Coming to dvd April 17th
Plot-As many Americans know, our economy right now has crashed and burned. Do you ever wonder, what could have caused it? Why are we slow to recover from this? From award-winning, David Sington (In the Shadow of the Moon). Flaw, tells the story of the credit bubble that caused the financial crash. Also included in this 82 minutes, are interviews with some of the world s leading economists, including housing expert Robert Shiller,Andrew Luan, Joseph Stiglitz, and economic historian Louis Hyman, as well as Wall Street insiders and victims of the crash.
Review-We are all familiar with the current financial crisis and the collapse of our economy. Not too many are so sure about how we came to these dark days. In this 82 minute documentary, we witness thru the eyes of many who were on the financial front lines,as they give their accounts of how this problem got so out of control. Graphs are displayed,to show historical trends and archival TV footage and animation to help with the message and presentation. We also hear some heartbreaking and depressing personal stories, from a woman who was lied to, to buy a house she could not afford, to a former Wall Street Bond Trader, now giving guided street tours to those visiting the financial district of New York. Then, we have some found footage of Alan Greenspan as he testified before Congress in 2008. This film focuses on borrowing and lending against assets you do not own, and the evolution of the real estate market (or as they called it- the credit bubble and the real estate bubble)
I am very familiar with “predatory” lending. When you first start off at any financial institute, they teach you how to keep extending loans on people who think that their houses will stay the same price or rise in value. Like being a car sales person, your job is to make sure you sign as many loans as you can and let them keep borrowing against their assets till they do not own them anymore. This film shows you in great detail, how companies do this practice on a daily basis, and also shows the victims. Who just want a place to stay and to be able to pay their bills and have shelter and food. While Greenspan thought our economy was a self stabilizing system. When the real estate boom happened, people were borrowing and re-financing because they thought this boom would last forever and that their houses would be worth more. Why would an ordinary middle class man or woman think this? Because they were told that by people who manipulated them to think they could get rich. Banks will never stop encouraging americans to borrow. Borrowing is great, it builds your credit. They never tell you that when you borrow large amounts, they own a piece of you. It is all allocated to consumer debt. Capitalism I question, it seems like it keeps making the ones who do not need money richer, and everyone else in need. I think the dot.com age really is more to blame with the downfall of our economy than this film gives it credit for.
In the end, this film has a powerful message and is very bleak and utterly depressing. We need to tax the rich, and maybe get a president in office who is not bought and paid for by the banks and oil companies, and make him tax harder on the rich. We made them fucking rich, let them fucking make us some jobs.
7.5 out of 10