"How the bankers fleeced the world" - U2 Feedback

Go Back   U2 Feedback > Lypton Village > Free Your Mind
Click Here to Login
Reply
 
Thread Tools Search this Thread Display Modes
 
Old 05-22-2010, 07:14 PM   #1
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 01:23 PM
"How the bankers fleeced the world"

Quote:
CANNES, France -- If you don't quite get what happened to the global economy over the last two years, or who's at fault, you're not alone. Indeed, that's nearly everyone's situation. The big crash of 2008 and 2009 and its ongoing ripple effects -- such as the European fiscal crisis that's rendering my visit to France a little cheaper every day -- seemed to come from nowhere as if by natural causes, as unpredictable and unmanageable as the Icelandic volcano or a Gulf Coast hurricane.

Charles Ferguson is here to tell the world that the crisis that wiped out trillions of dollars in wealth, threw millions of people out of their homes and out of work, and further widened the gulf between rich and poor was no accident. It was a crime. Ferguson, a former software entrepreneur and policy-wonk scholar turned filmmaker, is definitely no left-wing bomb-thrower or closet Marxist. But he plays one in the movies, you might say. His new documentary, "Inside Job" -- arguably the smash hit of Cannes so far -- offers a lucid and devastating history of how the crash happened, who caused it and how they got away with it.

Furthermore, Ferguson argues, if we don't stop those people -- preferably by removing them from power, arresting them and sending them to prison -- they will certainly do it again. "Inside Job" is as elegant, penetrating and well researched as Ferguson's Iraq war film, "No End in Sight," but it's a hell of a lot angrier. To the discomfiture of some antiwar viewers, Ferguson struck a nuanced position on the war itself: It might have been a reasonable idea, in theory, and might have worked out if it hadn't been managed by a coalition of ideologues, incompetents and idiots.

This story is quite different. There was nothing reasonable or decent or redeemable about the world of high finance, in Ferguson's judgment, by the time the 21st-century bubble reached its peak around 2006. As he illustrates with a damning parade of interviews, images and public testimony, the financial industry had ridden 20-plus years of manic free-market deregulation and neoliberal fiscal policy from one crisis to the next, surfing a rising tide of greed and corruption. (There are several people in this movie, prominent among them former George W. Bush advisor Glenn Hubbard and Harvard economics chairman John Y. Campbell, who will rue the day they agreed to talk to Ferguson.)

In a captivating conversation with former New York Gov. Eliot Spitzer (who looks here like a knight in shining armor, believe it or not) Ferguson suggests that the financial industry has become a criminal class insulated from society, where profit justifies everything and morality and ethics, not to mention basic human decency, are totally irrelevant. Gaining remarkable access to a wide range of financial insiders, experts and academics, he builds a persuasive case that by conquering Washington with piles of campaign money and conquering the economics discipline with free-market ideology (and more piles of money), the financial industry built a fortress of deregulation that allowed it to plunder the peasantry with no control or oversight.

Cannes: How the bankers fleeced the world - Film Salon - Salon.com
__________________

__________________
financeguy is offline   Reply With Quote
Old 05-22-2010, 09:45 PM   #2
Rock n' Roll Doggie
 
the iron horse's Avatar
 
Join Date: Nov 2004
Location: in a glass of CheerWine
Posts: 3,251
Local Time: 07:23 AM
My grandfather never trusted bankers.

He also thought that FDR trashed the U.S. Constitution and sent the country on the way to ruin.

I think he would be smiling away today.
__________________

__________________
the iron horse is offline   Reply With Quote
Old 05-22-2010, 10:10 PM   #3
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 01:23 PM
Quote:
This may be forcing a parallel, but this occurred to me after seeing your film: At the beginning of Marxism-Leninism, you have leaders who believe in what they're selling. I think we can posit that Lenin and Trotsky believed that they were changing the world for the better, history was on their side, and so forth. Maybe Stalin did too -- at least at first. By the end of the Soviet state, you have a completely corrupt environment in which nobody, including the leadership, actually believes in the Communist future. I wonder if we're seeing a speeded-up version of that same ideological decay in the world of free-market capitalism.

I think that's an extremely accurate and perceptive analogy. And it's also of course a very disturbing one. The idea that the United States is being taken over by this utterly cynical group of people who know that this is a rigged game and just kind of gives lip service. I think that there's a lot of that. The United States has changed over the past 30 years. America has changed. And it really is time I think for the American people to unchange it.
The money quote, in my view. Nails it completely.
__________________
financeguy is offline   Reply With Quote
Old 05-22-2010, 10:21 PM   #4
Rock n' Roll Doggie
FOB
 
Kieran McConville's Avatar
 
Join Date: Dec 2001
Location: Auto Dafoe
Posts: 9,600
Local Time: 10:23 PM
Iron Horse, what the fuck has any of this got to do with FDR (who from what I can gather didn't entirely trust bankers either)?
__________________
Kieran McConville is online now   Reply With Quote
Old 05-22-2010, 11:00 PM   #5
Rock n' Roll Doggie
 
the iron horse's Avatar
 
Join Date: Nov 2004
Location: in a glass of CheerWine
Posts: 3,251
Local Time: 07:23 AM
Quote:
Originally Posted by Kieran McConville View Post
Iron Horse, what the fuck has any of this got to do with FDR (who from what I can gather didn't entirely trust bankers either)?


The present state of the U.S. relates to the socialist programs that FDR started.
__________________
the iron horse is offline   Reply With Quote
Old 05-22-2010, 11:02 PM   #6
Refugee
 
AliEnvy's Avatar
 
Join Date: Jan 2001
Location: Toronto, Canada
Posts: 2,320
Local Time: 12:23 PM
Quote:
Originally Posted by the iron horse View Post
The present state of the U.S. relates to the socialist programs that FDR started.
Wow, did you even read the title of this thread?
__________________
AliEnvy is offline   Reply With Quote
Old 05-22-2010, 11:45 PM   #7
BVS
Blue Crack Supplier
 
BVS's Avatar
 
Join Date: Aug 2002
Location: between my head and heart
Posts: 40,697
Local Time: 06:23 AM
Quote:
Originally Posted by the iron horse View Post
The present state of the U.S. relates to the socialist programs that FDR started.
You've been listening to too much Glenn Beck.

See what I mean about a warped sense of history?

Anyways, way off topic.
__________________
BVS is offline   Reply With Quote
Old 05-22-2010, 11:54 PM   #8
ONE
love, blood, life
 
financeguy's Avatar
 
Join Date: Dec 2004
Location: Ireland
Posts: 10,122
Local Time: 01:23 PM
Jeez is this another "pile on Iron-Horse" thread, cos it's getting old at this stage.

Play the ball, guys, not the man.

Let's try and debate the issues as outlined in the article.
__________________
financeguy is offline   Reply With Quote
Old 05-23-2010, 12:36 AM   #9
BVS
Blue Crack Supplier
 
BVS's Avatar
 
Join Date: Aug 2002
Location: between my head and heart
Posts: 40,697
Local Time: 06:23 AM
Let's be fair, iron horse didn't actually debate the issues as outlined in the article, now did he?
__________________
BVS is offline   Reply With Quote
Old 05-23-2010, 12:56 AM   #10
Refugee
 
Moser's Avatar
 
Join Date: Feb 2006
Location: K-Mart Lingerie Section
Posts: 1,794
Local Time: 08:23 AM
To be fair, all the article says is to watch this movie that calls bankers thieves--as if no one really knew that already.
__________________
Moser is offline   Reply With Quote
Old 05-23-2010, 06:55 AM   #11
you are what you is
 
Salome's Avatar
 
Join Date: Jul 2000
Location: Netherlands
Posts: 22,016
Local Time: 01:23 PM
I think it's a bit too easy to pretend bankers knew exactly what was going on (otherwise some deals made between banks never would have been executed) and the rest of the world having absolutely no clue about what was going on (we weren't too interested since our stock backed pension plans were doing well etc)

it was a toxic mix of greed (also our greed, which prevented stonger regulations) and financial products so complicated hardly anyone could understand them
__________________

__________________
“Some scientists claim that hydrogen, because it is so plentiful, is the basic building block of the universe. I dispute that. I say there is more stupidity than hydrogen, and that is the basic building block of the universe.”
~Frank Zappa
Salome is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off



All times are GMT -5. The time now is 07:23 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Design, images and all things inclusive copyright © Interference.com