I have been in crypto for the past 4 years but I have never really understood the distrust many Americans have for the financial system/wall streets. I was barely 14 when the 2008 financial crisis happened and I never fully understood it, well until I watched this documentary ( and I am still going to do further research on it).
Inside Job is a documentary about the systemic corruption of the financial system in America that has permeated almost every other sector of the country and its impact on the global economy. The documentary was directed by Charles Ferguson, founder and president of Representational Pictures, Inc. Inside Job also won the Oscar for Best Documentary feature in 2010 and grossed $7.9 million at the box office.
The documentary is split into five parts. The firsts explored the deregulation of the American financial industry in 1941. Over the past 6-7 decades this sector has been exploited by the bankers and has cost taxpayers billions of dollars. The second and third part of the documentary talks about the housing bubble and the development of financial instruments that were not well regulated which lead to the 2008 global financial crisis. The fourth and final part of the document talks about accountability and how the American financial system has morphed without deliberate steps to investigate and prosecute those who were behind the irregularities that led to the 2008 financial crisis.
My Reaction
I spent my afternoon listening to top officials at Wallstreet lie through their teeth. It was so obvious that these people were trying too hard to cover their tracks by evading important questions about their activities and operations leading to the housing bubble. It made me wonder how people are still able to trust these sets of people with their livelihood. Americans for the first time in decades are poorer than their previous generation, and it is a cause for alarm.
I also saw the stronghold Wallstreet has over the political system and the educational sector and the manipulation of the media to push their agenda (this isn't news to any of us in this space). How do people still trust this system built on lies still beats me because the facts are there for all to see. These financial institutions are given the free pass to line their pockets at the expense of taxpayers. This is quite synonymous with how other financial and political systems across the world are run–with impunity and disregard for the people they serve.
I want to say that crypto is the answer but we do still have some affinity for the current financial system. I think the major consolation for the crypto community is that this space is not controlled (completely) by the Power-that-Be. We can all build in a semi-safe space with fewer regulations from the corrupt system. Although this does create room for some form of exploitation, I would rather have the free market regulate itself.
In conclusion, there were really few positives after watching the document. I do not think we are anywhere close to eradicating corruption in our financial and political systems which is bound to pervert other industries and sectors. Are we ever going to take power back from the oligarchy–the very same people we depend on for everything? Only time will tell.
You can watch Inside Job on Netflix
Sources
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