Inside Job Is A Documentary That Covers The 2008 Financial...

Inside Job is a documentary that covers the 2008 financial crisis. The first part of the documentary focuses on what led to the financial meltdown. In the 1980 s the finance industry exploded after investment banks went public, leading these firms to have an excess of stockholder s money. Then the president at the time, Ronald Reagan, began a 30 year period of financial deregulation. Reagan deregulated savings and loan companies which allowed them to make risky investments with depositor s money, which led to taxpayers paying $124 billion dollars when they inevitably failed. Executives in these companies were also stealing money from their depositors. Another problem was that many of the executives from these investment banks ended up being put into powerful positions in the government where they pushed for even more deregulation. In the late 90 s the internet bubble burst after investment banks knowingly promoted internet companies they knew would fail. A financial innovation known as derivatives became a $50 trillion business yet they were completely unregulated. When there was an attempt to regulate this market, it was almost immediately shut down and a law was put in place banning all regulation of derivatives. Under these new rules it created a new securitization food chain. Investment banks were creating complex derivatives called collateralized debt obligation and selling these debts to investors. Then these CDO s were rated by rating agencies, with most of themShow MoreRelatedEconomic Systems: Capitalism Essay1400 Words   |  6 Pagescharacterized by the private ownership of the means of production, and where production is guided and income distributed largely through the operation of markets. The objective of a capitalist society is to gain profit. Some of its strengths of living inside a Capitalistic economy are the incentive for innovation, efficiency, and economic growth. 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