The movie Inside Job: The Economic Crash
The late 2000s financial crisis caused changes to business practices across the globe by affecting financial institutions and firms. The movie Inside Job won the best documentary when it aired well the different aspects that contributed to economic crash. The purpose of this paper is to evaluate on the key causes that contributed to the crisis as perceived in the Inside Job film.
According to the movie, corruption is a main cause in the banking industry that leads to financial crisis. This is evident when banks supported deregulation and by accepting huge amounts of money to write reports about the status of the economy. The movie reveals that the banks were aware of the crisis through their managers (Inman and Kingsley 8). However, they did not take any initiative to report the crisis to the necessary authority. The reason is that bank managers feared to expose their multibillion dollar deals with fear that they would lose their jobs.
The incapability by banks to challenge such practices generated crisis in the economy. Besides banks, regulators, rating agencies and academic economists also contributed to financial crisis. The regulatory failures and policy that contributed to the crisis were due to repel of the 1933 Glass-Steagall Act. This further caused a conspiracy and free market that promoted deregulation resulting to a global crisis. To avoid this crisis, financial institutions were supposed to be vigilant to avoid lending more cash than they required.
If I was the leader in a country, I would prevent such crisis from happening by handling consumption matter as addressed by citizens. In addition, I would change the culture at banking industry, and the dominant values to enhance positive changes. I would allow vibrant leaders to manage banking institutions to avoid financial crisis in future.
Inman, Phillip and Patrick Kingsley. “Inside Job: how bankers caused the financial crisis.” The Guardian (2011): http://www.theguardian.com/film/2011/feb/17/inside-job-financial- crisis-bankers-verdicts.
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