I learned a lot from the documentary, I didn't know the exact details on why the economy crashed before watching this video. What stood out to me most in the film was how the rating agencies would give AAA ratings to things that didn't deserve an AAA rating just so someone else could make a quick buck. By giving something a very high rating it showed that it was less risky but in reality it was just a way for the people on wall street to become wealthier. What I got out of this was that the financial system is flawed and the people at the top are making money on people being dumb with their money. When the film brings up that Obama hired some CEO's of those companies that took all that money from people, it didn't give much information about what decisions they could have persuaded the president to make.
They have power because they have money. They basically control the economy. The companies they work for are in charge of almost the entire populations money in some way. What they can do with that money is controlled by the government. The financial system needs to be changed and have honest people in control of others money. To keep up to date we can always follow the news and before putting all your money into a bank, look at the banks past and see if you will get your money back and they won't spend it on something risky in order for the banker to make more money.
"You're gonna make an extra $2 million a year, or $10 million a year for putting your financial institution at risk. Someone else pays the bill, you don't. Would you make that bet? Most people on Wall Street said, 'Sure, I'd make that bet.' " This quote just shows that people on wall street aren't worried about some strangers money, they are concerned about the possibility of making more money for themselves.
http://www.aim.org/guest-column/the-cause-of-the-2008-financial-crisis/
I can't say that I blame them for wanting to make money. And I personally believe that risk is a necessary part of success
ReplyDeleteI agree with you with the banks being manipulative and making the 'get rick quick' idea sound all pretty, but really it's just going to shoot you father into debt. I don't believe it is Obama's fault however, because I feel like the majority of politicians are just concerned with that precious top fifth.
ReplyDeleteI remember that same quote because they were speaking of the selfishness of the bankers and how all they cared about was making money for themselves. They really have so much power because they have so much money, almost like the stories of drug smugglers how they can pay off all the police and do whatever they want in certain countries, but they use their money to gain higher positions in society and make more money.
ReplyDeletePower corrupts people. I don't think that you could ever find someone that could have that much power but still be a moral and ethical person.
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