I watched this movie and have to admit, it's well done. I didn't understand much of the concepts, but the movie did a fantastic show outlining how the system works. Watching it a second time made me appreciate more of the sophisticated details.
I just have to say... the whole plan behind this scheme was incredible. The people involved and how they made away with billions of dollars, it was all conceived by a genius.
This movie will make you wonder who really is running the (free) world.
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That's one of the frustrating things about politics. The other side will pitch the idea that regulation is bad for business, and that makes a lot of sense on the surface. Put played out in real life we see that regulation is a necessary evil. I think politicians could use that concept a little more often in selling an idea. It might sound bad, and go against what you believe makes sense, but stop to analyze the evidence and you'll see often times you have to choose the necessary evil
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Found it online and watched about half of it last night. Interesting backstory of information that I was unaware of, such as backroom dealings and incompetent or bought off people, including politicians. I knew Washington was corrupt, but just not aware of how corrupt. I had little faith in the elected, save one or two, but now there is none as the one or two are overridden on a constant basis, regardless of factual info.
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Just watched it. It reinforced my opinion that Wall Street de facto rules our country, for its own benefit. Important academic economists are paid big bucks by the Street to make pronouncements on economic policies such as regulation that benefit it. The conflict of interest is stunning. The politicians are bought and paid for and there's a revolving door between Washington including the regulatory agencies and Wall St. Two years into the Obama administration, there hasn't been a major prosecution. Where's the regulatory reform? If it didn't come under the Democrats, what chance is there it will come under the Republicans? The too big to fail financial institutions are even bigger than before the crisis started. The result is that nothing will change, and in a few years something similar will happen again.
Combined with the impact of continuing globalization on our workforce, I see very little to be optimistic about for my kids future.
"You don't need a weatherman to know which way the wind blows..."
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"I had to update a textbook"
I finally had a chance to watch this as well. I thought they did a great job with explaining everything. I had a great year trading that year when this all went crazy. First, Oil went through the roof and then volatility in stocks came back to life. There was a lot of money to be made during this time.
I'd have to say, one of the best interviews in this was with Frederic Mishkin, Ex-Fed Governer. His best line and perhaps the quote of the movie was his excuse that he left before this crap hit the fan because he had to update a text book. I think this is nearly verbatim of Christian Bale in American Psycho saying he "had to return some video tapes". Although, Lloyd Blakenfein did a great job in his BS as did Bernanke and Paulson.
Having worked on "Wallstreet" for my entire career (until I left to manage my own money), I witnessed the BS first hand. One thing that was not covered in the movie in detail is how the retail investor got annihilated by the buy and hold philosophy of these firms. Let me just say that retail investors that invest through a full service financial advisor/brokerage really don't know what's going on behind the scenes. Of course, there are a few FA's who are excellent but on average, you'd be shocked. I've always worked in the PWM division of the firms I've been with but was always amazed at the stories that would come out of the retail brokerage channel. The products that are pushed on retail investors are disturbing. Many people lost their life's savings in the crash of 2001 or the most recent in 2008. Most of the "advisors" for these firms have absolutely no idea what they are doing and have no concept of how to properly manage a portfolio.
On a funnier note, I noticed the other day that I had a few dollar bills with Paulson's and Geitner's signatures on them. When I went to pay for something with them, they were declined for insufficient funds. Lol!!!
All I can say about this entire fiasco is, it ain't over yet...
Update: I couldn't resist this. I had to attach Mishkin's research report on the financial stability of Iceland which was published right before their banks blew up. This will most certainly go down in infamy.
Last edited by Private Banker; April 20th, 2011 at 12:43 AM.
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