Tuesday, December 1, 2020

Another Canadian Documentary on the Mortgage Crisis of 2008

 This movie is named Inside Lehman Brothers.

 

It seems the movies I've found report on the crisis from several different vantage points. One is international, two or three are national, and one is Hollywood's version of what was happening on Wall St. This movie, Inside Lehman Brothers, is about one company, some of its employees, and whistleblowers who revealed its criminal behavior.

This particular presentation has some advertising inserted, but it's no worse than watching a television show with advertising.

I don't think this movie displays the full criminality which was occurring at individual firms (Countrywide Mortgages was one of the worst), but it points clearly to the fact some people knew what was happening, some reported it, and the government of George W. Bush and a Republican Congress didn't react at all. It was only after Democrats took control of the House of Representatives in 2006 that regulations changed and the house of cards began to shake and fall apart. It ended a mere two years later in 2008.

The damage done and the reverberations are still with us today. At the end of the movie it mentions several actions of President Donald Trump that makes clear we still face this craze among Republicans to trust that "markets will self-correct" and that laissez-faire economics is best.


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