#100Documentary Project#006 Documentary "Guarding Yourself"
Just finished watching "Panic: The Untold Story Behind the 2008 Financial Crisis", and then watching this "Stealing Yourself" will feel full of irony and absurdity, hahaha [eat melon] [eat melon] [eat melon], especially Paulson's impressions are absolutely opposite in the two films: Paulson in "Panic" shows his diligent effort to save the financial crisis; Represents the financial and political elite, the greedy, cunning and hypocritical side.
But if I recommend a documentary about the financial crisis, I would recommend "Stealing Yourself", which is a little desperate in its profoundness, and yearns for the strength of bravery in despair.
Once a monopoly or a tight chain of interests is formed in any industry or group, the inflated influence will inevitably penetrate into the government system through political lobbying or political donations, and formulate an industry regulatory system that is beneficial to them, so that they can grab more benefits and take advantage of loopholes. Avoid responsibility and risk; their influence will even penetrate into the field of academic research, hiring scholars with academic influence to create their own academic theories for them.
In the end, Wall Street, White House bureaucrats, and professors and scholars in colleges and universities all became stakeholders. They obtained more resources and protection from each other through tying up their interests. This is a huge interest group, and it is difficult to fundamentally change even if a different president takes office. So Obama's change ended up being just a slogan.
Finance is a service industry, but they have obscured the essence of financial risk management through various financial innovations. Financial derivatives such as CDOs and credit default exchanges have huge obscurity. The sales staff of financial institutions even deliberately for their own interests. To cover up these risks and deceive investment customers without being punished is really a bad industry development ecology, encouraging greed, risk-taking and fraud, while exploiting system loopholes and even deliberately creating rule loopholes to avoid punishment.
The film does show an example of reaping huge personal benefits from the benefits of public losses, a system developed and exploited by financial elites who lack even the institutional tools and political power to regulate them because of severe information asymmetry. Too sad, this is also the reason why Trump can get so many votes. The tearing of the United States can be seen in this film.
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