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Free Essay on “Inside Job”

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The Inside Job:

Abusing Power and Causing Catastrophe

The documentary, “The Inside Job,” written, produced, and directed by Charles Ferguson, outlines the global economic crisis of 2008. Finally exposing the truth, this movie breaks down into three steps how this disaster occurred, the people involved and responsible, and the outcome of their selfish actions which cost tens of millions of people their savings, their jobs, and their homes. Through extensive research and interviews with major financial insiders, politicians and journalists, “The Inside Job” traces the rise of an unscrupulous industry and exposes the disdainful relationships which have corrupted politics, regulation, and academia. Ferguson uses the events of the past, highlighting the deregulation of financial services industry in the ‘80s and ‘90s, the use of risky derivatives, the real estate bubble and the explosion of subprime lending to show Wall Street’s unjust hold over the economy and it’s catastrophic


A key theme emphasized in this film is the completely fraudulent and deceitful actions of the major banks. Highly complex financial innovations such as securitization of mortgages, credit default swaps, and synthetic CDOs began to flourish. Major Banks, such as Goldman Sachs, Morgan Stanley, Deutsche Bank and other investment banks, started to use these credit default swaps. They sold mortgage securities to people which had high ratings even when they knew what they were selling was worthless. They knew this because their own analysts told them so, who also said or did nothing about wrongfully labeling these loans. Thus insisting the buyers that the securities they were purchasing were extremely safe. Then, they would use the credit default swaps to bet against the very mortgage securities that they were selling to people dishonestly. More evidence that Ferguson included in his documentary involves the Ivy League scene and how even those powerful scholars in the academic…

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