In my Finance class last Tuesday, our professor had us watch a documentary film etitled the Inside Job. This documentary shows the reason why we are on a global recession. You can see in this film how GREED can dominate a person's values and neglect the things that they stand for. These lobbyists, bankers, financial consultants, "wall street people" took control of the government and thus controlled on how the laws about these money matters would go about. They have deregularized the financial market, not setting any limits to every transaction for them to gain more money from it. Some had positions in the government that influenced law makers to pass these laws that would potentially make them more money. They are only thinking about themselves and did not think of the outcome that their actions could have brought in. Some CEO's of banks became head of the federal reserve, financial adviser of the president and the likes. One case that I remembered that this CEO had accepted a position in the government, obviously he needed to resign from his position. He sold his stocks for $400 million, here's the catch. it is exempted from tax. This CEO saved about $50 million which should have went into the country's monetary reserve.
Recession started to take place, initiated by the bancuptcy of the Lehman Brothers (or is it group?) and the AIG. These two are the ones who benefited the most from deregularization. Then the problem spread like a disease, causing lay offs around the globe, businesses declaring bancruptcy. And now they're washing their hands clean from these? How thick could these people get. Just to get loads of money from the financial market, they didn't even try to think the outcome of their actions. Tsk tsk tsk..
I would recommend everyone to watch this film. This is an eye opener for everyone. The funny thing here is that they a lot of things like how corrupt the Philippine government is. One question, WHAT DO YOU CALL THIS??
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