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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/

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Clayton Carpenter
English 1110

Michael Lohre

November 6, 2012

 

 

 

                                                       

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The film Inside Job was a documentary about corruption of corporate investment agencies and how they exploited the american financial system to maximize profits while being insured by the american government. The insurance the government gave these agencies allowed them to receive no punishment if they were to fail. The investment agencies then started taking on risky loans because it raised the bonuses of the CEO's. The companies then bet against their own loans through AIG to raise their profits even higher.

The late 2000 bubble and collapse shows how people in power will always exploit the system if they can find a loop hole in it. These CEO's never face the justice system and always get away with the crime because they have the funds for lawyers and a good reputation. This also makes the lower class feel like the government is against them because petty crimes are usually the only ones truly punished.

http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm

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First off, if this film did not make you feel something then you were not paying close attention. That’s just my personal opinion. It became clear with the viewing of Inside Job and additional research that our current economic hardships were long in the making.  And not just in terms of the US, but as a world population. I do believe that Singapore's PM said it best, "It's a very globalized world; the economies are all linked together." We saw this. When the banks failed here in the US, we saw the fall of banking systems in Greece and Spain, with the rest of Europe on the edge as these two countries crashed.

I do believe that Inside Job did a fantastic job at explaining the chain of events that lead to the system failing. Before I had no idea about how loans worked, or that investors would place bets on these loans. This would be the example of risky behavior and mismanagement that the article I read from the NY Times was going over.

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     The Inside Job is a great film with tons of information. Watching it I had tons of question and wasn't sure what to make of everything, but thinking about it now it makes better sense. Its insane to think that all the big banks, and the people high up in those banks were exchanging billions and billions of dollars without the rest of us Americans knowing anything.
     The good thing to come of this film is that people watching it will hopefully be more informed and make wise decisions now. It'll really make them think about the way they are doing their banking and could quite possibly make them change their ways. Hopefully most Americans that have seen this film will really do their research and educate themselves to prevent this from happening again. Parents need to teach their children how to be smart with their money, by doing that we could try to keep this from happening again.
    Keeping our selves up to date is very important to prevent this from happening again, and by doing some research and reading the news it isn't hard to find out what is going on in the world. With and informed opinion modern families could protect themselves from a financial crisis affecting them in a major way.
     I feel though that as long as we don't put all our trust and assets into the corporate world we should be able to prevent this from happening again
http://www.aim.org/guest-column/the-cause-of-the-2008-financial-crisis/

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       Throughout that documentary there was a lot said and done. Leaving me with questions on questions. I think to myself why and how could someone do this to some one that is so innocent. This makes me think of how corrupted everything has become. How come nothing was done to them and so many people knew?

       The fact that money stimulates the brain like cocaine does shows why they did it with out any remorse. It seems like they have so much power above any one. In today's world money equals power, but how come that money is greater than the government. That the government is to afraid to arrest them or is it that they know because of their money that they won't stay in prison. 

      The fact that we can see the way that big corporations are really run. They don't really don't really care about us. they do anything they can just to get money. But we also have to see that this is one side of them. But we can also conclude from the way that the men that did interacted with the interview and how much of them didn't do interview too. I think that most of them knew that  they were in the wrong. 

      

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Devon L. Hardwick
6 - Nov. - 2012


        As I have studied history over the years, I realize (just as everyone who studies history) that if it teaches us anything today, is that history repeats itself.  Through this film we can see how history has repeated itself, because the same mistakes were make by man, as they did not learn from the events which took place during the Great Depression.  Many of the facts presented here in this film are troubling to me, but above all the most troubling to me is that these men did not learn from the past.  We can see what happened to the United States during and after the Great Depression, to contemplate the fact that this might happen again to the people of the country.  It was stated in the film, "at the end of the day, as always, the poorest people pays the most," at the time of the Great Depression and still today this stands true, the rich continue to get richer and the poor get poorer.  History teaches us this, but I am so very afraid that we will never learn from what it is teaching the future generations of Americans. http://www.globalresearch.ca/the-great-depression-of-the-21st-century-collapse-of-the-real-economy/10977

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     The Global crisis began in 2006 and continued through 2008.  The United States began foreclosures on peoples

 

homes who were unable to make their payments on their mortgages. People had began extreme borrowing and defaulting

 

on homes.  Our Nation at this time was already in extreme distress especially in the finance area.  With this extreme

 

borrowing and the defaulting pushed us over the edge.

 

      Having faulty mortages and non-payment lead up to this tremendous foreclosure crisis.  Leaving the houses empty

 

and no one to buy them.  The lack of buyers of the houses made the once great prices now plummet to the lowest that

 

the United States ever experienced.  Of course this rattled the stock market and Wall Street they panicked like they have

 

done before.

 

        
     With this happening at Wall Street it made investors not wanting to make risky investments and the mortgage

 

companies that had sold these very, very, very risky loans were now themselves faced to close their businesses.                

 

Every single American well most wanted to own their own home.  In wanting a home it was a big price tag.  So they

 

would go to a bank and apply for a low interest loan to put down on their first home. 

       

        
     The quickest way that a mortage crisis happens is to have the loans given to those people who do not or did not

 

have good or excellent credit.  During this time the prices for houses were cheap and the interest rates were the lowest

 

ever.  So many Americans who were wanting to take a chance and go into debt thought the economy was doing very

 

well at this time.  It was not not doing well at all.  This was kept hidden by the investors and those at the top of the

 

economy chain from us all.

 

        
     Then one day you hear that 'The Bubble' had burst!  It had burst wide open reveling issues that began with excess

 

capital reduction.  It was announced this all begun in the early 2000's with investors given hugh incentives.  By given

 

these incentives they invested in low-risk investments.  Those low-risk investments rentenered them a Big Fat Wealthy

 

Return.

 

     
      It starts this way you have a mortgage broker who contacts another broker and passes on a mortgage loan to another,

 

they then in turn pass it on and on.  That broker then sells that mortgage to a bank, who then sells it to investment firms.

 

     
 So on and on it goes until it is loaned out to the consumer which is a person like you or me.  We have been lied to

 

but are unaware of this fact until we are render until to make our payment.  This was a real eye opener to me that their

 

are so many out there who do not care who they hurt.  As long as they have their million, trillion dollar homes.


     I am not one who thinks that people should not have their nice homes, boats, vacation homes etc.. I am just saying it


makes me very sad and very angry when it is at the cost of innocent hard working people,  People who are trying to


better themselves and than they are out and out lied to by the people the borrow from.  When they can't make payments


due to things out of their control and told they are losing their homes.  To me it sucks so big time.  I can't stand these big


whigs who think their excuse the french here (sxxx) don't stink. 


     Those men in that movie thought it was all so funny.  They did not have anything to worry about.  They had money,


food, a roof over their heads so why do they care that hard working Americans were straving, homeless, jobless and so


many who had lost hope.  I am glad I saw this movie and will get it again to watch it with any interuptions.