Warning! rule and law breaking ahead. Regulation obviously needed.
Watched this on my laptop, downloaded from the net. If it was good enough, which it is not, I would buy it and watch it again and again like I will be doing with the "Kings Speech". To me torrents are not that much different to listening to the radio, in fact I also had the new PJ Harvey downloaded but it was so good I nipped into Valencia so I could have a better quality copy. Is it stealing? Not by my rules..............
Disappointing is probably too strong a word, in what it sets out to do, it does what it says on the tin, but we have all been around the block on this one so many times, I was looking for more.
Firstly multi-millionaire actor (150 million at last EST.) Matt Damon narrates, not badly, but becomes farcical when trying to make a few lefty points about wealth inequality. And I have to say to Matt I am pissed he has so much more money than me, it’s a travesty, but in itself it does not matter. What matters is how poor are the poor. Good news for Matt, with more middle class on the dole, America will soon be matching France for Social solidarity.
In a strange way it hits the target in the first few minutes then either throws tomatoes at the crooks in the stocks and/or tries to make the same point without explaining what the point means.
Nothing on the very nature of regulation, just more rules would have done it, sort of thing. This is why I think they missed the point but hit the target in the opening on Iceland and the 3 regulator lawyers Versus the 15 Bank Lawyers. Gangsters with briefcases the lot off them. Like any good parent you keep it simple, talk softly and carry a big stick...and a bunch of nice carrots, and with nearly 30 years in Aviation and Construction/destruction I would say its the way to go.
Fulds crime is not looting millions from his bank, his crime is that he created money that was not real money, a greedy banker would have sweated the money, made sure the return’s added up and squirreled it away, he was just plain stupid and its politician’s fault they did not stop him, Why because they were in on it too...all those nice social engineering loans to poor folks from a govt. backed/mutual institution? Stuffing the electorate’s pockets with cash and imaginary wealth, and all those tax revenues for the Politicos to spend? Fulds bonuses are not the issue, the ones sent to Washington and other western capitals are the ones that have still not been questioned.
And as for the money as Addiction line, there are plenty of psychosis that are addictions, the Left have a neat one in feeling good about feeling bad, they are on my TV all day spanking their monkeys at every "cut" that takes us back to the stone age.
We also get the "it was better in the olden days" straight out off the nursery. Apparently after the war for many years all was well with the world, no naughty bankers or evil capitalist recessions. The glaring point that rebuilding from war and tooling up for the cold war kept every one busy is off no consequence. Infant stuff.
Another lefty trait written large was the probably the most interesting part of the film and what I personally have not given much thought too, that is Academia’s part in le crunch. The reason I did not give it much thought is simple. Economics is not a science. Just because the left are based on a notion off a claim to some sort of Scientific credibility does not make it gospel, to which the prophets of le Crunch play their central part in the film. (Obviously when some lefty social scientist takes the shilling his integrity is not challenged, and I will join them all at the barricades when they wish to protest the peer review process)
To have predicted the crash you have to have done two things, firstly identifying the property bubble, secondly predicted it would cause the banking collapse and you have to have done this on or before June 30th 2006 when the bubble was seriously bubbling up ( only two of the talking heads in this film can claim that) I can’t remember where I read it and I don’t have the bandwidth at the moment to search for it, but I believe a study found out of 22k economists worldwide, 30ish nailed it which is much less than sheer chance. Brownie points will be given to folks shouting about the global trade imbalances, and a serious gold star if you managed to plot the course of events going back to the Asian contagion back in the late 90s, and if you predicted the implosion off Fannie and Freddy.
The point of economics is not a scientific one, what it does is it allows us to give some sort of measurement to political discourse. And it helps us identify that some things work better than other things. Prediction No, not really, I don’t have to predict that water will boil at 99.97 degrees, Its proven.
Merv King was the first talking head I watched when I got here. Looking like a rabbit in the spotlights trying to explain his forecasts, he was at pains to get down with the kids, and sympathise with their loss of wealth through inflation which was he says not their fault.
My mum used to tell me that I would be adult when I took responsibility for my actions. The cold fact is we are in our own way to blame, I cashed in on a bit of property, my neighbour retired early, my wife got a better pay deal courtesy off the flushed government. It will all have to be paid for either directly through earnings paying the bills off or wealth erosion through inflation. And to be quite honest it’s about time we grew up and admitted we were part of the problem too. We voted for the buggers.
And finally the Spanish women.....she could not speak a word of English, god forbid read the text of the contract she signed up too. Parody, farce, tragedy all in one.
I think the definitive tale off le crunch would have to examine in full three crucial things, Finance and banks, economics and politics, and the general norms and philosophies underpinning our civilisation, (yup lefties, I did say civilisation. And don’t forget to avoid Sir Naill Sunday night) the last one would be were the finger in my opinion is pointed at us all.
....And so who stole what from who and why. Where did all the money go? is the question the guy in the street seems to ask. The truth is except for the bankers the money never really existed...maybe that’s why we hate them, trouble is hate does not pay the bills and neither does making an average documentary in the hope folks might buy it. I will not be billing them for the free publicity. Matt can keep his well earned wad. 5/10