Inside Job: A Must See Movie

One of the most dispriting things about Inside Job, the new documentary/advocacy film by Charles Ferguson who made No End In Sight, an inside-the-war documentary of the Iraq invasion, is that it is just just ooooold news and yet is still so shocking.  It is a quick history, with many interviews — some of them (properly) contentious– of the 2008 financial earthquake: the housing bubble, predatory lenders, get-rich-quick schemes by the major Wall Street Players, the complete lack of oversight or even common sense evaluation of what was being done.  The scoundrels are there – almost all still in positions of power and influence instead of behind bars.

Most of us have known this.  Many (Tea Partiers) have been angered into apoplexy at completely the wrong people yet still there has been no mass movement surrounding and sitting-in at the Federal Reserve, Wall Street’s trading floor or the White House.  The film ends with a prediction that it will all happen again, unless we fight to change the game.  It’s like smelling the whole elephant dropped mess, instead of along the road as we walked it, all piled, putrefying and combusting into another explosive mixture.  The only thing that might work to settle you down as you leave the film is a clean bath in pure alcohol.

Nevertheless, this is a Must See Movie.  You’ll have a better sense of CDOs, how the supply-chain of toxic loans worked, and drove the predatory lending.  You’ll delight in the fidgeting and circular responses of some of the interviewees.  You will learn how deeply implicated in the money trafficking are the top business schools.  So called “academics” are on Corporate Board payrolls to the tune of millions a year.  What sort of advice would they be expected to give?  You’ll be reminded how President Clinton and his own Wall Street cronies hopped on the Reagan de-regulation bobsled and said faster! faster!

There are a few stand-out men.  George Soros, Nouriel Roubini, Eliott Spitzer.  Christine Lagarde, Minister of Economy, Finance, Industry & Employment of France makes an appearance and reveals some telling meetings with the bluster boys.  Lee Hsien Loong Prime Minister, Republic of Singapore knew, and worried. Raghuram Rajan, chief economist at the IMF warned them all.  Plenty of people knew, contrary to what the culprits claim.

Mostly you’ll be re-stunned and angry and walk out asking yourself – what in the hell can be done. Don’t believe me? Watch the trailer.

It would be great to start a campaign to send copies to every member of Congress and several hundred to the White House.  At least some curious staffers will watch their “Change” boss wading in the same stinking waters as those who went before him.  It is truly an awful 15 minutes at the end of the film to watch Obama smile, shake hands and bring into his administration that same crime figures that nearly brought the world to its knees.

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