Review of Inside Job (2010) by Devon B — 15 Aug 2011

Idealogy vs. criminalogy. Inside Job is a documentary that attempts to show how an unregulated, free market economy is actually the worst thing imaginable when it comes to finance, by showing us first Norway, then America's disasterous attempts at unregulated economies. Beginning with Ronald Reagan, and continuing through Obama's presidency, controls on Wall Street have been slowly yet methodically eased, until the ability to legally steal money became possible. Alan Greenspan's free market ideology and his governmental power brought about most of this deregulation. The loan industry lost all acountability as they were no longer responsible for defaulted loans, having sold them off to speculatory investors who were told by paid off credit rating agencies to rate them as AAA. Also, investment banking had become more popular, dealing with people's retirement funds and investing in "crap". People were minting money out of thin air, investing in houses built on sand, and paying themselves huge bonuses. When something is stolen, usually the thieves are punished. But when laws are changed to make theft legal to the clever criminal, there is no recourse left open to the victims. But just because it is legal to steal, does that mean people are required to? At some point, greed ceases to be the motivating factor, and people begin to acquire money as some sort of contest to see who has the biggest wallet. There is no longer a need or even a desire for money, just a desire to have more of it than anyone else. It seems that's the chief drawback to an unregulated market: the fact that there will always be those who will take advantage of the system. Deregulation doesn't create wealth, it destroys it.

The film makes a great many points, and while it does delve into some technical areas (I learned what a C.D.O. is- even if I've already forgotten it), the last forty minutes or so become a bit redundant. When you've seen one crooked politician or investor sweating under the scrutiny of some off-camera interviewer, you've seen them all. It is an eye opener, however, to see just how much of a failure president Obama has been at keeping his campaign promise to "clean up wall street". In the end, Obama has been every bit the cheer leader for the wealthy that George W. was, and after the great Fannie May loan bailouts, it's a bitter, bitter betrayal of the people who put him in office.