Review on the Film Inside Job - Essay Example

Review on the Film “Inside Job”

The documentary by Matt Damon, dubbed “Inside Job,” narrates the root cause of the global economic instability experienced in 2008. Some of the effects caused by the economic crisis in the world include environmental destruction, with millions of people rendered jobless. Most people ended losing their homes too in the midst. The documentary further shows the perpetrators who caused the global economic recession, including the institutions and citizens, with their actions.

Among the list of suspects involved in the financial crisis experienced includes bureaucrats under the Bush administration. Other participants include economic professors who hail from several educational institutions such as Columbia University and Havard University. The falling of the Lehman Brothers caused a significant blow to the US economic situation.

The brothers filed for bankruptcy while placing the AIG insurance company to its deathbed. The global financial crisis was severe to the citizens. The effect was to the extent of plunging the US into debt with the after-effects worse to the stock market and Wall Street.

The cause of the global financial crisis experienced marked a financial industry running without any regulations. The effects of the crisis included soaring prices for assets and houses, rendering people homeless and redundant. The film showcases the case was not just an accident but a perpetuated crime. The financial crisis started in the 1980s. However, Wall Street made a lot of money from the financial crisis. Still, the 2008 economic recession was by far the worst.

The center of the film revolves around the Iceland story, which made worldwide news following the period. According to the professor of economics at Iceland University, the recession was caused by the government. How did the US Government cause the economic situation at the time? The US Government failed in many instances to regulate the state. The banking sector was privatized, and there were financial firms and surrounding politics. The effects of the failure of the state led to the falling of the stock price, bank losses, and soaring of the national debt.

However, there were positive effects caused by the financial situation. A positive effect includes financial and money management, with the effects of the financial crisis spread across the economy. A major after-effect was the reviewing of the policies and regulations by the government for the financial institutions.

Most of the state interventions and regulations earlier were lagging and did not reflect the current economic realities. The history of the lagging government regulations dates back to the reign of the Reagan administration in 1980. There was the abolishment of the investment and commercial banks witnessed under Clinton’s reign. The system created a leeway for Wall Street to make market bubbles due to the lack of any constraints and restrictions.

The turning off of the market bubbled with the revelation of the garbage debt exposes a large percentage of the working class. Many citizens were left both jobless and homeless. The effects extend beyond the US economy, with other countries around the world connected feeling the pinch. There was a small percentage of the people in the economy who made money from the financial turmoil. The rest of the population suffered from the effects of the crisis. The film showcases the moral decay of citizens through Wall Street people making money from such an opportunity. There is a lack of moral standards by people in society with the film.

There were letters crafted by infamous economists who took disassociated the blame for the economic crisis on possessors, politicians, Wall Street, and other financial economists. Therefore, the common people could not find the root cause of the financial situation taking place. There was no responsibility taken for the financial events that took place with the change in presidential administration to date. Most perpetrators of the depression currently act as mentors for the current administration.

The truth of the matter is that the 2008 economic recession was avoidable. The plunge in the national debt was due to a committed fraud by a few people. It is bothering that to date, and no one has been executed for economic crimes. The revelations of the situation call for a change in the system while taking accountability for people’s actions. There needs to be regulation of the financial community to curb the financial freedom in the economy.

The freedom in the financial community saw the political world fall short of the expectations with legislations. The effects saw the legitimization of illegal activities for the accumulation of money. The lack of improvements in the legislation in terms of moral standards in society might plunder the country into a financial depression.

The rest of the world is catching up with the effects of the financial crisis by forming tight proof regulations and supervision. Despite the number of global financial system reforms in place for stimulating the economy, most ignore the overall control of the market and the use of large monetary expenditures.

The effects of financial depression led to the loss of lives, jobs, and homes for the common people. Even with the failure of banks, several executives profited from the situation. A major profiteer of the events was the financial industry. The financial admin, which caused the depression, including the Wall Street elite, continued to lead luxurious lives on the edge without feeling a pinch of their work.

The system is flawed instead of working to benefit everyone. It’s configured to serve the chosen few. The ordinary citizens work tirelessly to finance the lavish lifestyles of the financial people in charge of the system. Some of the unlawful practices, such as prostitution, passed as legitimate practices with the use of black cards for money without receipts.

The perpetrators of the economic recession across the world experienced in 2008 are still in charge of driving the US economy. The ordinary people will continue to linger in poverty until there is a change with the system. The greed and thirst for materialistic things corrupt the moral compass of the executives. The revelations from the review on the film “Inside Job” show that there needs a change in the financial system, but it will take more than just changing the administration roles available.