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Author Topic: "Inside Job" documentary  (Read 1121 times)

azcoyote

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"Inside Job" documentary
« on: March 11, 2011, 12:11:41 am »

After it won the Oscar for best documentary, my local second-run theater was showing it and I saw it last Friday night. This theater also had a pre-screening of Aaron Russo's "From Freedom to Fascism" a few years ago with Aaron on hand--it was SRO--so i try to patronize this place and not just because it's so much cheaper ($3.25). But that IS a factor lol

It's basically a tutorial on how the recent financial crisis happened. I know that most of the folks here probably already understand it, but for those who don't, or want a concise refresher, this is it. It explains how the bill repealing Glass-Steagel (the Depession-era bill which kept commercial banks from gambling with investor money) led to the buying up, chopping up of mortgages which were then traded like candy in a school yard all the while insured by folks like AIG and rated AAA by folks like Moody's. They knew it was a house of cards but didn't care as long as they were making billions and somebody else was caught holding the bag when it all collapsed. It also delves into the incestuous relationship between Goldman Sachs, the Fed and the Treasury.

For the most part, I think this is a movie that needs to be seen by every American. The complexities are explained well enough that most people of reasonable intelligence (even with a public school education) will get it. Despite the subject matter, it's neither boring nor pedantic. At times, it's even entertaining.

One of the interviewees is a madam of a brothel frequented by the money bigwigs including guys at the very top. In exchange for immunity, she handed over her client list to the FBI. Funny, I haven't read in the Wall Street Journal about any of them being charged with any lewd or immoral acts. hhhmmm

Another interviewee was Elliot Spitzer who did get caught with a prostitute and had to resign as Governor of New York. But wait, this was after he had gone after the financial types when he was a prosecutor. hhhmmm

Academia isn't left out. An economist from Columbia University, who had blessed all this trading activity as a good thing for the economy, was asked about his consulting and speaking fees from the big financial companies which were listed in his resume. He got testy and eventually said, "This interview is over NOW!"

I think my only real criticism is that the movie didn't go into the push to give any and everybody a mortgage during the height of the housing boom, referred to as Ninja loans--No Income, No Job, no Assets. It didn't matter even if you were here illegally. Folks at like Countrywide and Well Fargo knew the loan was going to be sold and chopped up. As long as they got their cut, they didn't care.

I refinanced my mortgage back in 03 taking the interest rate on my VA loan down from 7% to 5 and 3/8. The woman at Chase asked me if I wanted a home equity loan for repairs, a new car or whatever. I thought about it as my house is old and even still needs some work. But deep down I knew I'd probably blow the money on something frivolous. So I declined. I can still remember the look of relief on her face as she said, "Yeah, you can do the repairs a little at a time. Save up for them" SHE KNEW! She knew what was coming and how many people were going to be in trouble. She had to ask me because it was her job to. It wasn't until years later that I remembered that look on her face when I said no. Too bad she probably wouldn't have had the guts to talk me out of it if I had said yes, knowing my income. Ironically, now I maybe would like a home equity loan to refurbish the house, but I probably can't get one.

I think this movie came out on DVD this week. I'd encourage everyone to rent or Netflix it and share it with others. We the People need to demand that the "banksters"--as Dylan Ratigan calls them--be held to account. I wanna see some perp walks at Goldman Sachs, and at Wells Fargo and BofA, and at the Treasury and Fed, and at Freddie and Fannie, and at Columbia and Harvard, and in Congress and...

Yeah, yeah. If wishes were horses...we'd be French eating horse steak at $.50/lb instead of ground beef at $5. lol

Coyote

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