The two defining world events of the last decade have been 9-11 and the ensuing Iraqi occupation, and the global financial crisis of 2008 – for which the last word has still to be written. Filmmaker Charles Ferguson may have created the definitive documentary film accounts for both – in 2008, No End in Sight provided a damning analysis of the US-Iraqi occupation and subsequent insurgency, and his latest film, Inside Job, takes on the failure of the US financial industry.
As he did with No End in Sight, Ferguson provides a well paced and strikingly clear account of the causes and events leading up to 2008, and parades before us a gallery of villains and players (some of whom he interviews, rendering quite uncomfortable under his grilling in the process), most of whom still remain in key decision making positions. You’ll come away with an understanding of how all this happened; anger that while catastrophe has been averted for now, things really haven’t changed; and an insight into the scale of the problem.
The key messages:
- the financial industry is too powerful, and wields disproportionate influence on government (lobbyists in general, wield too much power);
- this allows them to heavily influence legislation of their industry, including the financial deregulation which laid the groundwork for the events of 2008;
- deregulation leads to an industry where conflict of interest is legalised, and where the capitalist ethos, self-interest and short term gains thrive and are encouraged.
One solution appears to be greater regulation to prevent conflicts of interest, but given the power the financial industry currently wields, the chances of this happening any time soon are low.