A review of the movie Inside Job
A review of the movie Inside Job
This is a documentary movie which won the Oscar award, nicely narrated by Matt Damon that goes through some of the current and ongoing issues involved in the so called financial crises which to a good part seems to be self generated by shenanigans by all involved. The smoke signals of so called crises are sent out by organizations and people that had all the money in the world to play with and the rules of the game got so relaxed and careless that the cartwheels were bound to fall in this direction. It does seem like governments such as Iceland as well as municipalities, cities and retirement funds all brought into this massive roulette wheel created by swaths of so called experts. There is absolutely no one to blow the whistle as everybody has a stake in the poker game to protect. At the same time, the documentary does have some flaws, despite its excellent footage and outtakes. It seems to link people living in tents in California to the whole of the financial schemes, and has an anecdotal interview with an attractive woman who is getting thrown out of her house and who is to say what generated these particular cases and who might be at fault and why. You can't blame every problem that arises out there on the financial community and make these weak links in an attempt to do that. Then it paints the picture of New York based investment banking personnel as visiting call girls and using cocaine en mass and that is a bit slanderous and unconfirmed by the evidence presented in the movie, where the spouting of a madam's take on what happened and who the clients were is given as gospel. And at the end, it concludes that the financial crises is past, but others may be brewing went in fact there are massive amounts of toxic securities and untracked derivatives waiting to do their damage right now. Also the film does not go widely enough, in blaming many of the customers themselves. It is a bit simplistic to pit the so called unsophisticated consumer against the expert financial person who is always taking advantage, especially where the film is showing the government of Iceland paid a prominent financial academic $124,000 to write a simple paper supporting there new found fancy with exotic finance and of course someone is going to write a phony academic paper for that amount of money, especially when it does not involve hard core science and the person can back away from the propaganda in the paper rather easily and justify it as based on what was known at the time. So who is at fault, more so the government sponsoring the paper and trying to justify their own course in bright lights. If organizations and wealthy individuals are gambling, they should at least admit it, and not hold the casino that is out there wholly accountable for their actions. Had the outcome been different, they would not have complained. As to the so called complicated aspects of financing, as one interview in the movie points out, these financial engineers aren't building tangible and complicated things such as bridges, yet get high multiples of pay compared to in a sense real engineers. While society can probably do without this type of finance, it would be hard pressed without good engineers that are taking for granted. The crux of the issue, is that gambling has become mainstream and totally massive. A derivative is just based off computer generated mathematics that is a gambling device period, basically a bet.b There is a great exchange shown between a Congress person and big company finance executives that lends into the idea that everybody is robbing everybody. Society itself has placed its bet on betting. Instead of complaining to the few that are left that are doing honest concrete and tangible work with real benefits, society as a whole should take a good look in the mirror and see who is at fault that way, and if they want a different outcome, it might be necessary to cancel the subscription to what is just about a complete giveaway to incredible gambling and the incredibly new and inventive devices of gambling. What happened here is there was so much scheming and fraud that tends to come into gambling, that people and organizations who where schemed ended up also getting schemed upon, yet it is hard to have sympathy for them as they choose to enter the sweepstakes on their own. While the movie itself is quite interesting, it doesn't spread the blame for all this as widely as it needs to be spread and there is a lot more blame out there. At a base level, everybody who put their money on the table of what happened is complicit in what happened and they shouldn't cry foul as no one forced them to the table. But enough of the casino players claiming crises, as the vision of who is to blame is a bit myopic when just about everybody and anybody has given themselves over into thinly disguised gambling, and somehow overlay the word finance over it, sugar coating the real activities involved in a weak defense. Who is to blame for what went on historically in the Roman Coliseum, was it the just the people who were putting on the sordid show, or was it even more so the people going there to watch in who created the monster in the first place?
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