Director: Adam McKay
Understanding the 2008’s world financial crisis is quite a challenge! Well, sometimes the jargon used to explain simple facts can confuse us, and we end up having more questions than answers. Everything sounds more complicated when everyone else seems to understand except us!. This movie tries to explain the origins of that crisis and how it grew to the magnitude that affected the entire world.
I was amazed by the fact that just a few people could see the danger of the mortgage bonds. Even the most skilful brokers believed that those investments were the safest. That is the problem when you think you know everything! Your brain just closes up and doesn’t allow you to see past your nose. In those cases, believing in your instincts and being able to defend your point of view is pretty useful, you never know, everyone else could be wrong.
Believing in your instincts and being smart enough to present convincing arguments that support your opinions are vital skills to develop. This movie clearly highlights that reading and being informed contribute to understanding and being able to predict a crisis like this one. The sad part of the story is that the misery of many is the fortune of few. Evidently, a crisis for many people is synonymous with opportunity.
It is scary the considerable number of movies showing the banking sector involved in dodgy businesses. I can only think that ambition and greed can cause people with good intentions to lose their way, ignoring (or choosing to ignore) the limits of what is right and wrong. The consequences of their actions grow when they are in charge of big corporations, and the smallest decision could affect many. From my point of view, the American banks were active protagonists in the crisis because; they didn’t verify people credit’s capacity, and they didn’t investigate the rating of subprime bonds given by S&P. (Many others could say that banks knew way before the crisis happened and they didn’t do anything to stop it. I just don’t want to believe that so much evil exists!).
Noteworthy quotations from the movie:
• Wall Street loves to use confusing terms to make you think only they can do what they do