Okay so I’ve just watched Inside Job and I want you to know that this response comes from someone who works in the UK financial services industry and not the US industry, and I might add, someone who works at a much lower level than the vilified characters in the documentary.
This film does expose some serious failings in the system that were quite obviously driven by the constant de-regulation of the financial services sector in the US, this film also concentrated on the US as a whole, I think it’s important we remember that. You also saw in the film that it was the UK’s tight regulation that forced the Lehmans Brothers staff to stop work, the pictures of those guys walking out with boxes of belongings stunned the world into ‘stunned panic?’
When it comes to regulation I completely support it’s function to stop individuals and corporations behaving in a cavalier way with other people’s money.
The film maker quite obviously had an angle he wanted to pursue when he set out to make this film and for the most part I agree with him.
Clear concise regulation and legal accountability creates a stable environment for the financial markets and ultimately you and me, the consumers, the borrowers, the savers and the investors.
Please don’t think I’m espousing UK economic policy over US. Both nations are guilty of failing the final consumer.
There is a saying “When the United States of America sneezes the rest of the world catches a cold.” I think the last couple of years proves that. What I do wonder though is how long it will be till China’s sniffles send us all running for the medicine.
Just one thing, all those people that took out mortgages they knew they couldn’t afford, forget the shiny salesman pater, if you know the monthly payments are beyond your means don’t fucking borrow the money