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Provide a 2 pages analysis while answering the following question: Compare the Inside job to the text book 10/31/11. Prepare this assignment according to the guidelines found in the APA Style Guide. A
Provide a 2 pages analysis while answering the following question: Compare the Inside job to the text book 10/31/11. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. of the of the Sociology Submitted Compare the movie" Inside Job" to the text book Introduction Corporate crime or white collar crime is one of the most devious things that people can do. Corporate America has been rocked by many such crimes in the past, such as the Enron and World.com scandals. Parmalat in Italy and the Robert Maxwell publishing empire in the UK are similar instances, as is the Bernie Madoff case. Laws such as the Sarbanes Oxley Act of 2002 were enacted in the USA to increase vigilance and reporting requirements, foster better corporate governance and reduce such instances of fraudulent activity. The movie ‘Inside Job’ (2010) directed by Charles Ferguson proves that there were systemic faults in our economic and financial system that brought about the collapse of 2007-2008. His research and moviemaking efforts were appreciated at Cannes and the film also won the 2010 Oscar for Best Documentary. This paper will compare the events described in the movie to the textbook by Patricia and Peter Adler and try to trace some common grounds.
Discussion
Truth is often stranger than fiction, and to be honest, the financial crisis of 2008 was a long time in the making. Ferguson traces the beginnings of the malaise to the loosening of control on the US banking sector that occurred in the late 1980s. Loosening of control is always to be viewed with suspicion (Adler & Adler, 2011, 45). The system behaved from the 1940s to the 1980s and enabled us to climb out of the Great Depression, survive the Second World War and engage in mass production of cars, computers and communication technologies. The failure of savings and loans associations led to consolidation within the banking sector. Speculation in IT firms was on the rise but eventually the bubble burst with losses to millions in the stock market. At one time in the 1990s, the entire investment banking industry was in the hands of five banks. Efforts to regulate the market were thwarted and loans were made to the sub-prime sector, netting in high fees and commissions. The housing market and speculative investments were at an all time high. Then the market collapsed and crisis came upon us. Freddie Mac and Fannie Mae had to be rescued by the Government (Ferguson, 2010). Lehman Brothers collapsed and other institutions were either bailed out or rescued by the Government’s bailout package. Similar was the case for the auto-industry where GM and Chrysler were rescued by the Government. Foreclosures were at an all time high and people lost their homes and jobs. AIG has been found guilty of conniving with other firms to get insurance policies in lieu of payoffs and also get bids in its favor. Amazingly, some executives of banks and insurance firms were nevertheless able to walk away with millions in bonuses and severance payments, served through handpicked directors who did their bidding. Even today, we are not out of the crisis completely, as joblessness and American debt financing.
Conclusion
It seems we have not learned the lessons of the past and the weakness of our political system has been exposed as national and international corporations have been the biggest contributors for our Presidential candidates, which obviously is expected to be paid back when elected. Lobbying for what they want, they are experts in manipulating things to their advantage. No wonder the Occupy Denver and other similar protests are gaining momentum among the very best of us. The movement is directed at the corrupt and heartless 1% who are gaining at the cost of the 99% who they exploit for their own benefit. The movement needs to be continued until the desired change is effected and the evils of the capitalistic system are removed or corrected.
Works Cited
Adler, Patricia & Adler, Peter. Constructions of Deviance:Social Power, Context & Interaction (7th Ed.). Feb 2011.
Ferguson, Charles. The Inside Job. Director & Producer.Sony Classics, 2010.
