The views expressed in any article published in this blog are the author's own and do not necessarily reflect the views of Joseph Foster or Bob Lupoli.

Monday, November 15, 2010

"Inside Job" the movie & related books

Bob:  I read that there is a movie just released titled ''INSIDE JOB'' According to the source it explains in details how corrupt American Government has become, and the powerful banking lobby and other Lobbyist that influence the Government. The movie exposes both political parties, Bob perhaps you could watch the movie and give me your comments.- Joe.
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Joe:  I look forward to seeing the movie. Below is some information about our financial scandals you may find of interest. – Bob
Inside Job the movie, Director Charles Ferguson
Based on Sorkin’s book. Mr. Ferguson, is the director of too big to fail and a financially savvy guy. He has a Ph.D. from M.I.T. and is self described policy wonk. He hammers on Harvard economic guys in the movie for the revolving door, there are no restrictions on where and how professors draw outside income. I read the movie is being called Wall Street for Dummies. Larry Summers is a key figure in the movie. Summers pushed to eliminate derivatives regulation, capital-gains taxes, greenhouse-gas regulation, and exposes his alliance with Ken Lay at Enron, and the biggest contributor to the financial crisis: the repeal of the Glass-Steagall Act, the Depression-era separation of commercial and investment banking, in 1999. Bethany McClean below, was an advisor on the movie.

Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System---and Themselves, Andrew Ross Sorkin
Inside Job: The Looting of America's Savings and Loans, Stephen Pizzo
1990 New York Times Non-Fiction Best Seller. Investigative Reporters & Editors Book of the Year. A true crime story that reads like a mystery. Described by Jack Anderson as "the All the President's Men of the Savings and Loan scandal."

All the Devils Are Here: The Hidden History of the Financial Crisis, Bethany McLean also;  The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, Bethany McLean
Who to blame for the financial crisis? Wall Street, Main Street, or Pennsylvania Avenue, greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to McLean the real answer is all of the above-and more. Many devils helped bring hell to the economy according to her almost everyone has missed the big picture and this book puts all the pieces together.

I saw her on CSPAN yesterday a key element is the so called “revolving door” which I have often written about. Academia, Wall Street, Government & Government Agencies (Fed, Regulatory, etc.).

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