Boom! Bust! The stock market crashed again in 2008. There goes the 2008 global financial recession. Two of the biggest investment banking firms Merrill Lynch and Lenhman Brother went bankrupt. Moreover, millions of people could no longer afford their houses. What went wrong with the economy? Why would this happen?
Well don't be surprised. The simple answer is the economists from the financial sector screwed up the own system they created that's supposed to keep our economy stable. And the stock market fall in 2008 did not just happen overnight, to say the least.
This leads us to the second episode of Economics Resources.
Hello everyone, happy summer. If you haven't created your summer movie watchlist, insert this film into your list. In this blog post, I would like to introduce you to a 2010 documentary film called "Inside Job". This film gave you a deep dive into the financial sector back in 2008 from Wall Street's connection, work place culture, to dyregulation.
During the last few classes of AP Micro/Macro economics before the year ends, my teacher decided to show us "Inside Job", an insightful documentary film about the 2008 recession. Although "Inside Job" is biased towards the negative side of the 2008 recession, the film features contextualization of how it started on Wall Street, exposes the corruption in the financial sector, includes interviews from many economists involved in the film, and demonstrates the lasting impact of the recession: innocent people falling into poverty. The top management people who are involved did not face consequences; instead, they came out with the money they earned using loophole.
The film started out with the financial crisis in Iceland before leading up to reveal the hidden details of Wall Street, from the work culture to the upper management corruption to paint a picture of the cause of 2008 recession. The interviews from economists who are either directly or indirectly involved further provided details to what's going on behind the scenes on Wall Street and the government and the Fed.
While watching it, I found it interesting that the film mentioned the ties between Wall Street, Federal Reserve and the polticians. In America, there are laws and regulation to prevent large scale corruption; nonetheless, many economists from the Fed during 2008 still promoted more dyregulation of the market using their position. Many people assume Republican party are the ones having stronger ties with Wall Street. At the end, the film made sure to cover that the liberal party's tie is just as much, providing viewers with a bigger picture, not just focusing the problem or placing the blame on one political party.
I strongly recommend watching this film because it provides you with the correct information about 2008 recession and Wall Street work culture. Because this film is trying to sway you, try to take everything with a grain of salt. Hope you check out this film!
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