Ed's Review Dot Com

Representational Pictures, Sony Pictures Classics

Matt Damon, William Ackman, Daniel Alpert, Jonathan Alpert, Sigridur Benediktsdottir, Ben Bernanke, Willem Buiter, George W. Bush, Brigadier General John Campbell, Satyajit Das, Jerome Fons, Barney Frank, Timothy Geithner, Alan Greenspan

‘Inside Job’ is a no holds barred documentary that provides a comprehensive analysis of the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression, and nearly resulted in a global financial collapse. Through exhaustive research and extensive interviews with key financial insiders, politicians, journalists, and academics, the film traces the rise of a rogue industry which has corrupted politics, regulation, and academia. It was made on location in the United States, Iceland, England, France, Singapore, and China.

Starting in Iceland with a major financial meltdown that no one seemed to see coming, it shows how the US economy changed from the 50’s and 60’s when the banking industry was tightly regulated, through the deregulation which allowed bankers to run wild. This is not an entertaining documentary. It is based on a lot of research and goes into the cause and effect in great intricate detail. Matt Damon narrates the entire film, and shows us interviews with those who would agree to be interviewed for the film. There are a lot of ironies in how a few “fat cats” were allowed to bet against themselves in a way to make themselves rich by outright cheating people, in many cases taking their entire life’s savings. Causing huge government bailouts, for the most part these guys did nothing illegal, and got away with it until now. It’s a sad picture, but very detailed and filled with facts.

This is not an easy watch, but if you are interested in finding out how this all came about, this film does not seem to me to be spouting a preconceived agenda of twisted facts and lies. It appears to be really straight on in showing what actually happened based upon the truth. It makes you very angry while watching it, but the purpose is to to inspire rebellion, but to educate people who are interested in how the whole mess started. I was vaguely aware of the events that happened without really understanding them.

I was able to buy the house I live in today due to the predatory lending practices that were prevalent for a short period in the 80’s and 90’s. I was always under the impression that you would need at least a 20% down payment and with the outrageous home prices in southern California, that seemed an impossible task for me. I was shocked to find out I could buy a home with Zero down. I had no idea how it worked or how that was even possible. But buy it I did, and though I had good credit, but no savings, and a decent income, I was able to pay the payments, so far. But I now have a house that’s worth less than what I paid for it, and as I approach my later years, I know I will never be able to afford to continue paying this mortgage forever. If this housing collapse continues, at some point I may find myself in the situation of walking away from my home and letting it fall into disrepair. I watch as this happens to one after another of my neighbors. I never expect home prices to jump back up like they were, but with some luck, someday, I may get out alive and get back what I owe and break even. That’s the only hope at this point. But how did we get into this mess? This film explains that. It also explains the Dot Com boom and bust and how people became instant millionaires and instant homeless overnight. This is a great educational film, and it is excellent for anyone who wants to learn the facts of the current global crisis. The next year will also play out very interestingly. But beware! If you are not interested in learning how the crisis developed, you’ll be bored to tears with this film, as it is definitely like a college class, and not entertainment. But for anyone who is interested, this is a fine award nominated film that covers a lot of info in and hour and three quarters.

EdG – EdsReview Dot Com – A Movie Review Blog