Inside Job Film, Essay

562 words - 3 pages

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 ...view middle of the document...

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. To add salt to the womb, you hear about firms that get bailed out of bankruptcy turn around and give out big bonuses within a few months.
There were a number of events and decisions that occurred that snowballed to create the financial distress. I do believe that several things could be done to make improvements, starting with holding those that made some of the poor financial decisions accountable for their actions. Serious investigations into the problems should have been done. This includes investigating the rating companies that gave high ratings to firms’ just days before they failed.
While it’s easy to blame the government for financial crisis, some of the blame falls on the shoulder s of the public. For example, just because you’re approved for a certain size loan doesn’t mean you need to take that large of one. I had this happen when we purchased our house in 2004. At the time we were approved for a $150,000+ loan. While we would have loved to get a larger, nicer home, we knew that a loan that large would be pushing our budget to the limit, so we opted to take a smaller loan and find a home that was more affordable. Unfortunately, not all people evaluate their personal budget closely enough. They assume that if the bank approved the loan, then they won’t have any problems making the payments. What the banks don’t figure in is all the incidentals, upkeep of the home, new air conditioner for the home, vehicle replacement, or the fact that you should set some money aside for emergencies.

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