This is really important, please take a few minutes to read it or see the film.
First Part
Part 3
The Crisis
An interview with Ben Bernake where he said that the Housing Bubble was not possible (Min 57) even after bubble bursted he didn't want to say that there was a bubble.
In this part of the film, there is information about the Bailout made to save AIG, they all were very scared because if one of these too big to fail banks falls there would be a total crisis, so they had to bailout them, but this is just another attemp to not let the system fall down, and at this point is almost impossible to stop it.
This recession caused by the bubble had repercussions even in China, this is explain at (Min 74)
Lee Hsien Loong, Prime Minister of Singapur said: " Even when the crisis came, we didn't know how much it would affect us, we hoped that we could be safe but it was not, it is not possible in a globalized world, the economies are linked together " (Min 76)
This crisis led people to live in the streets and tents, while Bankers and wall street became richer than ever.
Part 4
Accountability
This is the sad part, even when they knew what they did, the system let the Executives to keep the profit the made during the Bubble, Lehman Brothers made more than 1 billion dollars just in Bonuses, they kept all the people's money.
People like Angelo Mozilo and Richard Fuld said that the system works and that everybody lost in the bubble, even them, but we all know what the reality is.
The documentary also shows that the Universities are aligned with these banks purposes, because many of their Porfessors worked for the goverment as they also worked for the banks, and all those professors that were interviewed in this film know what they did and when they faced the important questions, they were really mad at the interviewer, they made millions of dollars saying people what is good, but what we didn't know it's that it was just good for them.
Part 5
Where are we now
This part is not a relief either, the film shows the recessesion we are now and that the only jobs left are in the technology field but you need to study for that first and Education is not cheap.
The Bush Administration also cut taxes that affected the rich, as shown in the picture below, the more benefits where put in the top 1% of the population
This crisis made the people work for longer hours and going deeper into debt, and basically just for these three things, houses, health care and education.
Obama said that the financial sector needed a reform, and talked about regulations, increase for capital requirements, and a consumer protection agency and to change Wall Street culture, but when the reforms were applied, they were very weak, and nothing or almost nothing to reform in rating agencies, lobbying and executives compensations. (Min 98)
Robert Gnaizda was asked the reforms said: It's a Wall Street Goverment (This is going to be explain better in the coming posts)
After this, we see a lot of regulators, advisors and members of the goverment that were picked by Obama worked before for Wall Street's Firms.
And in August 2009 Obama reappointed Bernake as Chairman of the FED, until now the Obama administration had done nothing to prosecute or send to jail any of the people involved.
Michael Capuano had this great comment in (Min 104) : " You've come today to tell us; We are sorry, we didn't mean it, we won't do it again, Trust us. Well I have some people in my district that actually robbed some of your banks and they say the same thing; they're sorry, they didn't mean it, they won't do it again "
Finally I'll leave you with this last comment by Matt Damon as narrator; " The people that caused the crisis are still in charge, they will tell us that we need them, and that what they do it's too complicated for us to understand, they will tell us that won't happen again, they will spend billions fighting reform, It won't be easy but some things are worth fighting for "
Part 1 in case you missed it.
Thanks for your attention.
Link to the film here