Tuesday, February 7, 2012

Riley's Inside Job Review


The movie Inside Job is very important for the public to see what is really going on. Terms like Credit Default Swaps are brought out into the open. Credit Default Swaps are private contracts used as insurance or bets against other financial products. AIG went bankrupt because of Credit Default Swaps. It is legal gambling and a way for the rich to get richer while the poor get ripped off.
It’s nice to know there are companies to avoid like Goldman Sachs. They took cash bonuses and after the collapse participated in Credit Default Swaps using tax payers money. While America was crippled the executives at Goldman Sachs managed to make even more money.
It is eye opening to see how the government and the stock market are intertwined. For example, Henry Paulson was the CEO of Goldman Sacs, and then became the Treasury Secretary of the US. He is one of many who moved from private industry to government positions. This may be a reason why the rich are not equally taxed. It feels like the government is being controlled by private industry.

No comments:

Post a Comment