Sunday, April 03, 2011

INSIDE JOB

Inside Job, the scariest Wall Street "horror movie" ever produced is a must watch for anyone and everyone who has even a passing interest in the intersection of finance, economics, politics, corruption, crime, complacency and above all, the human inability to predict the future when the only driving force is pure greed. And as Open Culture notes, "Inside Job can be purchased on DVD at Amazon. We all love free, but let’s remember that good projects cost real money to develop, and they could use real financial support. So please consider buying a copy." We can only hope that more commentators like Ferguson will step up and present the criminal events leading to the greatest economic and market crash since the Great Depression.


Charles Ferguson, who deservedly won an Oscar for his must watch movie of 2010, Inside Job, which exposed such self-caricatures as Larry Summers, Napoleon Dynamite Sr, and Glenn Hubbard for the hollow shams they are, and who made waves by making the only logical statement at this year's Oscar celebration by asking why nobody on Wall Street had gone to prison, appeared on Charlie Rose in yet another must watch interview. Ferguson is once again given a chance to clarify his position on why nobody will likely ever go to prison for what amounts to the greatest generational and class heist ever witnessed: "Do you expect that there will be prosecutions for criminal wrongdoing coming out of what we now know?" The answer: "Whether there will be or not, is a function of political pressure because it is unfortunately disastrously, tragically clear that the Obama administration has no interest in doing anything about this." The reason, according to Ferguson for Obama's (lack of) action is: "there is a menu of answers: he is personally very conflict averse, to cold-blooded political calculation, to lack of experience and therefore insecurity in large very scale economic and financial matters, and therefore being a prisoner of his advisors. Perhaps some combination of all of those things..." In other words true lack of change that banker pocket change can believe in. As for what would take to fix the broken system we find ourselves in: "(i) change the role of money in elections, (ii) to pay regulators well, and (iii) have law enforcement that is necessary to enforce the laws we have." Alas the Inside Job director does not see any of these happening any time soon. Neither does anybody else.

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