But, as a free marketeer, I believe banks that have not taken public money should be able to do as they please within the law. I wish Frank were given more of a grilling, like the ones Frederic S.
As someone who worked in the treasury field, I had a front row seat to this banking crisis in the fall of So I think the government has to tread a fine line between bringing in regulation bit by bit, and regulating all at once.
Transcript This is a rush transcript. Although some men are shown in handcuffs, there appears to be very few consequences for those who purportedly caused the crisis.
Subprime loans led to predatory lending. Geithner became Treasury Secretary. Ferguson traces the evolution of the banks from a small, largely local service to an out of control industry.
And if there are loopholes and rules that can be bent and arbitrage to be had, they will take advantage of it. So, I think that we unfortunately can expect to see a continuation of this kind of behavior.
He is the author of Hedge Funds: I thought the film also brought out well the "capture" of regulators, politicians and academics who all became cheerleaders for the continued deregulation of finance that began under Ronald Reagan and that culminated in the great crisis. Positive Positive—A powerful eye-opening recounting of what led up to and caused our economic crash.
Another angle missed by the film was the role of accounting firms. As Ferguson notes, Wall Street has returned to normal with no federal prosecutions against any of the guilty.
The three biggest ratings agencies contributed to the problem. For this reason, the movie is not suitable for young children. The corruption of top US economists and their complete lack of awareness of what they had done was truly shameful.
Glenn Hubbard is now a senior economic adviser to the Romney campaign. The rules governing such banks should stipulate the requirements to consider when issuing mortgages to clients. He graduated from West Point, served in the first Gulf War, and then became a software executive before entering government.
Charles Ferguson, your response to President Obama? Yes, this is a problem that I think many Americans remain unaware of. This is made all the more unsettling by the fact that this is not an action movie; this is real life. We elected a president who was sent to prevent the problem from happening again, but instead he appoints many of the same people who set up the situation and profited from the first round.
There is a lot of cronyism out there, and people who criticised regulation did end up in the Obama government. The schoolyard bullies need supervision. Congressman Barney Frank is portrayed positively, even though he denied time and again that Fannie Mae and Freddie Mac were in awful fiscal shape.
Please attribute legal copies of this work to democracynow. It goes further to create a critical platform that allows the viewer to make certain judgment concerning the key players and to project a probable outcome in the coming years.
We now know that many of the lenders and investment banks were dishonest about their own financial positions, concealed the potential size of their losses. And even while serving as president of Harvard, he began making large numbers of speeches to financial organizations for very high rates of pay.
If you consider skipping it because it sounds boring, please think again. Comments are made about men who went to strip bars, hired prostitutes or paid for lap dances for their business associates. Willem Buiter—Chief economist for Citigroup. Barney Frank—Democratic Representative for the state of Massachusetts who has served in the 4th congressional district since The film is not partisan, and both Republicans and Democrats stand accused of allowing unwise deregulation to occur under their watch, which freed the feral beasts of financial liberalization.
Henry Paulson and Timothy Geithner decided that Lehman must go into bankruptcy, which resulted in a collapse of the commercial paper market. And we now have extensive evidence that the senior managements of a number of the banks and investment banks were extremely, explicitly warned that their financial controls were inadequate and that their accounting was fraudulent, and yet they continued to certify their financial reports.Feb 02, · Watch video · 'Inside Job' provides a comprehensive analysis of the global financial crisis ofwhich 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/10(K).
Inside Job (Cast & Crew) Director. Charles Ferguson. Writers. Charles Ferguson, Chad Beck, and Adam Bolt. Narrator.
Matt Damon. Synopsis. The documentary is split into five parts. It begins by examining how Iceland was highly the Internet Stock Bubble burst because investment banks promoted Internet companies that they knew would.
Charles Henry Ferguson (born March 24, ) is the founder and president of Representational Pictures, Inc., and director and producer of No End in Sight: The American Occupation of Iraq () and Inside Job (), which won the Academy Award for Best Documentary.
The film Inside Job offers in-depth evidence of the complex relationship between government and business by showing how business under the auspice of capitalism and government under the mantle of democracy is collusive and incestuous in their ultimate pursuit of profit and power.
The investment banker "Inside Job ignored the enormous level of consumption by ordinary people that drove debt levels so high. The film suggested it was the bankers and the politicians who were driving the collapse – and fair enough, there was some mis-selling of mortgages.
But it wasn't just mortgages: it was bank debt, credit-card debt, car loans. Charles Ferguson, the founder of Representational Pictures and the director of Inside Job, is a filmmaker, writer, and political scientist.
A native of San Francisco, California, Ferguson obtained a B.A. in mathematics from the University of California, Berkeley in and a Ph.D.
in political science from M.I.T. inDownload