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Inside Job - the Review

In: Other Topics

Submitted By zarazero
Words 653
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The story begins in Iceland, a stable nation with low levels of criminality, a wise and strong educational system and powerful in both stability and its financial systems. However, the global crisis of 2008 cost 10 million people to loose their jobs, savings and even their homes. The unemployment rate in Iceland tripled and the government regulators who were in charge of taking care of its society allied to side of bankruptcy. In 2008, Iceland was in the brink of bankruptcy. In a scenario repeated in the United States (US) the financial regulators failed to raise the alarm or halt the reckless borrowing.
What the Banks and financial institutions have done over the years has enriched themselves as companies and individuals at the expense of the greater good of other and the economy and environment as a whole, forcing high short term returns at the cost of not doing long term investment in plant, products, training and environmental protection amongst others.
Instead they have used the power and influence that they have to further reduce the legal restrictions on what they and prevent any meaningful increase in regulation, permitting only window dressing laws that do little and are easily circumvented. This has given them more power and influence with which they get further concessions and so acquire more money and so on. With the financial crash in 2007 the reason why such regulation was needed became obvious, but again the financial sector used their power to prevent any meaningful reform.
However acting on the suspicion that an investment is a bad one by betting against it for own financial gain while telling the clients that it is an excellent investment is considered a fraud. Banks were creating sub-prime mortgages, repackaging them and pushing them to their clients while all the time being aware that they presented a bad investment with a high risk of

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