The motivating factors of financial loss. 2
Root causes of the financial crisis. 4
The two tier trading method. 4
The role of then banks CEO.. 6
Inside job is a riveting documentary analyzing how the reckless behaviors of various stakeholder of the Wall Street. This behavior almost leads to the fall of the financial sectors and the 1930s economic recession. This documentary unearths some of the shocking truths about the activities, deals, countercurrent that lead to the panic in the Wall Street and the lack of total confidence in the public. The story begins in Iceland. In ice lands, there was a deregulation of the entire financial system. The deregulation was highly timed by the insiders and quite unfortunate to the outsider as the insider benefited hugely for the deregulation leading to the accumulation of enormous assets by three principal banks. The accumulated assets was higher than the gross domestic product of the country and could support the small country three times
While the financial crisis has left a bitter taste in the mouths of the public, the public are yet to understand how they got to that point and what could have been the motivating factors. A paper highlight the reasons mistakes made by different parties during the bubbles and after the financial crisis.
The inside job
The film depicts an exceedingly common status in the banking system. There are many runaway banks trying to accumulate massive assets with toxic loans that they now will not mature. These players have one thing in common, the financial knowledge that they can leverage to achieve their means. The small banks have a high degree financial engineers who can wield their wand to manipulate the financial market to their advantage. These people rob the country poor while wallowing in the miasma of stupor and money and lavish bonuses (Ferguson, 2010)
The film offers a critical analysis of how the wall street executives and the credit agencies colluded to rob the wall street. It also offers information on how the financial panic making people make panic sales and buys for their own god. The credit regulatory agencies had a significant hand in the financial mess at the Wall Street as well as subsequent economic crisis and depression (Ferguson, 2010)
The motivating factors of the financial loss
Other insider who was not part of the activities saw the looming financial crisis and they attempted warn the public. The general confidence that the public had on the Wall Street clouded their judgment and few reconsidered taking action to save their investment from the financial ruin. The key players include the former CEO of Goldman Sachs Mr. Henry Paulson, Ben Bernanke, Alan Greespan as well as timothy Geithner. These regulators ignored all the signs and warning of the financial crisis because they were either with the team or out of the loop. For example, the Goldman Sachs employee, including Henry Paulson was aware of the pending crisis and chose to do nothing to maximize his gain (Waggonner, 2004)
The tripartite team of the Goldman Sachs, Lehman brothers and bear steams were the main perpetrators if the fall as the main players, they orchestrated the financial crisis. The Goldman Sachs was responsible for manipulating the stock market by laddering and spinning. It was quite a wonder that a financial engineer is paid ten times a real engineer. The real engineer is bent on building the bridges while the financial engineer builds the dream. However, the worst part was when the dream is realized, the ordinary man suffers, as the dreams become a nightwear. The ordinary man pays for nightmarish dreams of the financial engineers. On the other hand, Frank Partnoy argues about the legality of making an extra $2 million per annum for putting a financial institution at risk. It is quite open that someone must pay the final bill. It was quite open, as the people on Wall Street would easily bet on that because the financial system was falling and everybody is egoistic (Ferguson, 2010)
The government agencies and the wall street were responsible for many loses, for example, when the government agencies were contacted and warned about looming financial crisis, no discussion, or measures were implemented. They did not attempt to warn the public about their new intelligence. What they did was open the door wide for the panic stricken people to invest their Money while the job smart cashed on the crashing financial system. Many banks were deregulated , and the public and other inside traders were left to speculation, the derivatives and credit swaps were the order of the day for the Goldman Sachs.
The company sold their Collateralized Debt Obligation to insurance falling insurance companies and cons with the hope that the insurance companies will go under with the CDOs. While this was true, the Lehman brothers were having a field day sending shock waves to the investor community in the financial centers worldwide. The panic made people make uncalculated risks leading to both financial and homelessness. Just as Christine Lagarde said that instead of the government taking action, to correct the mess, the government just looked from a distance instead of running away from the tsunami, the government cast inquire then right swimming costume it can put on to wade through the tsunami(Ferguson, 2010)
The hand of the credit agencies in the financial crisis was much more open than ever=ne though. Con firm such as bear steams and Morgan Stanley were awarded a grade credit rating by moody and SP. The standard and poor was the main culprit in the rating as they accelerated the process within then week of m the system collapse. The credit rating companies had an extremely hard time convincing the public and the congress that the ratings were just opinion and were not effective (Ferguson, 2010)
Root causes of the financial crisis
The financial crisis was a well orchestrated process that involved many players of common interest. While most people though that the problem owed its existence to bush housing boom in the second term, it was not true. The problem started during the neoliberal activism, whereby the Ivy League scholar’s ideology convinced the public of the positive performance of the wallsteet system and got backing from the government. The systematic breakdown was were planned as the perpetrators realized the importance that people lay to their houses and wealth, then lured them to invest in the newly deregulated system, promising the investor community better dividend and bonuses (Ferguson, 2010)
The two-tier trading method
According Kilday, (2012).The two tier trading method unsure that the public were duped and the actual performance of the Wall Street was concealed while a false performance report shown to them for decision making. The investor’s community invested generously hoping to cash on the boom only to realize that the bubble was getting bigger while it had nothing inside on contracting. The country assumed. That if it was growing, then the recession told not be something to be worried about not knowing that the economic growth was just superficial (Bowman, 2010)
The deregulation was the main motivating factors the financial crisis. Most of the people who took advantage of the liberalization were the investment banking companies. The loan culminates and investment companies were happy to gamble and toy with their client money, betting and gambling on and against their depositor’s money. The banks came up with complex financial instrumental that only confused the depositors; they also borrowed from the respective parties and banks while their income stream from the debts bundled up. The companies offered high interest loan to high risk bowers. This was under the argument that the subprime market was more attractive due to the amount of returns charged on these instruments (Ferguson, 2010)
While the banks were ballooning, Bowman, (2010) argue that the traders were offered bonuses that encouraged then to take more risks by accepting high collateralized loan. Most banks insured their sinful debits against credit default swaps, this means than many insurance policies would be purchased against a single risk. The bank later develops appetite for selling extremely risky instruments because they were highly insured with the credit swaps. While the discipline of economics was corrupted by the crash, most of the scholars were employed by the banks to write reports in support of the reckless deregulation. This must have been issues of public relation, as most people believed that if the scholars endorsed the deregulation, then the world would become a better place and the financial market would get better than was imagined (Kilday, 2011)
The role of then banks CEO
The banks CEO were much involved in the crash just like the other players. The became more like a demigods. They made themselves comfortable creating new regulations at the expense of the government officials; they created ways that suit their professional malpractices for their future and their employs. The financial capacity of the CEO more than they could afford, they lavished themselves. The main agenda for the whole film was that socialism was meant for the rich while the free enterprise was for everyone who could afford it. The problem is that when the good people flailed to pat their debt they were driven out of their homes in foreclosure. On the other hand, the default by the rich men to party their debt take seriously as the ordinary person had to come in to bail them out (Ferguson, 2010)
The hand of politics in the whole affair is quite open for example, the connection of the credit crash as the political bigwigs is seen then the congress are called to hear the credit agencies can explain the whole concept, but instead of being proactive, they are just passive. They are taken though the financial urchin and rigmarole. The politicians are partly to blame for their roles (Dams, 2012).
Most of the parties that were supposed it be accountable had their own conflicting interest; the top management handpicked their board member whom could help them swindle the companies further within the shirted time possible. Many other toom advantage of the confusion ensuing during the economic crisis. Some banks develop further and reinforced their antireform efforts. Nobody was ready to be accountable. The consulting firm made their bonuses and; left their client facing the financial crisis while they had their fun times in remove location in sandy beaches. This was the height of financial crisis, but few individuals had a fabulous time lavishing
While the film sets out to provide a comprehensive analysis of the local financial meltdown, the inside job may not have explained in depth then macroeconomic facts and attests that can explain in depth then whole scenario. However, the bottom line is quite clear as the message got home and people realized that the economic bubbles are not bubbles after all but mere mainly in relation of the giant economic system to suit the demand of the few at the expenses of the masses. The masses have also been enlightened of the factors at play and the main players during the economic slump, the only people that surfed the brunt of the financial crisis were the ordinary man. The vivid interview with the players and other microeconomic outlines the beginning of the bubble till the contraction of then bubbles. The main facial insiders try to live out the circumstances that corrupted politics and academia though manipulated regulation. The film has only exposed one main thing, that the public can be stolen from legally in the plain sight of the fed as then industry watchdogs
Cassel man, B (2012). “Economists Set Rules on Ethics”. Wall Street Journal. Retrieved January
Dams, R. “2010 Gotham Independent Film Award Nominations. Awards daily.com.
Kilday, G.”DGA 2011 Award Winners Announced“. The Hollywood Reporter
Kilday, G. “Inside Job the American Spectator (2012).
Waggonner, Eric. Epictetus. The Discourses as Reported by Arrian, the Manual, and Fragments. London: William Heinemann, 1928.
Waggonner, Eric. “Inside the Current: A Taoist Reading of the Old Man and the Sea”
Hemingway: Review Spring 1998.
The inside job. Dir. Charles Ferguson. Perf. Matt Damon, Barney Frank, Lawrence McDonald. Touchstone, 2010. DVD.
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