“Inside job” documentary about causes of the global financial crisis from 2008. Essay

“Inside job” documentary about causes of the global financial crisis from 2008., 497 words essay example

Essay Topic: financial crisis, job, documentary, global

Inside job is a winning Oscar documentary from 2010, which highlights the situations that influenced the global financial crisis from 2008. This documentary exposes the internal sabotage of the American government and the innocent and nave mind of the American citizen the one who relies on a manipulative and flawed economic and political system.
The documentary explains very deeply the timeline that gave rise to the crisis beginning with the growth of banks investments during Reagan administration in the 1980's. Continuing with the lack of state regulations in the nineties and the creation of the housing bubble causing an inevitable explosion of bankruptcy of several banks and the world's largest insurance company American International Group. This situation not only made the economic crisis obvious but it also exposed the lobbying and corruption practices trying to avoid the creation of laws and regulations by putting an enormous pressure on the society and financing political campaigns with this money.
All these factors reveal the American corruption in the financial system, affecting the overall establishment of regulations. Another serious repercussion is the people that are behind the scene. Most of the people that were involved on this scandal were prestigious academic people who are becoming wealthier with the irresponsibility of the financial institutions. This is not only a financial scandal and crisis but also the loss of moral and social values and the increasing of greed and social indifference product of the deregulation, globalization and individualism characteristic of the actual society. Factors like the higher interest rates, high consumerism, deregulated credit and conflicts of interest among the politicians have been the responsible of this crisis.
All these factors led to increased euphoric and uncontrolled people who were expecting miracles out of the speculative benefits of the housing loans. This produced a recession because the government did not introduce regulatory measures to control credits and loans. If banks do not put regulations they risk all the financial system in order to increase their profits. This lack of avoidance of regulations ends with a banking crisis that all the citizens have to pay with their taxes.
The worst part is that banks know that these economic bubbles are always going to end in a crisis. It seems as if banks do this deliberately to control and have power over the population. The crisis of 2008 is the first crisis during the postmodernity adopting new control and manipulative tactics with the use of globalization and communications. It is shocking that the wealthier minority affect the rest of the population making them loose their jobs, their houses, their credit and their identity.
This crisis could have been avoided, it is not something caused by something natural. The truth is that the capitalist system of the United States give more power to the wealthiest minority and are less and less focused on human morals and principles. All citizens have to be aware of these mechanisms of social control and manipulation not to be victims of another financial crisis.

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