See the documentary Inside Job – a forensically researched, superbly delivered film about the 2008/2009 financial collapse – to see what the Euro leaders really have to deal with, the rating agencies delivering them an ultimatum.
Why haven’t we had a detailed analysis as we see in Inside Job presented to us by big media?
Some empirical facts to ponder: “The financial services industry’s share of profits increased from 10% in the 1980s to 40% in 2007, and the value of its shares (in the overall) went from 6% to 23%, while the industry only accounts for 5% of private sector employment.” Household debt in the U.S. grew from 3% of disposable income in 1998 to 130% in 2008. Prime mortgage delinquency as a percentage of loans increased from 2.5% in 1998 to 118% in 2008 – Manuel Castells.
Posted in banks, Blogroll, books, commerce, culture, democratisation, elephantine politics, Life, politics, Random Thoughts, The Big Unanswered Questions
Tagged Clinton, democrats, Euro, Europe, financial securties, Fraud, Madoff, Obama, ponzi schemes, republicans, securitisation
If you haven’t seen the film Inside Job (by Charles Ferguson) – don’t know him, not connected to him, not selling, just saw it and say, get a DVD and watch the documentary. In the meantime have a look at Castells in London, standing right in the financial heart of (very near to) the City.
Posted in Blogroll, commerce, culture, democracy, elephantine politics, fiction, Life, The Big Unanswered Questions
Tagged banks, Capital, Castells, economy, financial sector, Goldman Sachs, Inside Job, Lehman Bros, the sub-prime crisis, virtual capital, virtual economy