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Inside Job- movie about 2008 financial collapse

DirtyDawgDirtyDawg Member Posts: 1,075 ✭✭✭
edited July 2011 in General Discussion
Just finished watching this on youtube. It's about 2 hours long...narrated by Matt Damon. It's actually a very fair and accurate report of the crooks on Wall St.

I recommend watching it.

http://www.youtube.com/watch?v=iFfTcAcGjcU
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    shilowarshilowar Member Posts: 38,815 ✭✭✭
    edited November -1
    this one of Michael Moore's films?
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    DirtyDawgDirtyDawg Member Posts: 1,075 ✭✭✭
    edited November -1
    Nope...produced and directed by Charles Ferguson....talks about high dollar hookers, drugs, all the crooked "financial instruments" the Banksters used to soak the American Taxpayers......calls out the Bushes, Obama, Geitner, Bernake, Paulson...all of the crooked sunsabitches that should be in jail.....but points out not a single one of them has even been arrested.
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    MBKMBK Member Posts: 2,919 ✭✭✭
    edited November -1
    You should be suspicious of any hollywood anticapitalist movie with actors like Damon.

    Hookers and drugs don't cause financial collapse.

    The proximate cause was the Community Reinvestment act which funneled more than 50% of FNMA/FHLMC loans and loans qualified to be sometime sold to them, to go to people who couldn't afford them. Their added home buying started a bubble. It burst.
    The CRA act was from Carter and Clinton and Barney Frank.

    A package of all good loans was illegal to sell to FNMA ( a pure democratic party insider structure )... it had to be diluted by 50% with liar/minority/bad neighborhood loans to qualify.

    FNMA/FHLMC had implicit government guarantees on $7 TRILLION of loans.

    Wall Street was there only because we lost the local thrift ( S&L ) business in the early 80's. We went from 16,000 local S&Ls down to maybe 2000, and there was no longer enough capital lending power to "run" the home loan business. So the Feds pushed it to FNMA/FHLMC where Wall Street facilitated the repackaging and marketing of the investments to worldwide institutional investors such as pension funds. The Wall Street capital was to be only tied up during the marketing stage.

    ( back when we had 16,000 thrifts, a local loan committee looked at YOU the borrower to see if they thought you qualified. They knew you, your teachers, and your family and employers. Now that is all politically correct and computerized. )

    I had 186 Wall Street firms as clients for this work back starting in 1981. I lectured to Goldman Sachs. Paine Webber, Dean Witter and Bear Stearns. Wall Street did a good job from say 1983-98 until Frank upped the ante of crap that had to be guaranteed and sold.

    Do you think the commie - symp types lie Matt Damon know more about this than I do?
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    DirtyDawgDirtyDawg Member Posts: 1,075 ✭✭✭
    edited November -1
    MBK,

    I agree with you on the Community Reinvestment Act and the other things you mentioned. Sounds like you lived it first hand so I have no room to challenge you. I guess I should rephrase my synopsis of "Inside Job"...it talks about the "excesses" on Wall St....wasting of money, bribes in form of lobbying, bonuses paid to each other, and political cronyism where Investment Bankers get appointed by the president for committees and councils...etc, etc....the wolves are in the hen house.

    Watch the movie...it's worth it. I stopped many years ago, but I'll never again put a penny into Wall St.
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