A Documentary Film

I rented a documentary film “Inside Job” which I mentioned in the previous article  https://happyuan.wordpress.com/2012/07/15/   This film won the 2010 Academy Award for Best Documentary Feature.  It is described by Charles Ferguson how the late-2000s financial crisis happened .  Many big names were interviewed.  But Robert Rubin(the 70th United States Secretary of the Treasury),Larry summers(the 71st United States Secretary of the Treasury )Henry Paulson(the 74th United States of the Treasury)Alan Greenspan(Chairman of the FRB1987-2007)Ben Bernanke(Chairman of the FRB),  they declined to be interviewed.    There exists systemic corruption among the bureaucrats, politicians, businesses and scholars.  It’s common to all nations .  I think that Japan has the same kind of problem relating to construction of nuclear power plants.  This happens in other countries as well.  But America has a significant impact on world.  Martin Wolf of the Finantical Times said that it was global ponzi scheme. Ragharam Rajarn of IMF2003-2007 pointed out irrationality that trader got huge cash bonuses based on short-term profit, but was imposed no penalties for later losses. I so agree with him.

What can  ordinary people do to change?  I think that it was very hard to make this film.  I’d like to pay my respect to Charles Ferguson.

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I attended a lecture

I attended a lecture at university yesterday.
Lecturer explained the American financial history
introducing the video “Inside Job” by Charles Ferguson.
When the gap between rich and poor is wide, the society becomes unstable.
 Reading handout, American society is crazy.
The top 1% earns 1/4 income of all in USA.
Just before the Great Depression, the top 1% earned 23.9% of all income.
Then 2007, the ratio reached about the same 23.5% again!
The top 10% accounts for over 70% of all American wealth.  Wow!
American dream is a dream.  
It seems that social mobility is low in unequal country.