Inside Job

We saw Inside Job at the cinema the other day. It’s a look at how the American Banks and traders caused the massive global recession through the grossly irresponsible creation, overvaluation and sale of essentially valueless financial products. The film makers call it the world’s biggest ponzi scheme.

The bankers were helped by the politicians who over decades systematically removed all monitoring of financial markets, banks and insurers and broke all the human links in the chain between customers, mortgage providers and the banks. Creating a total disconnect between the puffed up financial products and the real people who’s debts they were composed of.

The film suggest politicians, economists and the rating agencies are all too intertwined with the big financial institutions. Mainly because they all serve on the boards of these companies. Who also fund their political campaigns or institutions to the tune of millions of dollars. The film shows how this reliance on big money donors by American politicians has also stifled the subsequent clean up of the industry.

The filmmaker is obviously an expert on finance and explains clearly all the nuances of how the crisis developed and how it is now effecting working people round the world.

He has done meticulous research on his interviewees – bankers and government advisors, and it is a pleasure to see him trip them up bringing up their conflicts of interests and bad financial advice as they try to justly their inflated pay checks and perks. Many of them are visibly shocked when what they take to be an idiot interviewer goes in for the kill. Overall a well made, comprehensive and informative documentary.

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