I just watched Inside Job. I am infuriated.
I am no mathlete but it was simple to grasp the gist of the film.
Inside Job, details the inner workings, corruptions, and downfalls of the American financial system that led the modern day recession that has affected markets and society worldwide.
Some critics argue that I.J. is a leftist film, made for leftists- propaganda waiting to be primped, prodded, and widely promoted by the media. More, some critics suggest that the finger should be pointed at the government errr and not (solely) Wall Street.
Here’s what I learned:
1. Wall Street guys and gals made stupid, stupid decisions. Financial executives took financial risks that were economically foolish without care because
-there was zero accountability
-foolish risks = fatter pockets and handsome bonuses
2. Wall Street’s elite made money via bad loans and advice. Wall Street advisors and consultants offered shoddy counsel to investors in order to profit. These advisors’ deceitfully profitable actions were carried out void of shame because when the investments went wrong, consultants, once again held zero accountability. Now the thing about zero accountability is that ultimately, advisors are allowed to keep the money that they made by shelling out shoddy advice in the first place. Sounds like a win win situation, doesn’t it? Consequentially, the average, 90% of American taxpayers, feel the lose lose effects of zero- accountability-Wall Street-risks-and-profits. Like clockwork, the American average pays and has paid for the Street’s risky business, literally and financially, time and dime again.
Inside Job‘s Director Charles Ferguson, summed up the financial mess by stating “It’s really quite simple what happened. It was a bank robbery…committed not by somebody walking into a bank with a gun but committed by the president of the bank.”
Some of these bank-robbing presidents weren’t fired from their high posts. Instead, CEOs were allowed to resign and keep the tens and hundreds of million of dollars they so deceitfully diligently umm “earned.”
3. Shifting across to government, the financial industry spent over 5 billion dollars on lobbying and campaign contributions. Why? Because those who make all the change (profit) don’t want any change (progression).
In comes Obama.
The man who promised change (progression) only shelled out a couple of pennies. In other words, the Obama administration has not drastically reformed the financial sector as promised. So Wall Street’s risky business is still in business.
Robert Gnaizda, a social justice advocate and idealist reformer serves as one of I.J.‘s commentators. Towards the close of the documentary, Gnaizda critiques the Obama administration, “There’s very little reform.” His interviewer rebuts, “How come?” Gnaizda’s famous response: “It’s a Wall street government.”
President Obama appointed the same Wall Street elite -who contributed to the fiscal fiasco and/or worked on Wall Street during the financial meltdown- to his administration.
Riddle me this: how do you make change (progression) when those you elect to your inner circle are the very individuals who emptied the piggy bank in the first place?
Inside Job is now available on DVD and various online streaming services.