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The Warning Video about Financial Crisis - Movie Review Example

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This essay analyses the major cause of the financial crisis that was experienced in 2008, causing the economy of the USA and the operations of the major financial institutions to be adversely affected.The unregulated over-the-counter derivate fund was the major cause of the financial crisis…
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The Warning Video about Financial Crisis
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"The Warning Video about Financial Crisis"

Download file to see previous pages The move to have the unregulated derivative fund regulated was countered by the introduction of the Commodity Futures Modernization Act, which then took away the power of Commodity Futures Trading Commission (CFTC), the federal agency that oversees the trading of derivatives, thus making it impossible for the over-the-counter derivatives market to be regulated (Kirk, n.p.). Although the CFTC is meant to play the role of government oversight in the financial market operations, the attempts by the agency to have the derivative market regulated were thwarted by the closest administrators of President Clinton, who argued that an attempt to regulative the lucrative multi-million dollar market would certainly cause a financial crisis, while in reality it is the deniability of the administrators to act on the fundamental aspects that would have helped prevent the crisis, that ended-up blocking the necessary financial reforms that would have streamlined the financial markets, as proposed by the CFTC (Kirk, n.p.).
The major problem with the over-the-counter derivatives market is that; it was operating as a black market, and thus lacked transparency. This way, the operations of the markets were able to continue undercover, until when the market collapsed, triggering a depression of the financial market and the consequent recession of the USA economy (Kirk, n.p.). While the Commodity Futures Trading Commission was empowered to regulate the trading of derivatives in the market, the powerful administrators in the Clinton administration stripped the agency those powers, through imploring on the Congress to pass the Commodity Futures Modernization Act, which took away the powers of the agency to control the derivative market, thus leaving the market to care for itself (Kirk, n.p.).   ...Download file to see next pagesRead More
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