Inside Job (Ayse Zeynep Ozbay)

405px-OfficialInsideJob_Poster(Before I begin, for those of you who haven’t seen the movie, SPOILER ALERT)

Inside Job is a documentary film about the 2008 financial crisis. Charles Ferguson, the director, describes it as “the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption”. The film is divided into five parts: How We Got Here, The Bubble (2001-2007), The Crisis, Accountability and Where We Are Now. The documentary starts off by looking at the laws and allowances that form the roots of the 2008 financial crisis, such as the deregulation of the financial industry in the 1980s and the increased use of derivatives in the 1990s.

By the 2000s, the industry was dominated by only a few very powerful banks, insurance and rating companies, which were not regulated by the government, making various “illegal” operations possible. The second part, The Bubble, talks about the housing boom. In these days, everybody could easily get a loan from banks (local or national) for mortgages. Investment banks borrowed money and bought mortgages from all around and sold them again. The rating companies gave fake reports so that banks could make more profit. Also they would insure these mortgages with the fake rating reports. All of it is very complicated; but in the end the banks had borrowed more money than they had, so all of them collapsed. In the next parts of the movie how the crisis evolved is explained, along with its consequences and where the financial industry stands now. One important point the movie makes is that although the crisis cost so much to so many people – many people lost their homes, businesses were bankrupt and the crisis affected many other people in countries all around the world, eventually leading to the bankruptcy of Iceland – the actors that played a huge role in the crisis got away with what they did and made money out of it.

Inside Job combines interviews with financial specialists, politicians, academicians, journalists and insiders, with extensive research. To explain some concepts, basic animation is used. Matt Damon contributed the narrator of the film. The budget of the documentary was around 2 million dollars. It made more than 7.8 million dollars in the box office. It was funded by two production companies: Sony Pictures Classics and Representational Pictures. It premiered in Cannes on May 16, 2010. It was distributed by Sony Pictures Classics in the States and shown in many theathers across the country. At the same time, the documentary was a part of many film festivals around the world and won many awards including, an Academy Award for Best Documentary.

I really enjoyed watching Inside Job. The 2008 financial crisis affected many people all around the world. This documentary does a great job of explaining everything that lead to the crisis and the consequences of the crisis. I think people have a right to know who is responsible and the role their government played. Inside Job had a great impact regarding social change. It brought attention to the unfair distribution of wealth in the States and got people to react towards it through movements such as Occupy Wall St.

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