Heroes of the East

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    Inside Job (2010)

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    Cash

    Posts : 63
    Join date : 2011-02-16
    Location : Central Illinois

    Inside Job (2010)

    Post  Cash on Sun Apr 10, 2011 10:37 am

    What made Charles Ferguson's début "No End in Sight" (2007) a cogent expose on the implosion of the war in Iraq is it largely refused to travel paths already well worn by other filmmakers choosing not to focus on the alleged chicaneries of George W. Bush and the prevarications that led to the invasion via a conglomerate of interviews with various Bush detractors but rather sitting down with a number of decision makers from his administration who candidly discuss the ignorant and impetuous actions they made or help sculpt once Coalition forces hit the ground.

    Ferguson's follow-up "Inside Job" which aims at breaking down the 2008 financial crisis and putting the fiasco into laymen terms while shining a light on the corporate swine who gambled and won (won in the millions to billions we might add) even when everyone else was losing (seemingly everything) doesn't always posses it predecessor's ebb and flow though its hardly insipid and Ferguson (sometimes heard off-camera vehemently challenging the few targets willing to speak publicly) is clearly erudite on who, what, why, where, when, and how and his efforts to make sense of the bubble which the global economy has yet to recover from are estimable. Analogous to his previous effort Ferguson's "Inside Job" is hardly partisan diatribe: the crux of his argument is a deregulation crescendo that began with Regan and continued through George W. Bush before concluding with a critique of the current U.S. president Barrack Obama who by and large has proved that he's more than willing to castigate Wall Street while on the campaign trail but off it is undemonstrative on preventative measures as well as palpable solutions to the current economic crisis. After all, never bite the hand that feeds you.
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    ewaffle

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    Re: Inside Job (2010)

    Post  ewaffle on Tue Apr 12, 2011 9:00 pm

    I was impressed with "Inside Job" although Ferguson got too diffuse--he didn't have time to put any nails in the coffins of some of his targets. A lot of interesting stuff was brought to cinematic light: academic economists writing "neutral" papers praising the efforts of companies that pay them hundreds of thousands of dollars is one example; the world wide interconnectedness of finance capital and how national regulatory efforts are doomed to fail since hot money is international is another. Particularly disgusting were the rating agencies--Standard and Poor's, Moody's, Finch--that awarded triple A ratings to securities backed by 30 year mortgages that would default by the second year. AAA is the same rating as debt backed by the full faith and credit of sovereign nations.

    Ferguson does a very good jog explaining of some of the instruments behind the Crash of 2008, particularly credit default swaps and mortgage backed securities and and pounds home the point that the entire fiasco was fated to collapse--it was one of the most bubbly bubbles since Holland discovered the tulip. The demand for credit seemed limitless--banks just had to adjust their definition of credit worthiness from "having the capital and income to pay back the loan according to its terms" to "has a pulse and can sign his name". It was a perfect illustration of the greater fool theory--its OK to buy any securitized piece of crap as long as there is someone else you can sell it to for a profit. Since the actual value of billions of dollars carried on the books of huge banks was zero at some point there wouldn't be any buyers. Which is what happened in 2008.

    Ferguson himself is quite a guy: MIT Ph.D. in Political Science, Internet millionaire from the 1990s (he developed Front Page and sold it to Microsoft), fellow of the Brookings Institute, lots of other stuff.

    "Inside Job" is worth watching.
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    Masterofoneinchpunch

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    Location : Modesto, CA

    Re: Inside Job (2010)

    Post  Masterofoneinchpunch on Wed Apr 13, 2011 9:16 am

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    ewaffle

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    Re: Inside Job (2010)

    Post  ewaffle on Wed Apr 13, 2011 1:43 pm

    Masterofoneinchpunch wrote:John T. Reed on the Movie

    John T. Reed wrote a book? Based on that review (to use the word incorrectly) I would be surprised that he had ever read a book. To cover half of what Reed says it Inside Job should have covered it would have to be as long as von Stroheim's original cut of Greed.

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