If it wasn't for the professor's homework requirements, I wouldn't know about this movie. After watching it, I would have to reflect on it while agreeing with it.
About the 2008 financial crisis, I have read no less than ten books, "Too Big to Fail", Paulson's autobiography "The Edge of the Cliff", Bernanke's autobiography "The Courage to Act", the movie "The Big Short", the voice of criticism Looking back, the crisis is always doomed, the signal is obvious, the government turns a blind eye, and it comes down to the greed of Wall Street, the indulgence of government regulation, and the collusion of the interests of politicians. However, the parties are often attributed to the collapse of the building, which requires wisdom, courage, and extraordinary vision and vision. Facing the systematic risks and complexity brought by uncertainty, disasters are difficult to predict, but they can be saved. What is the truth, the criss-crossing evolution and decision-making of complex social beings, it is difficult to put it in a single word, from the point of view of prediction, from the point of view of Signal and Noise, in random various points of view , there is always an element of luck, this is just survivor bias, just like the confusing Pearl Harbor incident, conspiracy theories are rampant, and the same is true of the 2008 economic crisis.
As a critic's point of view, this film has several arguments. First, the relaxation of financial supervision led to the occurrence of the crisis. Second, the complex derivatives trading increased the risk of the market. Third, financial institutions were suspected of deliberately defrauding customers to obtain profits. Fourth, It is the high salary incentive mechanism that promotes greed. Fifth, the bundling of interests among economic and financial academia, the government, and financial institutions promotes interest groups to plunder the public.
The topic of financial regulation and financial innovation and the economic value of finance are controversial. The issue of deregulation is indeed worthy of attention. The evil consequences of China's indulgence of P2P and Internet finance are increasingly prominent. However, improper regulation in some areas leads to rent-seeking and photo transactions The same problems are faced, the scope of management, methods, and supervision are also not simple problems, and it is not easy to find a balance during the period.
The value of financial derivatives comes from the economic innovation of the value model, which is rooted in the avoidance of regional risks and the amplification of liquidity under quantitative rules. The enhancement of the liquidity of assets from the mathematical model is essentially derived from psychological confidence and confidence. Development theory, the greatness of finance is to promote flow and growth, it is obviously inappropriate to ignore its significance to economics.
The rationality of remuneration, collusion of interests, and customer fraud, if it involves moral judgment and legal responsibility, is a very controversial topic, and it is also the focus of different views. What is reasonable and what should be included in supervision and legal responsibility, Presumably the debate will continue, and in the context of lobbyist groups and profit-driven acquisitions, it is presumably difficult to make fundamental changes. As for all kinds of people, whether it is intentional fraud, incompetent and stupid, or just bad luck, it is not known.
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