Inside Job

The global financial crisis that unfolded in 2007-08 drove millions of people into bankruptcy and the economy into recession. Directed by Charles Ferguson and narrated by Matt Damon, this film dissects the causes and implications of the downturn and analyses the role played by several key financial and political figures.

The documentary demonstrates how the American financial sector brought the country to the brink through reckless risk taking, complex financial structures, and sheer greed. Banks provided mortgages to people who were unable to afford them in order to earn greater fees. Through financial engineering, these ‘toxic’ mortgages were then sliced, diced and bundled up into fancy packages and sold off to outside investors, who later lost out when house prices declined and borrowers defaulted. The repercussions were severe and spread throughout the economy. People lost their homes and investors and pension funds suffered heavy losses. The information you learn in this film will inspire both anger and outrage.

Amongst the people interviewed for Inside Job are billionaire investor and philanthropist George Soros, NYU professor Nouriel Roubini who predicted the crisis back in 2006, US Representative Barney Frank, and Eliot Spitzer who sued the major investment banks while serving as the New York State Attorney General. We also meet Glenn Hubbard, Bush’s former economic advisor, who turns defensive and prickly in response to the interviewer’s pointed questions. Furthermore, the colourful insights of former Wall Street madam Kristin Davis are particularly intriguing.

Overall, Inside Job provides a comprehensive critique of the factors leading to the financial crisis. Through its structured presentation, it seeks to enhance understanding of a pivotal event in recent economic history.