Inside Job is a documentary from Charles Ferguson, the Oscar-nominated filmmaker behind No End in Sight, a documentary that pondered the long-term impact of the U.S. invasion of Iraq.
With Inside Job, Ferguson once again performs a much needed public service, piercing the veils of mass media and politics in order to offer a comprehensive and accessible look at the root causes behind the 2008 global economic crisis.
Politics were raging back in 2008, but no matter what side of that line you stood on, all Americans (and many citizens of the world beyond American borders) were gripped by fear as the American economy (and thereafter the global economy) ground to a halt with the collapse of AIG, one the largest insurance corporations in America.
In the 1980s, the markets and financial services were deregulated, and the driving force for this liberalisation was Alan Greenspan, formidable chairman of the US federal reserve board from 1987 to 2006. Banks and loan companies were freer to gamble with their depositors' money; they were themselves freer to borrow more; they were free to offer investors dizzyingly complex financial instruments, with income streams from different debts bundled up, including high-interest home loans offered to high-risk borrowers – the so-called "sub-prime" market that offered mouthwateringly high returns.
With "Inside Job", Charles Ferguson has done what so many world leaders and economists could not: explaining how Wall Street cause global economic near-collapse in clear, concise terms that any layman could understand.
With methodical precision, Ferguson looks at American investment policies of the past decades and how those policies were deregulated over time, giving rise to an age of speculative investment banking, high-stakes trading, and the mad-dash for big fortunes which fuels it all.
The documentary does not get bogged down in the illusions of politics, rather it pierces that veil to reveal the truth: that there is very specific sector of American industry that has repeatedly proven toxic when left unregulated and unattended. To quote a great man, “Cash rules everything around me…” Politics be damned.
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