I finally watched the (Oscar-winning) documentary Inside Job, “the first film to expose the shocking truth behind the economic crisis of 2008” (that continues today). The film’s conclusion (spoiler alert!): we have a “Wall Street government,” and have since the 1980s, which disproportionately serves the beneficiaries of the financial sector, often at the (very literal) expense of everyone else.
While I had been meaning to watch Inside Job for a while, something always delayed me from doing so. Now that I’ve watched it, I realize what it is: the disturbing reality of our embedded “financial-industrial complex,” which, unfortunately, has not changed at all under the Obama Administration.
As the film’s writer, director and producer Craig Ferguson notes, Continue reading
Needless to say, there is a lot angst regarding Wall Street’s mis/management of the economy. And while the recent populist surge is puzzling to many in the finance industry, it is clear that Wall Street’s denizens are ready to fight back.
Joshua M. Brown, aka The Reformed Broker, posted an email that reportedly made its way around Wall Street last week, calling the communiqué a “hideous little piece of class warfare,” and stating that “it’s Us-Vs-Them theme is sickening.”
Here are some of the highlights:
“The government and average Joes are looking for a scapegoat …
“I didn’t hear America complaining when the market was roaring to 14,000 and everyone’s 401k doubled every 3 years. Just like gambling, it’s not a problem until you lose …
“Go ahead and continue to take us down, but you’re only going to hurt yourselves. What’s going to happen when we can’t find jobs on the Street anymore? Guess what: we’re going to take yours …
“We’re going to stop buying the new 80k car, we aren’t going to leave the 35 percent tip at our business dinners anymore. No more free rides on our backs. We’re going to landscape our own backyards, wash our cars with a garden hose in our driveways. Our money was your money. You spent it. When our money dries up, so does yours.”
Oh, where to begin? Continue reading