Sunday, May 15, 2011

Inside Job

Inside Job is an extremely well made documentary from 2010 that won a series of awards for its content and quality. Interviews with the director Charles Ferguson are on YouTube. It explained the crisis that started showing its effects in 2008 exceptionally well. I loved how the documentary film started, the very first 30 seconds. "Iceland. Population 320,000 inhabitants. GDP $13 billion. Bank losses $100 billion." That first glimpse into the crisis explained it all too well. These 4 partial sentences drove the point home. It made us grasp the issue in a few seconds. 3 tiny local banks borrowed 120 billion dollars. 10 times the size of Iceland's economy. The accounting firm KPMG audited the banks and found nothing wrong. International rating agencies gave them a AAA credit rating. But that all changed in literally an instant. The house of cards collapsed. The full movie can also be found here. Watch it.

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