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Ministry of Education
Santiago Apostol College
Subject: English
Topic: Summary (Inside Job)
Teacher: Roque Puga
Name: Milton Cedeño
XIIº
5-3-2017
Inside Job
What was the film about?
• It's about the financial crisis of 2008.
It presents research and interviews
with financial, politicians, journalists
and academics. From the narrative
point of view, its structure has
several parts, dedicating his
introduction to Iceland's 2008-2009
financial crisis.
• The tape focuses on the changes in the
financial industry in recent decades that have
led to the crisis, the political movements
toward deregulation, and how the evolution of
financial fields complex as the derivatives
market allowed large increases in the adopted
financial risk, to allow to circumvent
regulations that were intended to control
systemic risk.
Why did the crisis start?
• On Wall Street, birthplace of the
economy, street where is the most
important center of economy and
Finance of the world, began new
investments, business and rampant
lending, with money earned through
investments, they paid the loans to
banks.
• But these entrepreneurs wanting to
continue winning an idea them
which consisted of purchasing
insurance against the mortgage
payments.
The bubble
• On Wall Street, annual bonuses
broke records. Brokers and
managers became very wealthy.
Lehman Brothers financed many
subprime loans and its manager,
Richard Fuld took home $ 485
million that year.
• It sold real financial profit that was
not really real. Through the
Household Property Law the Federal
Reserve could regulate the
mortgage industry. But Alan
Greenspan refused to use it.
The crisis
• In 2006, year of ultimate concession
of mortgages subprime, reaching
the Fed Chair Ben Bernanke. Despite
the alarming data, they decided to
take no action.
• The financial system was awash in high-risk
financial products. As everyone could
access buy a House as were granted
mortgages regardless of the risk, the
housing prices soared, following an
economic basic principle, if it increases
demand on a given well, increase the prices
of the same.
Inside Job film summary exposes causes of 2008 financial crisis

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Inside Job film summary exposes causes of 2008 financial crisis

  • 1. Ministry of Education Santiago Apostol College Subject: English Topic: Summary (Inside Job) Teacher: Roque Puga Name: Milton Cedeño XIIº 5-3-2017
  • 3. What was the film about? • It's about the financial crisis of 2008. It presents research and interviews with financial, politicians, journalists and academics. From the narrative point of view, its structure has several parts, dedicating his introduction to Iceland's 2008-2009 financial crisis. • The tape focuses on the changes in the financial industry in recent decades that have led to the crisis, the political movements toward deregulation, and how the evolution of financial fields complex as the derivatives market allowed large increases in the adopted financial risk, to allow to circumvent regulations that were intended to control systemic risk.
  • 4. Why did the crisis start? • On Wall Street, birthplace of the economy, street where is the most important center of economy and Finance of the world, began new investments, business and rampant lending, with money earned through investments, they paid the loans to banks. • But these entrepreneurs wanting to continue winning an idea them which consisted of purchasing insurance against the mortgage payments.
  • 5. The bubble • On Wall Street, annual bonuses broke records. Brokers and managers became very wealthy. Lehman Brothers financed many subprime loans and its manager, Richard Fuld took home $ 485 million that year. • It sold real financial profit that was not really real. Through the Household Property Law the Federal Reserve could regulate the mortgage industry. But Alan Greenspan refused to use it.
  • 6. The crisis • In 2006, year of ultimate concession of mortgages subprime, reaching the Fed Chair Ben Bernanke. Despite the alarming data, they decided to take no action. • The financial system was awash in high-risk financial products. As everyone could access buy a House as were granted mortgages regardless of the risk, the housing prices soared, following an economic basic principle, if it increases demand on a given well, increase the prices of the same.