Cyril Ellis G.

Anino

EC102 I

March 3, 2015

Reflection paper on the documentary film Inside Job

Charles Fergusons Inside Job showcases the causes of the 2008 global
financial crisis in which the cause can be traced from the financial corruption done by
the big companies and banks in Wall Street. The 2008 global financial crisis is one of
the worst that have happened to the U.S. ever since the Great Depression in the
1930s. Financial corruption done by big businessmen and bankers greatly affected
the ordinary people in the United States. Americans who wanted to profit through
their investments in the banks instead lost all their savings.
I was really surprised that corruption is very widespread in the financial sector
of the American government and they all come from the rich CEOs and bankers of
Wall Street in New York. Also, I really felt bad for the ordinary citizens because they
were the ones who suffered a lot in the 2008 financial crisis while the people behind
the meltdown were sitting pretty because they were bailed out by the government
instead of arresting them from what they have done. Why should the ruling class live
a luxurious life by buying a lot of planes and having an estate in an expensive place?
And they only get these through fooling the people in investing their money to their
firms. How pathetic a corrupt CEO is! Because all they want is to become richer and
even a lot richer and they never get contented.
As the documentary introduced the subject matter by showing the situation of
Iceland when it went to a financial crisis, what happened there is opposite from what
happened in the U.S. because the ordinary citizens were bailed out instead of the
corrupt bankers. I believe the opposite had happened in the U.S. because the
officials of the financial sector, which is also a part of the people behind the
meltdown, have put self-interest first, making them saved from losing their money,
therefore bailing out the banks that have gambled the ordinary Americans money
instead.
I believe that people, especially the rich businessmen that put up self-interest
first rather than the common good of the citizens should not be a part of the
government because they only make the situation worse instead of doing their best
to make it settled. I also believe that it is not good to invest money to stockbrokers
because it only feeds those rich financial businessmen with more money since they
get a lot more benefits from the money invested.
This financial corruption should be stopped as soon as possible before more
and more people suffer. Those who were behind the financial meltdown should be
attending to their responsibilities and they should not be allowed to escape or run
away from the chaos that they have created. In the future these kinds of situation
should be avoided or if it could not, it should be given remedy as immediate as
possible for the sake of the welfare of the people as well as the countrys.