This incisive documentary narrated by Matt Damon
was filmed on locations in the United States, Iceland, England, France, Singapore, and China was made by Oscar-nominee Charles Ferguson
("No End in Sight" which deals with the lack of planning behind the 2003 invasion of Iraq). This former software
entrepreneur subtly confronts many of those complicit in the financial meltdown in
a multitude of interviews, and sets out to help us understand how the financial system post-Reagan became more and more
able to feed on itself, deriving greater and greater profit even from
the stupidity and illegality of its transactions,
turning the entire world economy essentially into one big Ponzi scheme.
what credit default swaps are, as well as other things like derivatives,
collateralized debt obligations, predatory loan practices, subprime
mortgages and other formerly hard to understand financial terms. Narrated by Matt Damon
the film forces many of the people who were brave enough to be interviewed, to hang themselves as they reveal the roles they played in the global financial crisis of 2008, which at a cost over $20 trillion, caused millions of people to lose their jobs and homes in the worst recession since the Great Depression.
When Ferguson goes after the bad guys, particularly economics professors Frederic Mishkin
and Glenn Hubbard
, he's a bold, relentless
prosecutor, making them often wish they had not agreed to be filmed. There are also interviews with some of the experts who warned us, like financier George Soros
, economist Nouriel Roubini
, Allan Sloan
magazine, and New York ex-governor Eliot Spitzer
who prosecuted wrongdoers before his own expensive pleasures forced him to resign.
is far better researched, more informative, more
exhaustive and even funnier than Michael Moore's version of the facts in his Capitalism, A Love Story
made in 2009. Which brings us to the final, sad story: where we are now. Of course the
financial markets were saved but average Americans paid for it, and
millions lost their homes, and the 1999 Glamm-Leach-Bliley Act that
repealed the Glass-Steagall Act and which allowed banks to be investment
banks, commercial banks, or insurance companies simultaneously, thus
endangering everybody's money; we're still still stuck with that. Why?
Because the Obama presidency has turned out to be "a Wall Street administration." We've still got a financial world managed by well-dressed and enormously overpaid
criminals, whose errors we are all paying for, even as they continue to be richly
rewarded for committing them.