Must-see documentary. Well-researched and explains many of the factors leading to the financial crisis and housing bubble. Most frightening is the realization that many of the same people seem to rotate between running Lehman Brothers, controlling the treasury, federal reserve, and regulatory institutions. Hank Paulsen was warned repeatedly of an impending crisis, but ignored the signs. College economics professors, who should be impartial analysts, often are paid consultants to Goldman Sachs and other companies, so they praised derivatives, even though they should have been skeptical until the new schemes proved to be trustworthy.
Sadly, nothing has been done to punish those who caused a catastrophe for millions of Americans, and the same machine is in place to possibly come up with more money-making schemes that may result in similar calamities. We didn’t learn our lessons from Enron and the Savings and Loan scandals. Will we learn from this one? Only if people get educated and demand changes. There are only a few voices of reason, such as Elizabeth Warren, who was ousted from the new consumer protection agency.
Those “Atlas Shrugged” fans who think that that corporations are inherently benevolent and need less regulation really ought to see this. Wall street greed ran rampant, and now we are in a recession largely due to their folly. Unfortunately, it wasn’t just wall street. College administrators and professors are also part of the system, as are the lobbyists and the Congress members who take their campaign donations.