Inside Job Essay

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Inside Job (The Cause) Our economy has seen many ups and downs; one of the more memorable moments in our history is The Great Depression. We all know about it and I’m pretty sure glad, that we didn’t have to go through that type of hardship. Yet even though hardships weren’t as hard as they were in The Great Depression, our financial debt was just as great. In 2008 our country entered a recession, but we weren’t the only country affected by the financial crisis. In the opening scene of the documentary “Inside Job” they talk about Iceland, a beautiful place to live and even start a family. Yet, they fell in to a crisis in 2008 due to the fact that three of Iceland’s banks borrowed 120 billion dollars, which is ten times the size of Iceland’s economy. This lead to the collapse of the three banks in Iceland making unemployment triple throughout Iceland in six months. Many people lost their savings and their government did nothing. America was soon to face the same problem in the same year. No one would have ever thought that the bankruptcy of two companies have any real effect on the country but because of the bankruptcy of Lehman Brothers and AIG our economy entered the biggest financial crisis since the great depression. “My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I’ve ever seen,” said Peter Peterson co-founder of the private equity firm the Blackstone Group, who was head of Lehman in the 1970s and a secretary of commerce in the Nixon administration (New York Times). This crisis was never foreseen, at least not by the general public, no one knew, not even the workers at Lehman Brothers and AIG. When everything came to the light are nation started to sink with no life jacket. At the time no one person knew the solution to this somewhat never ending downfall. Money was being thrown around, money we technically

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