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Inside Job Film, Essay

In: Business and Management

Submitted By lls6996
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Inside Job Film, essay
The global financial meltdown in 2008, at a cost of over $20 trillion, was the worst financial crisis since the Great Depression. It was completely avoidable. A number of things occurred to create the economic crisis, including massive accounting fraud, securitization of mortgages, credit default swaps and synthetic CDOs to name a few. During the Clinton administration the Commodity Futures Modernization Act was enacted which banned all regulation of financial derivatives. Lenders no longer carried risk; they would sell mortgages to investment banks to create complex derivatives. They were more concerned about maximizing volume and getting fee out of it. Mortgage loans nearly quadrupled and the cost of homes doubled.
Leverage limits were lifted on the investment banking industry which allowed them to borrow more money. Investment banks begin using credit default swaps to bet against the same mortgage securities that they are selling as extremely safe. They preferred subprime loans because they carried higher interest rates, which lead to an increase in predatory lending. In 2007, the housing bubble burst, as the financial sector runs out of people willing to borrow and purchase more housing; home ownership reaches an all-time high, while savings rates are at historic lows.
And, if that wasn’t enough, the top executives and CEO’s of firms that declared bankruptcy were allowed to be in positions that made financial decisions for the government. These are the same people that made poor financial decisions, intentionally, that lead to the financial crisis. In my opinion, all they cared about was their financial well being – as long as they got paid nothing else mattered. The fact that these same individuals were then allowed to make financial decisions for the government when their respective firms filed bankruptcy is sickening....

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