This is a good -- a very good -- introduction to the mechanics of the 2008 financial crisis. Through the use of clear narration and uncluttered visuals, it illustrates the concepts involved and makes them understandable to most people, though by their very nature these concepts take some effort to understand.
So, as a summary of the mechanics -- why did we have problems in the financial system in 2008? -- it is excellent.
Where it falls a bit flat is in the characters it is able to interview. Many of the most important figures apparently refused to be interviewed, which diminishes the overall effort a bit. The ones that do agree to be interviewed and who are not critical of the system often appear flustered or confused, which is interesting and valuable in itself, but it doesn't help to further our understanding of what was going through these peoples' minds when they were making these huge bets.
Maybe it is as simple as greed and deception, as we are led to believe. But there's no conclusive proof. We are left thinking that it must be so because there's no proof to the contrary.
The analysis is fair from a political point of view. The facts are stated with no real agenda to blame one party or another. The financial system is painted as being above politics -- as if politicians are powerless to stop it and are just playing along.
Although this title is nowhere near as problematic as Michael Moore's "Capitalism", it does leave an important part of the problem out of the discussion. That problem has to do with citizens' expectations about the type of life they want or "deserve", whether or not they can afford it. While bankers should receive most of the blame, we also have to ask why people were so willing to take on loans that they knew they could not afford or would not be able to pay back. What is it about our culture that makes this OK? This issue was not really even touched, yet it is a key issue even today, as governments take on huge amounts of debt to fund perceived entitlements. The problem from either side has not been solved.
So, as a summary of the mechanics -- why did we have problems in the financial system in 2008? -- it is excellent.
Where it falls a bit flat is in the characters it is able to interview. Many of the most important figures apparently refused to be interviewed, which diminishes the overall effort a bit. The ones that do agree to be interviewed and who are not critical of the system often appear flustered or confused, which is interesting and valuable in itself, but it doesn't help to further our understanding of what was going through these peoples' minds when they were making these huge bets.
Maybe it is as simple as greed and deception, as we are led to believe. But there's no conclusive proof. We are left thinking that it must be so because there's no proof to the contrary.
The analysis is fair from a political point of view. The facts are stated with no real agenda to blame one party or another. The financial system is painted as being above politics -- as if politicians are powerless to stop it and are just playing along.
Although this title is nowhere near as problematic as Michael Moore's "Capitalism", it does leave an important part of the problem out of the discussion. That problem has to do with citizens' expectations about the type of life they want or "deserve", whether or not they can afford it. While bankers should receive most of the blame, we also have to ask why people were so willing to take on loans that they knew they could not afford or would not be able to pay back. What is it about our culture that makes this OK? This issue was not really even touched, yet it is a key issue even today, as governments take on huge amounts of debt to fund perceived entitlements. The problem from either side has not been solved.