or less ambiguous depending on which side of the transaction you are on.