NFR : BBC 2 @ 9PM 'Inside Job'

[MJG]

Documentary on  BBC2 tonight 'Inside Job' is a really good look at the events leading up to the 2008 economic crisis.
I would highly recommend this and if you want to see a film verson of the events then "Too big to fail" a US tv movie is good as well.

[dont stand me down]

Agree I saw this film at the Riverside Studios in the summer,its an indictment of the banks and the major roll they played in the mess most of the western world is in.

[White Noise]

Very good viewing so far.

My favourite quote so far about the securitisation of the mortgage market - "Bascically a huge global ponzi scheme"

Allan Greenspan is a very, very strange man and I think history will judge him very harshly.

[MJG]

Very good viewing so far.

My favourite quote so far about the securitisation of the mortgage market - "Bascically a huge global ponzi scheme"

when i watched it that stuck with me as well.

[dont stand me down]

Haven't heard any mention of Gordon Brown yet,I'm sure that'll be put right on Question Time tomorrow.

[MJG]

As Harry Hill would say "this weeks inside job in a nutshell"....."Crooks"

[Snibbo]

Great doco. Made me very angry. Particularly how the blokes who caused all the mess managed to retain control.

[ScalleysDad]

I never thought I'd say "lets us put our trust in the French". Christine Lagarde was the only one who looked at the interviewer to answer the questions put to her and did'nt stumble along wishing the earth would open up. Some really awkward moments for some and how on earth some of these characters are back in control is beyond me. I really though Obama was smarter.
Off to the Post Office tomorrow

[Lighthouse]

There is a very simple way to stop allowing  the banks treating us like idiots. Those people with a bit of money to spare can lend it to those that need it for say five percent interest or whatever people can agree on. If all small loans were conducted in this manner the banks would only have big business to work on without screwing the rest of us over.

It works.

[Crita]

There is a very simple way to stop allowing  the banks treating us like idiots. Those people with a bit of money to spare can lend it to those that need it for say five percent interest or whatever people can agree on. If all small loans were conducted in this manner the banks would only have big business to work on without screwing the rest of us over.

It works.

Until people don't repay the loan.

It's more complicated than that. I agree in principle, that if banks were replaced by smaller, locally based and unaffiliated financial entities, then the average person (and in turn the global economy) would be much better off. But unfortunately, unless you can reverse globalisation (wholistically, not just in the financial sector), then I doubt the situation will change greatly.

[Lighthouse]

There is a very simple way to stop allowing  the banks treating us like idiots. Those people with a bit of money to spare can lend it to those that need it for say five percent interest or whatever people can agree on. If all small loans were conducted in this manner the banks would only have big business to work on without screwing the rest of us over.

It works.

Until people don't repay the loan.

It's more complicated than that. I agree in principle, that if banks were replaced by smaller, locally based and unaffiliated financial entities, then the average person (and in turn the global economy) would be much better off. But unfortunately, unless you can reverse globalisation (wholistically, not just in the financial sector), then I doubt the situation will change greatly.

I agree it is complicated. But I am always amazed how politicans and the rest still sound shocked when the figures don't match their expectations. They are still trying to make us believe they have that much control now. A generation at least will have to live with this brave new world of economics. Nothing they do will change that. Like Global Climate we are now only in a position to tinker with it but little more.

[Crita]

I agree it is complicated. But I am always amazed how politicans and the rest still sound shocked when the figures don't match their expectations. They are still trying to make us believe they have that much control now. A generation at least will have to live with this brave new world of economics. Nothing they do will change that. Like Global Climate we are now only in a position to tinker with it but little more.

Very true, they have certainly believed their own press too much during the period of prosperity and are continuously shocked when things don't go well. At a fundamental level, it was the Emperor's New Clothes syndrome and people in positions of power choosing not to stand up and say something because of the huge financial rewards involved that let it get so far out of control.

I'm only 26, so I have no doubt that I'll be part of the generation that has to deal with it. But also, I'm in Australia, so we're pretty safe at the moment  :down_under: I'm a firm believer in the economic theory of intrinsic (or objective) value, so I believe there has to be a major correction in prices globally to bring prices back closer to real value. Also, being only 26 and having not lived through any major depression or recession in Australia, I'm still naive and optimistic!

True, although unlike the global climate, the financial situation is one entirely of our own making and within our power to fix over time. Although that's a whole other debate  Get Coat gif

[Lighthouse]

'In Austrailia and pretty safe at the moment'.

Sounds like Nevil Shute's 'On The Beach'

The drifting economic cloud will hit you when the rest of the World has been laid low. I knew I should have bought that fan so it would have something to hit.