Original post made
by bru, Crescent Park,
on Oct 31, 2010
I'm still so seething from the facts presented in this documentary on the financial crisis and the response ... or lack of response we have seen from the new administration that I cannot write a calm logical review of this movie.
I highly recommend it though, and would love to hear comments by those who have already seen it and what they think of it.
"Inside Job" was done by the same group who produced "No End In Sight" about the Iraq war, which turns out to have been very accurately done. "Inside Job" interviews or excerpts many of the players in this national/international disaster, and names those who refuse to be interviewed as well.
I'm still stuck on the idea that none of these CEO's or corporate officers were charged with any crimes, and their bonuses are still flowing, and their tax rates are way below anyone in the middle class.
See this movie! 5/5 stars.
Posted by Answer
a resident of Meadow Park
on Nov 2, 2010 at 5:54 am
Wait a sec: this is not about a 'team' winning or losing, or what a "team" did or didn't do ( Repubs and Dems).
Aside from the lack of understanding of what led to the economic melt-down ( yes indeed, Virginia, there really were lowered lending standards for mortgages and credit which, in part, led to the meltdown), there is a gestalt of governance that we strayed from which led to the economics of today.
This is about a philosophy of government that affects all aspects of our lives, including economics.
Yes, there was a Repub President and at least 1/2 the Repubs in Congress who were too far to the left in government philosophy for people like me...the more they grew government, the less happy we were. There was a reason the "polls" started declining for Bush in the second term. A lot of us gave Bush/Repubs a pass from the first term because of the crisis of 9/11 ( which he responded wonderfully to, and for which I will forever be grateful). But int the second term, we watched in dismay as social security, Medicare, borders, health insurance reform not only didn't happen the way we hoped, but what DID happen was exactly the opposite of what we wanted. The media and RINOS kept getting it wrong..they kept saying our government had to move more to the left to "please the people", but the more they moved left, the less happy we were, because most people THOUGHT the problem was the RINOS were too far to the right, when the real problem was they were too far to the left, walking hand in hand down the aisle of growing government power. It had the most to do with the economics/regulation of the Bush-type Repubs going along with every Democrat for such programs as doubling Federal education funds and FEd regulation in something it shouldn't have anything to do with ie No Child Left Behind, doubling Medicare costs in drug benefits, tax-based backing of bad mortgages under affirmative-action lending which lit the economic wildfire when they collapsed, fanned by bail-outs we didn't want to companies that should have been allowed to fail so that successful ones could rise to the top and we could learn from them.
However, elections have consequences. The good news is that McCain was not elected, and the country has seen what a full-left rule looks like. A lot of Republicans were fed up, and either stayed home, or even voted for Obama in order to let the country learn what full leftist control looks like and make sure it was truly named...Democrat, not Republican. A McCain "victory" would have simpl led us more or less down this same path, not quite as extreme, with more or less the same consequences, but people would have branded it "Republican", delaying our recovery. McCain was even more to the left than Bush, and would have continued to destroy the Republican " brand", much like Schwarzzie here, while providing "cover' for left-wing policies to continue to run amok. ( like Bush did in his last 2 years). The country got what it voted for, a far-left ( or whatever you want to call socialist/marxist philosophy) takeover, with absolutely not one shred of ability from anyone to the right of Obama, dem or repub alike, or the leaders of the Dem party to stop anything or provide any cover for culpability.
The country was mad at spending..so they voted in someone who quadrupled down. Mad at war, so they voted in someone who doubled down on it, with no plan for victory...mad at "regulation" ( misnamed "lack of regulation" from ignorance not understanding it was the opposite..new and more bad regulation), so they quadrupled down on it
( still learning, though..not one new regulation has applied to Fannie Mae, Freddie Mac, Ratings companies, or the Community Reinvestment Act...the next wave of disasters from these are coming)...mad at bailouts; so we doubled down on them...you can complete the list.
Thus, the Tea-Party was born, and it has opened the eyes of many Republicans, Independents and Democrats alike, pulling our entire country back toward the Constitution and capitalism, a system which has worked best when worked close to the bone of our Constitution over the years, and works least when we stray from it.
So, in the end, while an envious world wanted us to fail, and thus always supported the candidate and policies most likely to lead to our suffering, we and the world have seen what happens when we stumble. When we go down, we bring all down with us, especially the poor and minorities, while our greed and envy take aim only at the "rich". The world, and we in the USA, can't wait for us to recover, so they can go back to better economies and have more time to berate us, and we can go back to being "the bad guy" while all, including our poor and minorities", can get back to working and dreaming.
In the meantime, the only ones who have gained are those at the taxpayers' expense, and big corporations who are "friends" to this government ( "green" companies, Unions, the biggest banks who got our money in TARP to buy out smaller ones, the biggest health insurance companies who can now squeeze out smaller ones easier, the biggest health care conglomerates which can now squeeze out the small guys easier...ever notice what has quietly happened over the last couple years with our own PAMF?) There are a few more, but I gotta get to work. They will fight us tooth and nail, and it is very obvious even in this election who they back.
Posted by Carol Brouillet
a resident of Barron Park
on Nov 22, 2010 at 8:57 am
Carol Brouillet is a registered user.
The documentary, Inside Job, written and directed by Charles Ferguson, who also did an excellent documentary on the Iraq War entitled No End In Sight has created a visually stunning, insightful film, demystifying the economic jargon to reveal the sheer criminality of today's financial system. This film is an indictment of a system and the players who have been writing laws, dictating policies, conducting fraud, and robbing the vast majority for the enrichment of those at the top of the financial, governmental, academic institutions.
It begins in Iceland and slowly, carefully explains what happened to the small island nation when it opened itself up to the international banking industry and country's economy shifted from actual production to finance. A similar pattern, on a much grander scale is described as the story expands to tell the history of banking and finance in the United States. As a researcher, writer, monetary reform activist, I cannot say that every aspect of money and finance is covered in this film. It doesn't really plunge into the intricacies and problems with the debt-based monetary system. In some ways, it reveals only the tip of the iceberg, but it is an awesome, penetrating view at the most visible, egregious, comprehensible aspects of the financial system. There are clear, beautiful graphics to make it understandable for those who have little knowledge about the arcane credit defaults swaps, sub-prime mortgage loans, derivatives that the economists are always talking about when they toss around unfathomably large numbers.
There are some outstanding interviews, interspersed with various revelations to add many dimensions to understand precisely the role of academia in selling "the impeccable appearance of trustworthy governments and individuals." In narrating the story of the Savings and Loan Crisis in the 80's, there is a brief mention of Charles Keating's hiring of Alan Greenspan to do a study on direct investments which Keating used as evidence that his investments were beneficial to the savings and loan industry, not harmful, prior to his conviction for fraud, racketeering, and conspiracy, which cost the government over $3,000,000,000 and left 23,000 customers holding worthless bonds.
I saw this film when it first came out and hope to see it again to write a more detailed review, since I think it is one of the best teaching tools we have to expose the criminalization of the financial industry and the need for systemic change. The film does not go into an in depth, historical look at the Federal Reserve System, international banking, the BIS, how money is created, or the plans for a new global currency, although if the speculative bubbles keep growing, that is obviously the next step, and also the number one story (Global Plans to Replace the Dollar) in Project Censored's latest book- "Censored 2011: The Top Censored Stories of 2009-2010.″ Those who have been looking deeply into the money issue and monetary reform are the American Monetary Institute. Jamie Walton, who helped organize the past two AMI Monetary Reform Conferences will be coming to the Bay Area and speaking with Peter Phillips and Mickey Huff, editors of Project Censored's latest book, on December 2nd at 7 pm at BFUU (Cedar and Bonita) in Berkeley. To follow what is happening now, I believe Michael Hudson, author of Super Imperialism - The Origin and Fundamentals of U.S. World Dominance (His website is Web Link ) is one of the most succinct, clarifying voices, an oasis, in the desert of a thoroughly discredited profession.
Here's my short review for Inside Job-
There are many facets to a long story which spans many decades and involves both Democrats and Republicans, those who tried to blow the whistle and those who were silenced, those who made millions, and those who were hit and had to pay the price. The story is far from finished, as those most responsible for the crisis, have made out like bandits, expanded their wealth, their power, and no one has been held accountable. In the next round, the damage is likely to be even more severe, unless people do wake up and organize to stop them. The film is a call for action, and should be seen by everyone who cares about their lives, their future, the planet.