Skip to comments.The economic crisis was an 'inside job'
Posted on 10/13/2010 6:35:54 AM PDT by Sakity Yaks
If you haven't been humming tunes from "Les Misérables," you haven't seen "Inside Job," the new documentary about how our economic crisis evolved.
The most forgiving American will want to seize a pitchfork and march on Wall Street. Or Harvard Square. Or in front of the White House. There are so many despicable parties, it's hard to pick a favorite. Is it time to reconsider the Axis of Evil?
The film, written and directed by Charles Ferguson (and narrated by Matt Damon), will be opening in select cities this week. Although much of the story is familiar, Ferguson manages to weave together decades of bits and pieces into a dramatic narrative that plays like a whodunit. Names have faces, and storytelling combined with graphic illustrations helps explain the complex series of events that led to the global meltdown. Here are a few takeaways:
One, trying to assign blame to either Democrats or Republicans is pointless. Everyone is culpable. From the early 1980s, when Ronald Reagan deregulated banks, through the two Bushes, Bill Clinton and now Barack Obama, each administration has endorsed -- and each Congress has helped tweak -- laws and rules that made systemic abuses and the meltdown not only possible but, looking back, inevitable....
I'm not one to advance class warfare, and most Americans still want to preserve a market system that leaves open the possibility that they, too, can work hard and achieve wealth. But it's clear from "Inside Job" that the game has been rigged so that only a few were in positions to get rich at the expense of the middle class, not just here but globally....
(Excerpt) Read more at washingtonpost.com ...
They are the enemies within who must be exposed and defeated. Dig their dirt, expose them, and then defeat them in disgrace. God willing, may their disgrace last throughout eternity.
I just skimmed the article, but I didn’t see anything about the large sum of money that was pulled from the system before the election in ‘08.
I was trying to remember the details a few weeks ago, but couldn’t, and was unable to find anything on the web to jog my memory — was that mystery ever solved?
You will not find much on the slam of the market on the net. It has been scrubbed. As far as I can tell no one is even looking for the money. Perfect crime.
Kathleen Parker is a dumb skank bitch.
The film, written and directed by Charles Ferguson (and narrated by Matt Damon)
I wonder which way this "documentary" leans? /sarc
Unfortunately this corruption of academia is not just limited to economists. Science, sociology, research and all arts and sciences have been hopelessly politicised and corrupted by greed. The global warming fraud is just one of many, many examples. The "experts" today just cannot be trusted.
(’Inside Job’)which the president and his economic team had best watch — and soon — could use a sequel: “The Perp Walk.”
Yeah, like they’ll be exempt from prosecution.
“It’s the corruption, Stupid!”
What does that mean?
Deregulation are the regulations agreed upon by the industry, its lobbyists, and the politicians at any given time.
More regulations just means more loopholes.
Deregulation and regulation are all controlled by the same people, and allow the same sweet deals to happen for the select few involved in the system.
Wasn’t it something like 500M in under an hour — something like that? And they slammed the brakes on it behind the scenes?
His answer to the question "How many states" 57 is correct for describing the 57 member states of Islam
His staff reports that he prays all the time.
And, a biggie straight from the Qu'ran is that it's ok to lie to infidels.
Barney Frank and Chris Dodd caused the housing crisis. The banks wouldn't have been offering sub-prime loans if they weren't pushed to do so.
Obama's election caused a direct response from business --> high unemployment
stimulus --> further eroded the job market
And isn't it special that Barney Frank's friend a hedge fund manager got $200 million in stimulus $$$ ... see today's Boston Herald.
I don’t honestly think that there will ever be prosecution of the ‘culprits’ even IF they can be identified.
The fraud and dishonesty are so wide and deeply entrenched, that finding an unbiased and incorruptible prosecution would be impossible, in itself.
Charles Henry Ferguson (born March 24, 1955) is founder and president of Representational Pictures, Inc., director and producer of No End In Sight: The American Occupation of Iraq (2007)
That’s it — I was going to post $500B above, but that just sounded like too much to me, so I put $500M.
Good grief — why isn’t anyone mentioning that now, or looking into it?
Try $500 billion. TigersEye and I were discussing yesterday whether this was ever solved. We don't think it was ever revealed who caused the large withdrawal.
Liberals are not wrong about this - they have just been propagandized into misidentifying the villains as some sort of Midwestern, Sarah Palin-ite, recalcitrant voters who hate progressive politics and non-whites.
Conservatives are not wrong about this - tbey have just been propagandized into misidentifying the villains as some sort of Communist Legion of Doom trying to infiltrate Wall Street and the Democratic Party.
This movie sounds like a step in the right direction.
Usual lying suspects. Considering the sources, the message is a twisted slanderous falsehood believed only by boneheaded fools. Scraps of truth mutilated by misrepresentations sheds no light on our current treacherous economic condition.
Here is a link to the interview. It was $550 billion.
Since it's being recommended by a conservative columnist, I would assume that it leans in favor of protecting the free market from this sort of corruption.
I think the democrats purposely may have tanked the economy to help ensure a democrat would be elected after Bush, since they knew the liberal judges on the Supreme Court couldn’t hold on much longer. You see liberals can never allow abortion to be made illegal, because if it is then they will be portrayed by history as the ones who butchered over 100 million babies, which would make them 10 times more disgusting than the Nazi’s which only killed 8 million jews.
Yep -- the crooks are very good at ginning up a "let's you and him fight" distraction while they get away scot free.
A documentary of the Rinocratic Oligarchy. Their little present to the country.
The last four presidents have been Ivy Leaguers.
Kathleen Parker conservative?--and Ferguson and Damon are too? Now that's funny.
“Damn their warnings, damn their lies;
They will see a people rise!”
“Drink with me, to days gone by;
Sing with me, the songs we knew...”
“Do you hear the people sing,
Singing the songs of angry men?
It is the music of a people
Who will not be slaves again.
When the beating of your heart
Echoes the beating of the drum,
There’s a new life about to start
When tomorrow comes!
Will you join in our crusade?
Who will be strong and stand with me?
Beyond the (present day) there is a world you long to see.
So join in the fight that will give you the right
To be free!”
Well over a billion before it was over.
Narrated by Matt Damon. Enough said.
Narrated by Matt Damon means I’m won’t be wasting my money seeing it.
Are you referring to the money market money? Here is a link, but I’m not sure if it is the article I am thinking of. Rep Paul Kan(jorski?) talked about it somewhere... $500 Billion, IIRC? Taken out in short time period.
I share your take on this. Soros perpetrated an ‘October Surprise’ one month early.
Thanks, folks — that’s what I was trying to remember.
I know it had Bush and his admin scrambling, and I’m amazed it’s never even mentioned these days. At the time, I remember the speculation it was a major contributor to the overall collapse.
Well, that would explain why it’s never been mentioned again! ;-)
What we are trying to live through is the DIRECT result of image over substance. Today's stock market continues to reflect this trend - it goes up when manipulative polices are announced. Polices that will not change anything just continue to repair the house of cards that passes for the American home building industry.
Thirty odd years ago I was put in charge of a real hodgepodge of a management program - designed to support 40 people now supporting almost 400. My final solution was to step back and let the entire thing crash so I could see what was salvageable and what wasn't.
Until we are able to spend our limited time to determine what works and doesn't instead spending all of our time keeping the balls in the air we will never get anywhere and our kids and grandkids will suffer.
Since it’s being recommended by a conservative columnist, I would assume that it leans in favor of protecting the free market from this sort of corruption.
Was this sarcasm? Kathleen Parker is no conservative, as demonstrated by the following statement:
“I’m not one to advance class warfare, and most Americans still want to preserve a market system that leaves open the possibility that they, too, can work hard and achieve wealth. But it’s clear from “Inside Job” that the game has been rigged so that only a few were in positions to get rich at the expense of the middle class, not just here but globally....”
This is nothing but left wing conspiracy theorizing. What’s next, 9/11 was an inside job, too? I love the “I’m not one to advance class warfare” ...(but it is justifiable considering that the filthy rich defrauded the world) construction. Come on, Kathleen, this sort of cheap rhetoric is beneath even a pundit as low as you are.
The economic crisis that we now deal with was decades in the making. It cannot be attributed to greed or malfeasance, although these things were evident at times. Bad decisions were made in high and low places, but for the most part they were made in good faith.
I sense a growing populist know-nothing spirit developing on this board. Use you heads my friends or you will lose them to some unscrupulous populist far more dangerous than Mr. Obama.
The fraud and dishonesty are so wide and deeply entrenched, that finding an unbiased and incorruptible prosecution would be impossible, in itself
When you take the God factor out of our country, this is the result. There is no moral fabric left. When one thinks he answers to no higher power, or in my case, God, humanism and godlessness rules. There is no depth to the degeneration of mans actions and thoughts left on his own. IMHO.
Thanks for posting that. I must have missed that thread. The question still remains then as to what catalyst event triggered the panic and meltdown in the financial market that almost brought the whole house of cards crashing down. I don’t recall reading of any other suggested causes. Thoughts?
People thought their banks could fail. Sounds like a good reason to panic.
Ah. The Liberals are so predictable. Another Mickey Moore-style movie released in the weeks leading up to the election. And their sycophants in the press, Parker et al., dutifully report every word .. with their lips pressed tightly against the Democrat backside.
People thought their banks could fail. Sounds like a good reason to panic.
Not merely people, but global financial institutions that had trillions of dollars deposited in or invested in the debt issued by institutions that had appeared to be rock solid the day before but were now quite evidently insolvent. The movement of $500 billion under these circumstances was nothing, despite what the conspiracy theorists on this board suggest.
If you want to point out a triggering event, it was the forced bankruptcy of Lehman Brothers. This triggered a panic among all global financial institutions that overnight did not know who was solvent and who was the next domino to fall.
In hindsight, the Lehman bankruptcy was a policy mistake by the Bush adminstration. But any fool who says that the TARP and the federal government’s efforts to recapitalize the banking system afterward was a mistake, let alone some sort of globalist conspiracy to stick it to the little guy has no idea what he is talking about. Please do not be taken in by this cheap brand of populist know-nothingism. As much as the pitchfork brigade hates banks, often with good reason, the world needs a smooth functioning, well capitalized banking system. These things are frighteningly easy to destroy and immensely difficult to rebuild. Be careful what you wish for populists, you might get it.
Agree. Just didn’t think they would get desperate enough to blame Reagan.
I should have followed it more closely.
The movement that didn't even happen. I ran the numbers once, here on FR, and average daily Fed wires were something like $2 trillion a day. I'm sure a lot more during a panic.
No problem. It sounded like a good story, just nothing in the way of facts to back it up.