I watched this yesterday. It explains the ongoing collapse of western civilisation, names the guilty- and points out that most of them are still in positions of power and influence (running the Obama administration for instance).
One of the biggest idiots in this mess was the US Massachusetts Democratic Senator, Barney Frank. A blundering, vice-ridden man (in whose personal company I have twice been) whose banking legislation paved the way for banks to lend money to people who could not afford the loans. Hence the housing crisis. Hence the bundled sale of toxic securities to various financial institutions, the collapse of investment houses and banks and so on.
I am sure the Democratic party thought it was "helping" people...but to give people access to resources and tools that they cannot handle is harming them, not helping them. This, as you probably know from reading my LJ, is what I consider to be the referent in "...lest one good custom corrupt the world".
As far as I can see, every political leader in the west- for the past thirty odd years- has been committed to the same philosophy of unregulated markets- and remains committed in spite of everything. We need someone to be suggesting alternatives- and no-one is.
No, that is not what occurred in the banking and finance committee in our Congress, headed by Barney Frank. They regulated in the opposite direction, incentivizing banks and government loan agencies to make loans to people who could not afford them under the guise of "helping the unfortunate".
Here's my alternative: The governments of countries must stop spending money that they do not have. Their judgment is now too clouded by their indebtedness.
I don't know about the UK, but huge lawsuits with respect to the financial crisis are now starting to move through our court systems.
Frank isn't mentioned in the film. At least I don't remember him appearing. I must dig for more information. Where politicians appear it is mainly as dupes of the money-men.
Our government talks about slashing spending, but is still borrowing record amounts.
I don't know about lawsuits. It's my impression that the British culprits have mostly gotten away with it.
Barney Frank gets blamed for a lot of the economic collapse here. I am from Massachusetts, and I know Barney Frank as a man who fought for the little people and sought to give them a chance at the so-called American Dream. Of course the banks went overboard with a scheme they KNEW was bound to fail over time, meanwhile raking in tremendous profits for themselves and tremendous losses for their debtors. Shades of Scrooge! Barney Frank is no more to blame for the crash than Abe Lincoln was for the Civil War!
I've read his wikipedia entry. I get the impression he was one of many caught up in the madness. It wasn't of his making, but he did his bit to push it along- but so did most western politicians of all parties.
The (so-called "Christian") right are after Barney Frank because he is gay! They succeeded in gerrymandering his district to eliminate many of his supporters, and to now include many of Boston's few right wingers. At 70 years of age, Barney has retired and has been dissed for doing it. Here's hoping that Mike Ross does decide to run for Barney's seat -- if he does and if he wins, once again, the poorer, the disenfranchised, and many minority groups will continue to be well-represented in Congress.
I give away half of my income every year to those less fortunate than myself, so, I feel I am somewhat at liberty to give an opinion when I see money being flushed down the toilet. In addition, I have friends that work directly in the Office of Congressional Legislation, the Congressional Budget Office, and Fannie Mae/Freddie Mac, and we have discussed these issues at length.
I did not blame the poor and powerless. I blamed Barney Frank, and by implication, the political forces behind him.
I don't agree with many of the things that were done under previous American administrations. I would have let AIG fail, for instance, and any other insurer, bank, car manufacturer, or investment house. I was not in favor of any type of government bail-out for anyone. That was a huge mistake. But it doesn't change the fact that liberalizing and incentivizing the loan process was also a huge mistake.
I watched it last night too and you could see blame everywhere - the politicians, the regulators and the senior bankers. However only one of those groups got personally rich from their failings. One of the issues was the lack of transparency in these financial instruments, and a massive helping of emperor's new clothes with every bank thinking that if the other guys were taking on subprime debt, then it must be ok, beause they are clever guys, so we would be mad to miss the opportunity to do the same.
Who can get us out of the mess? Well, Christine Lagarde and Dominique Strauss-Kahn came out of the programme looking cool, and maybe economists such as Ken Rogoff and Joe Stiglitz - and that charming beardie guy in the crumpled shirt from Greenlining.
Laura Tyson was the Dean of London Business School when I was there. Tainted!
Dominique Strauss-Khan doesn't look so cool now- though I suppose his downfall has little to do with economics.
The politicians and regulators didn't get rich? I thought they did. And that a lot of reguulators ended up working for the banks they'd once regulated.
However your question puts me in mind of a bit of dialogue from Blackadder Goes Forth: "But the real reason for the whole thing was that it was too much effort not to have a war."
The last three times (wait, it's way more than three, now I think about it,) any major world power has stood in these particular tracks, either revolution, or a world war has followed after.
Maybe an untoward asteroid or pandemic will provide a wakeup call before we get round to sharpening the sticks this time...
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branchandroot
no subject
Date: 2011-12-09 01:10 pm (UTC)I am sure the Democratic party thought it was "helping" people...but to give people access to resources and tools that they cannot handle is harming them, not helping them. This, as you probably know from reading my LJ, is what I consider to be the referent in "...lest one good custom corrupt the world".
no subject
Date: 2011-12-09 02:48 pm (UTC)no subject
Date: 2011-12-09 02:55 pm (UTC)No, that is not what occurred in the banking and finance committee in our Congress, headed by Barney Frank. They regulated in the opposite direction, incentivizing banks and government loan agencies to make loans to people who could not afford them under the guise of "helping the unfortunate".
Here's my alternative: The governments of countries must stop spending money that they do not have. Their judgment is now too clouded by their indebtedness.
I don't know about the UK, but huge lawsuits with respect to the financial crisis are now starting to move through our court systems.
no subject
Date: 2011-12-09 04:27 pm (UTC)Where politicians appear it is mainly as dupes of the money-men.
Our government talks about slashing spending, but is still borrowing record amounts.
I don't know about lawsuits. It's my impression that the British culprits have mostly gotten away with it.
no subject
Date: 2011-12-10 07:48 pm (UTC)Barney Frank is no more to blame for the crash than Abe Lincoln was for the Civil War!
no subject
Date: 2011-12-10 07:52 pm (UTC)no subject
Date: 2011-12-10 07:53 pm (UTC)no subject
Date: 2011-12-10 09:26 pm (UTC)no subject
Date: 2011-12-10 01:16 pm (UTC)The links to which some people will go in order to blame the crimes of the rich and powerful on the poor and powerless disgusts me.
no subject
Date: 2011-12-10 09:34 pm (UTC)I did not blame the poor and powerless. I blamed Barney Frank, and by implication, the political forces behind him.
I don't agree with many of the things that were done under previous American administrations. I would have let AIG fail, for instance, and any other insurer, bank, car manufacturer, or investment house. I was not in favor of any type of government bail-out for anyone. That was a huge mistake. But it doesn't change the fact that liberalizing and incentivizing the loan process was also a huge mistake.
no subject
Date: 2011-12-09 01:20 pm (UTC)Who can get us out of the mess? Well, Christine Lagarde and Dominique Strauss-Kahn came out of the programme looking cool, and maybe economists such as Ken Rogoff and Joe Stiglitz - and that charming beardie guy in the crumpled shirt from Greenlining.
Laura Tyson was the Dean of London Business School when I was there. Tainted!
no subject
Date: 2011-12-09 02:52 pm (UTC)The politicians and regulators didn't get rich? I thought they did. And that a lot of reguulators ended up working for the banks they'd once regulated.
no subject
Date: 2011-12-09 03:19 pm (UTC)However your question puts me in mind of a bit of dialogue from Blackadder Goes Forth: "But the real reason for the whole thing was that it was too much effort not to have a war."
The last three times (wait, it's way more than three, now I think about it,) any major world power has stood in these particular tracks, either revolution, or a world war has followed after.
Maybe an untoward asteroid or pandemic will provide a wakeup call before we get round to sharpening the sticks this time...
no subject
Date: 2011-12-09 04:31 pm (UTC)I don't like prophesying disaster, but I don't see how we can continue along present lines without coming a cropper.
I love Blackadder.
no subject
Date: 2011-12-09 04:35 pm (UTC)I'm sure Gaddafi felt pretty secure of his position a year ago.
no subject
Date: 2011-12-09 06:00 pm (UTC)And crumpets (because it's that time of day)- with cheese.