In the film “Inside Job,” Matt Damon narrated a documentary that tells us the unstable systems led the global economic crises of 2008.
Since the global financial meltdown happened in 2008, it resulted in the damage of environment, and it caused in millions of citizens lose their jobs and homes. The documentary showed the institutions that caused the crises, the people involved, and what they did. This documentary depicted the people who caused the financial crisis, especially the bureaucrats who belonged to the Bush administration and famous economics professors refused to interview such as Harvard University and Columbia University. In September 2008,Lehman Brothers filing for bankruptcy and the collapse of the largest insuranceAIG shook the US economy. The global stock market will soon wane with WallStreet shock. The world has been inundated by tens of trillion dollars, and theglobal recession has continued. As the bubble burst, house prices and assetsplunged, 30 million people fired, and 50 million people became poor.
However,this was not a mere accident. It was an obvious crime created by the financialindustry out of regulation. The indiscriminate expansion of the US financial community,which began in the 1980s, led to a serious and continuous financial crisis. Atthat time, the damage was bigger, but Wall Street made more money. The film began with the story of Iceland, which is called the Scandinavian country of Scandinavia and has received worldwide attention. In 2008, the financial crisis in the US caused the stock price to fall by 90% in one day, the monopoly of monetary value, the bank loss of 100 billion dollars, and the per capita national debt of 400 thousand dollars. Interviewer Professor of economics at the University of Iceland criticized the government’s deregulation of the economy, the privatization of the banking sector, the bubble economy, and the moral hazard of financial firms and politics.
The global financial crisis in the United States has been the beginning of the crisis as the financial management supervisory bodies and government regulations to control and supervise financial institutions have been relaxed and their policies have been largely regulated for their own interests. It dated back to the 1980 Reagan administration.In the Clinton administration, as the legislation to separate investment banks and commercial banks was abolished, Wall Street was able to easily create market bubbles without any constraints and complex “derivatives” without any restrictions, (AAA grade) bonds to earn money. As soon as the bubble of the market is turned off and the garbage debt is revealed, thousands and millions of innocent citizens lose their jobs and homes, and the damage is not only to the American people but also to the people of China, Europe and Asia to which the economy and finance are connected. I could not help it. Only the ‘top 1%, enjoying their own, the festival of those who have’, rather they are absurd to get more money and social status due to such opportunities.
The film told us that the world is lack of interest in moral life. The prominent economists who wrote letters and interviews to suit the tastes of financial lobbyists and Wall Street CEOs, politicians, and possessors who are in charge of the financial crisis and who have encouraged the common people, No one was responsible for any of these events. Rather, the President changed and changed to the current Obama administration, but those who are responsible for the financial crisis are now the mentors of the administration. The financial crisis was a disaster that could be avoided. In addition, it was a huge fraud that cost more than $ 20 trillion.
Nonetheless, no one has gone to jail until three years later. Therefore, we hope everyone can agree that there are some people to be accountable, and that restoration is more important. The serious thing is that this is not just a matter for the US financial community. The financial community lobbied the political world in favor of their own legislation, used various drugs and prostitution as corporation cards, and claimed that their money was “legitimately” The uncomfortable truths are happening all around us. The financial crisis may recur when such moral hazard, absurd profit structure, and system do not improve.Although countries around the world are strengthening regulation and supervision to prevent the recurrence of the economic crisis, various system reforms are being pursued, but attempts to stimulate the economy by ignoring the automatic control function of the market and using large fiscal expenditures. It is necessary to ponder whether or not it will cause a bigger crisis.
Financial industry was high paid. Even though the banks failed, the back executives were making more dollars in the period. Due to the economic depression caused by the financial crisis, citizens lost their jobs and die for hungers. However, the so-called financial elite of Wall Street sucked cocaine from the club every night and spent $ 1600 per hour prostitution from company money and enjoyed a luxurious life. It was shown to the audience without a single censor.
The financial system designed to make human life easier has been completely altered for the people in the system. Therefore, this society has been running to meet the luxury life of financial people by sacrificing the citizens who work hard for the social economic. People in financial world did not worry about the financial company’s money, but they used black cards for prostitution. In order to hide these details, they made a receipt for counterfeiting the money prostitution for computer repair and financial research. Despite the financial regulations, the underlying system remains unchanged. The main detainees who have caused the world recession with the US are still in power, and there is no hope citizens even though they are struggling.
The executives pursuit of excessive material needs and neglect inner mental value. Therefore, we hope that this document should change this situation and the wrong world.