"Inside Job"

I have read many books, articles, columns and a few films that captured some of the dealings of the financial industry that resulted in our global fiscal disaster. None does better than "Inside Job" at delineating the background, the causes and results of the disaster.

From my perspective, not changed from prior entries to my blog, there are several components that get me angry.

1. Deregulation of the financial industry, the combining of commercial and investment banks, the lack of regulation of the derivative market was both a cause of the disaster and, unfortunately, due to the influence of the industry, the problems remain.

2. The amount of money involved in Wall Street, the exorbitant pay structures, the alignment of Wall Street executives and the White House is a paradise for themselves at the expense of the majority. Our government is now owned by the financial industry. Through the own personnel, the lobbyists, and the amount of money donated to politicians, the government is essentially an oligarchy owned by Wall Street.

3. When banks or any industry becomes too big to fail, it is clearly is too big and must be limited. This view, while articulated so well by many, including Simon Johnson, is not viewed positively by Washington.

4. Compared with his campaign rhetoric, President Obama has been more than a disappointment. He has picked the people who helped create the disaster and has promoted policies advocated by their gurus. What a terrible plight!

I recommend the film even for those who are enlightened. It is well done, appears more than accurate from all of reading, and spells out clearly who are the authors of the financial meltdown.