A Must See Film Documentary for ALL Americans: A.S.A.P. ... Preferably before the upcoming Republican Presidential Primary Elections and most certainly before the Presidential Election in November 2012.
[Note: As usual, this is written in the wee hours of the morning ... It's now almost 4:00 a.m. my time and I have yet to sleep. I will read over and proof this tomorrow. Thanks for your understanding and patience in the meantime, but I felt the need to put this information out as soon as possible. I just finished watching this film myself (via STARZ on Demand). I strongly urge you to: PLEASE, WATCH THIS FILM AND SPREAD THE WORD!!]
What is this must see film? It is a movie written, produced and directed by Charles Ferguson (Sony Pictures) and narrated by Matt Daemon, titled "Inside Job". This movie is a detailed analysis of the Economic Meltdown that hit in September 2008. It names names, names congressional bills, shows documents, interviews key figures and clearly explains the banking practices, corruption and lack of regulation that led to the financial meltdown of the U.S. Banking Industry in terms that average citizens can understand. The primary message of this movie seems to be to inform and it lets the viewer draw their own conclusions. Further, the movie is not an outright denunciation of a capitalistic system, in general, or of a particular political party which surprised me. The belief that "Inside Job" would be biased --like the Michael Moore movies-- is perhaps why I have waited until now to watch it? I believe this movie was initially released in March 2010.
"Inside Job" shows that those responsible for the financial collapse did not suffer the devastating financial losses themselves that were passed along to their unsuspecting shareholders and investment clients. In fact, in all most all instances these executives walked away from their jobs with substantial compensation packages that were funded by a $700 billion taxpayer bailout initially signed under President Bush. And to this day banks are using taxpayer bailout money to continue this corrupt practice of "compensation." Further few, if any, of these same executives have been subjected to criminal prosecution for their part in the financial crisis and corrupt banking practices that were allowed (encouraged) to occur on their watch with blatant disregard for their lesser shareholders and investment clients. This failing to prosecute the latter executives is an enormous shortcoming of the current Obama administration in my humble opinion.
So how and why are the corrupt "compensation" practices being allowed to continue even after the financial meltdown and bailout of these large banks with taxpayer monies? Well, the Obama administration that ran its previous election campaign on a platform of "Change" and an end to "corruption in the financial industry" has done little, if anything, to enact needed change in the form of substantial, and meaningful, regulations in the financial sector. The Obama administration has refused to address "compensation" for banking CEO's and top executives and, in point of fact, this administration has gone on to appoint many of these same former failed banking executives to government positions of influence within the current administration. The Obama administration has done the latter, even when the financial oversight advisors of several European nations vowed in a 2009 (need to check this year, might have been 2010) G20 summit resolution to bring an end to the corrupt system compensation bonuses for banks' executives and employees under their country's jurisdiction.
The Obama administration has also refused to address reform in the standards rating agencies which rate investment risks for consumers. Before the meltdown, these standards rating agencies (e.g., Standard and Poors, Fisk, and ____ ) fraudulently gave many of the risky CDO's being pushed by the big investment banks (and other investment groups) misleading AAA ratings. This AAA rating of CDO's in turn led average investment consumers to believe they were investing their savings into reasonably safe ventures. What really shocked me to learn is that there was (and still is) no regulation or safeguard in place to ensure that ratings handed down by these "rating agencies" are reasonably accurate and reliable!!?!! How crazy is that???
Perhaps one of the most shocking moves by the Obama administration in the aftermath of the financial meltdown was the reappointment of Ben Bernanke as chairman of the Federal Reserve Board. Bernanke was the man who was in a prime position to see the writing on the wall before the economic meltdown occurred ... the man who saw the warning signs* and simply looked the other way, when he had the power to act ahead of time a potentially avert the crisis or at the very least act to lessen its far reaching effects.
The "Inside Job" film goes on to address the ripple effect the failure of several of the largest U.S. financial institutions has had on average Americans and the global economic repercussions as well. Be warned, this is a LONG film (108 minutes), with a lot of facts. For the latter reason, this film may be best viewed in multiple sittings. If you feel the need to bail on the entire film (e.g., skip out in the middle) at least skip to the end and watch the last 15 minutes. Here you will see that the invasion of the "financial powers that be" is so pervasive that our academic institutions (e.g., Columbia, Harvard, and Stanford Schools of Business) have now even been "corrupted", with professors receiving large sums of money for "consulting fees" by many of the large banks responsible for the financial crisis in the first place. And it is these academics who are often called upon by our government to give advice on financial matters affecting the nation at large.
[*2004 FBI Begins Investigating several cases of fraud allegations against the large financial institutions pushing "crappy" CDO's and Commodities Swaps (insurance against failed CDO's); 2005 IMF Chief Economic Advisor, Rajan, Report outlining dangers of a potential economic meltdown of possible global proportions; 2007 investigative reports by Sloan, Editor in Chief for "Financial Times", and other leading economists warnings of impending danger of financial collapse.]
Well, I am still trying to process all of the information presented in this film myself, but let me say that this film is well documented and a REAL eye opener. It truly makes me see that this election is a chance for an informed American citizenry to elect a fearless president who is NOT a life-long Washington insider. Someone with a consistent political record on the important issues. Someone who is well informed, articulate and has the fortitude and courage to take on Wall Street in order to enact the much needed financial system reforms and consumer protection safeguards. Second to getting our "economic house" (i.e., financial system reform, jobs and growing the economy) in order seems to be the growing threat of a nuclear Middle East (first Pakistan and now Iran), as recent media coverage will verify. We will also need a president who is extremely knowledgeable in foreign policy matters, with a clear vision for dealing firmly the threat of a nuclear Iran. We need someone for president who IS proud to be an American and is not afraid to lead.
For more information on the "Inside Job" film, please visit: InsideJobFilm.com
These days, being an informed U.S. Citizen is a heck of a lot harder than it used to be in days past ... but the information is out there; it's up you to find it and process it. The future of our country and legacy that we will leave to our children and our childrens' children depends on us. Let's not let them down!
Movie Trailer: "Inside Job" on YouTube
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