Tuesday, November 6, 2012

Inside Job-Response

            I had many different feelings about this film, two of the major ones being anger and disbelief. I just cannot believe that so many people can behave in this way. It's outrageous that all of the people involved with the financial crisis do not even seem to care. They made millions and that is all they care about. They do not care that hundreds of thousands of people lost their savings, their jobs, and even their homes. It is completely unethical to do the things that they do.

            One of the things that angered me the most was the video clip of some of the people from Goldman Sachs. They had sold customers bad deals that were rated AAA. Although they had this rating, the employees knew that they were bad and they still sold them. To make it worse, they then bet against those same deals. This made me furious; to think that people could do this to other people just to make some money.

            In addition to this, the interviews that were presented in the video made it clear that the people involved knew that what they did and were doing was wrong, they just did not care. They were always hesitant, said that they didn't understand the question, changed the subject, avoided the question, or just did not respond at all. This clearly shows that they knew what they were doing was wrong; otherwise they would have been straightforward in their answers.

            Finally, I was angered that people knew that this crisis was very probable if nothing was done to regulate the CDOs, yet nothing was done. Even government agencies knew years in advance that a collapse was possible and they did nothing. Regulations should have been put in place to regulate CDOs and derivatives. I am not by any means for the government regulating everything, but there are some places they are needed and this is one of them. If the people in charge would have stepped up and created regulations, the recession we are currently in would have never taken place.
A good link that shows addition information about how this crisis was avoidable is:


  1. I agree with you that the people are very greedy and that something should have been done to keep this from happening. There was a lot of warnings from different people, yet no one cared. They just wanted millions. They didn't care what it cost everyone else. The rating companies were the same way. They made more money on good ratings, so thats what they gave.

  2. Greed, greed, and more greed. This is such a great example of why a system of checks and balances is necessary in squelching the abuse of the system and greed from being excessive. I share in your anger and disbelief as well as frustration with how those in charge got off the hook, or are now assisting our government! You make a lot of good points here and I too think that more government regulation is necessary (in this case).


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