A great companion piece w/The Big Shirt, Inside Job gives all the details, from soup to nuts, of the 2008 financial meltdown. More horrifying than most slasher films, this doc shows us the greed that pervaded our financial system at the expense of many investors. The conclusions made by this film almost play as epilogue to the current state of our new president's attitude toward future finances, where deregulation will be severely curtailed.

Quick look at the DVD-case cover, and even the small intro, doesn't give much value to wait for.But when the film gets into business it becomes great, awe-inspiring with its straight ahead, courageous, disciplined, civil, but also unbending handling of the subject matter.

As someone who had a front row seat to the crisis I can say that this film got many things right bit didn't delve into explaining "why". (1) There were legitimate business reasons why derivatives existed - for companies to hedge their exposures to commodities, currency fluctuations and a host of other things. (2) Glass-Steagall was an antiquated depression-era law that outstayed its welcome as financial markets became more global (also banks were engaging in these activities before the repeal via loopholes so that they could compete w global banks)(3) the movie conspicuously omitted the impact of Fannie Mae & Freddie Mac and the (mostly Democrat) politicians who supported these institutions by voting to allow them to purchase junky mortgages supposedly to support the housing market. Oh and their executives were indicted (4) the government charged the banks hefty interest for the bailout money and made billions. (5) enough with blaming Goldman Sachs for everything! What about the other banks that contributed, like Citi? Who had to pay billions in fines for fraudulent mortgages. Besides you want a Treasury Secretary who understands markets and the people at Goldman happen to be pretty good at that. (6) having Eliot Spitzer opine is like having David Hinkley discuss gun control

This brilliant, hard hitting and courageous film revealed how the banking industry, once bastions of trustworthiness in the civilized world, caused the most catastrophic global recession in financial history. It does not simply uncover corruption and the 'legalistic' misappropriation of the public's money (bank robbery in reverse), it exposes our baser human traits of selfishness and greed, that we still espouse the maxim 'the ends justifies the means' and that those with great wealth, power and influence choose to perpetuate the self serving Keynesian statement that "for at least another 100 years time we must pretend to ourselves and to everyone that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little while longer still." The film delved into the high tech world developed by technicians redundant since the end of the cold war. They brought about an explosion of new products-derivatives- the new 'Weapons of Mass Destruction'. With America awash with cash funded by their new bankers, China, Collateralised Debt Obligations (C.D.O.s) and Credit Default Swaps were born. Institutions hedged against possible losses by taking out insurance cover should the insurance companies themselves plunged into insolvency weighed down by heavy defaults. The film revealed how the bubble rapidly expanded into a vast balloon of such terrifying dimensions that when it did inevitably explode in 2008 it affected all who inhabit the industrialised world, except for China and Asia. The magnitude of catastrophe was so incredibly huge it beggars belief how the culprits are still in positions of power and influence. It was implied in the film that those responsible either did not fully comprehend the consequences of their actions or worse that they simply did not give a damn. The unregulated bankers were let loose in the financial markets devoid of controls by the Securities and Exchange Commission and supported by Greenspan, Summers and others up to the President. The film overlooked what caused the initial change in the way the banking industry was perceived. In 1993 two mathematical geniuses came to Greenwich, Connecticut with a big idea. Myron Scholes of Stamford University and Robert Merton of Harvard devised an elaborate equation that nobody understood which could put a price on an Option Contract: to buy stock for $100 thinking it will go up to $200 in years time. If it does increase in value you make the profit, if not you can walk away losing only the cost of the 'Option' itself. How much to charge for the Option could be 'calculated' using Scholes and Merton's formulae-the 'Black Box'. These men were the original'Quants'. Scholes and Merton were awarded the Nobel Peace Prize in Economics in October 1997. They were responsible for creating the aura of mystique surrounding the wheeler dealers in Investment Banking, akin to that associated with nuclear physics. Politicians were in awe of this new breed of banker seducing George W. Bush into deregulating the industry even further. In 2006 he appointed Poulson, CEO of Goldman Sachs and one of the chief protagonists leading to the crash, as Secretary of the Treasury. We have the answer to this dilemma. It was bequeathed to the world by Dr. E.F. Schumacher (web site-'practicalaction.org') within the pages of his masterly book 'Small is Beautiful-A study of Economics as if People Mattered'. Although it was first published in 1973 the economic, environmental and sociological problems we faced then are virtually the same now but a thousand times more acute. His book advocates: the use of 'Wisdom',which immediately implies that we have used our intelligence for the benefit of all; that we need to change our attitude to one that is geared to a state of permanence; that we need to embrace 'Smallness' and include 'qualitative' factors which take into account environmental issues and promotes the humanisation of work. The present Dickensian system of economics is dependent upon our lower traits and is proved no longer a viable option. To quote R. Buckminster Fuller: "You never change things by fighting the existing reality. To change something build a new model that makes the existing model obsolete." The world is crying out for change. Dr.Schumacher's ideas could form the foundation stones upon which to build this new model for the generations to come.At the conclusion of the film Matt Damon, whose punchy narrative was delivered with eloquence and passion, said: "It won't be easy but some things are worth fighting for." Dr. Schumacher stated in his book: "It will require effort of imagination and abandonment of Fear". There are great rewards for those who are willing to relinquish responsibility. As individuals we all have a responsibility here. Kennedy said: Divided, there is little we can do. Together there is little we cannot do." If we cannot rise to the challenge to build a fairer and more just world for all to live in, to eradicate poverty in all its forms (the Nelson Mandela legacy) and organise businesses that create wealth that is shared by all (refer to the Scott Bader Commonwealth in Schumacher's book) then as a species we could be doomed. Materialism has no limit. It's similar to an addiction that fails to tell you when to stop. It demands ever more growth of wealth. There is nothing to stop it. But the environment is finite-resources will run out eventually. "You must be the change you wish to see in the world". Mahatma Ghandi