robbery

Felix 2022-12-17 07:22:15

After watching the documentary, I generally understood the 08 financial crisis: a group of people used various financial means to search investors' money into their own hands. In the process, in order to attract investment, these people cooperate with rating agencies and modify stock ratings at will. It also paid experts and scholars to write papers, lobby Congress, formulate relevant bills to ease financial regulation, and even some government executives colluded, pushing the situation to a worse direction. The bigger and bigger bubbles accumulated in the market finally burst in 2008, and investors' money disappeared. Thousands of households went bankrupt and even had to carry various debts, global consumption plummeted, various manufacturing industries were oversupplied, factories became sluggish, cost-cutting layoffs, large-scale workers lost their jobs, and the global economy slumped. And after that? The culprits were fine. Even the money printed by the US government to "rescue the market" was swallowed up by these jackals. After the storm subsided, some of them didn't even face any charges and were still entrusted with the task of continuing "Wall Street government" in the next administration. In the Enron incident, there is an impressive clip: Enron executives drove up electricity prices to make huge profits, local residents could not afford electricity and froze in bad weather, but the perpetrator sat in the office and mocked the local victims, without a trace of guilt , the words are filled with arrogance. These capitalists will never reflect on what they have done, and in the face of interests, they will only intensify.

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Extended Reading

Inside Job quotes

  • Andrew Lo: Recently, neuroscientists have done experiments where they've taken individuals and put them into an MRI machine. And they have them play a game where the prize is money. And they noticed that when these subjects earn money, the part of the brain that gets stimulated is the same part that cocaine stimulates.

  • [last lines]

    Narrator: For decades the American financial system was stable and safe. But then something changed. The financial industry turned its back on society, corrupted our political system and plunged the world economy into crisis. At enormous cost, we've avoided disaster and are recovering. But the men and institutions that caused the crisis are still in power and that needs to change. They will tell us that we need them and that what they do is too complicated for us to understand. They will tell us it won't happen again. They will spend billions fighting reform. It won't be easy. But some things are worth fighting for.