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The Inside Job film elaborates on the economic crises witnessed globally in 2008 because of the unsteady systems. The economic instability affected the atmosphere adversely, triggering the loss of jobs and properties. All the institutions that triggered the crises and the people involved, as well as their deeds, are explicitly shown in the documentary (Das, 2021). Moreover, bureaucrats belonging to the Bush administration are responsible for the monetary crisis, and the documentary highlights it. Prominent economic professors also took part in the rocky systems. In September of the same year, the biggest insurance company (AIG) went bankrupt and collapsed, shaking the US economy more. The situation has worsened as the global recession continues, overwhelming the citizens.
When the bubble burst, many people lost their employment and were left poor. Nevertheless, what happened was not an unintended misfortune but a crime conducted by individuals of high authority. What the monetary crisis did was trigger the decline of stock prices, deteriorating the monetary worth and causing massive losses in banks (Das, 2021). These financial crises made the government and the monetary management supervisory bodies regulate monetary institutions relaxing the policies that had been set for their interests. The damage that occurred did not only affect Americans, but people from other regions too, including China, Asia, and Europe, as these states economies are interconnected. According to the film, the globe depicts a lacking interest in morality.
I agree with the films central point because the world is in chaos as a result of the neo-liberalism system. Despite the film being unbelievable, it is informative and depicts the reality of this world we live in. it is clear in the movie how politicians, professors, and directors manipulate the financial industry through their political influences. All the involved experts are corrupt and selfish and lack empathy and care for other people (Das, 2021). Inequality is the order of the day as the experts use similar techniques and strategies to enrich themselves even more. Moreover, policies and complicated laws that the people do not understand were introduced. The only beneficiaries of such policies are the experts who introduce them. The minority dominates the majority by using their power and expertise. They operate in similar jobs in circles and get appointed to the same positions in the cabinet. Their powers impact is seen in the financial industry and school systems.
The system is built and controlled by the minority, as confirmed by David Harveys proposal theory of how neoliberalism has led to the achievement of growth. The state was being used as the redistributive policies agent, whereby tax codes were revised to favor return on investment for the minorities rather than improving wages and incomes. The individuals who caused the malfunctioning of the system have not been held accountable, and they are still rich and powerful. Furthermore, they are greedy and corrupt and have not been brought to book for the fraud they committed.
Unfortunately, since 2010 nothing much has changed because the financial reform introduced by Obamas administration has not been successful in solving the crisis. This is because the same officials and executives who fuelled the crises were chosen as Obamas economic advisors. Society is burdened with financial crisis and inequality because corruption has taken root. The same people who destroy the system are still in authority and are making more wealth at the expense of the majority. Change may not be forthcoming as long as the neo-liberalism system is not abolished, which causes conflict between capitalism and democracy. The corrupt system can only be changed if all citizens unite and force the proper changes to happen (Das, 2021). The first step would be removing the corrupt officials from power and electing new ones who would fight for the right of the majority.
Reference
Das, S. (2021). A banquet of consequences reloaded: How we got into the mess were in, and why we need to act now. Penguin Group Australia.
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