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October 18, 2010

The Funny Part About Massive Worldwide Financial Corruption

I think my favorite thing about Inside Job (go see it) is how it's like it's entire million-dollar movie created simply to make one person happy: Dean Baker.

"I went to see that movie Inside Job in Washington, D.C. It was pretty good, but there was this guy with a beard behind us who spent the whole movie crying and saying 'yes, yes!'"

—Jonathan Schwarz

Posted at October 18, 2010 12:57 PM

I wonder if Meredith Whitney ( an obscure analyst of financial firms for Oppenheimer Securities ) is in the documentary! I am sure, if she was to see the movie, she would see the whole saga unfold before her eyes which she had predicted!!


Posted by: Rupa Shah at October 18, 2010 09:17 PM

Santa Claus?

Posted by: Paul Avery at October 18, 2010 11:47 PM

Baby John does gravity dance or is it simply yearning to push strings on a trip?

If you are really wanting to go there, go with the billions under the gate. Go fluid. Relax, dynamic enjoys static dimension tired and predictably indivisible. Function is just consciousness looking to nurture fear.

Why not just let go?

Go there, walk all the way. Do not pass up tile opportunity too enjoy a high in the expansion tank.

Blubber for light or will the seals blow as the load transitions beyond the fulcrum?

Rendering is righteous, tedious just is.

More please.

Posted by: Go Tedious Rendering at October 19, 2010 06:21 AM

Last week at this blerg there was a photograph that seemed to show Mike Gerber's book flying through the air - but there was reason to question the complete authenticity of that depiction.

This time I'd like to point out that

a) even if this quote is accurate, there are several bearded guys in Washington, DC - without further evidence, it is not conclusively demonstrated that THIS bearded guy is Dean Baker


Although this does not PROVE that there was not a private showing in DC which Dean Baker attended, at which he cried and said, "Yes! Yes!" - it strongly suggests that this quote is fictitious and is presumably intended as a joke.

Posted by: Freddy el Desfibradddor at October 19, 2010 11:52 AM

Rupa Shah wonders if Meredith Whitney is in the movie. According to the 29 page presskit, no. In addition to describing those who do appear, the presskit also has a timeline and a glossary - well worth examining, imho.

Posted by: mistah charley, ph.d. at October 19, 2010 01:35 PM

It was pretty good, but there was this guy with a beard behind us who spent the whole movie crying and saying 'yes, yes!'"


Posted by: Happy Jack at October 19, 2010 05:05 PM

@mistah charley, ph.d.

Thanks for the info.

Posted by: Rupa Shah at October 19, 2010 05:49 PM

Thanks for the link mistah charley.

Ferguson's cast of characters is impressive, though imo not enough to make the mess on Wall Street explainable in two hours even if that was his stated hope. You have to go back to the destruction of American labor and the 80s to really see the beginnings of this mess. That resulted most directly from the knife in the back Carter got, which gave the Wall Street gang the keys to the kingdom, but I think the real beginning of the end came with the political failure of the popular movements of the 60s to effect economic change, rather than just nominal equality. And that key political failure was contributed to by, you guessed it, the assassinations of JFK, RFK, MLK, and Malcolm X, though who knows if it would have happened anyway.

I like Ferguson's angle on investment bankers and hookers and was amused by the bio entry for Jonathan Alpert - described as "a Manhattan psychotherapist and advice columnist. He has a full time practice where he sees, among others, Wall Street executives, professionals, and women who formerly worked as escorts and prostitutes." That's a connection worth exploring.

As for the white knights among the cast of characters, Simon Johnson's book 13 Bankers is great, as are his many articles, and one of the contributors (Frank Portnoy) also wrote a fascinating book called The Match King about a Swedish finance capitalist of the 1920s who dominated the world's match-stick market back in the trust era and then for a time was a huge Wall Street player too. The parallels with the crash then are palpable. Only the details here are new. (These financial products were often designed to be too complex for other sophisticated investors to understand, so give up on the details while you still can. It blows my mind how complex some of these products were.)

Posted by: N E at October 20, 2010 06:25 AM

Another thing about this post here - YOU say "million dollar movie"

The movie's WEBSITE says "the movie that cost over $20,000,000,000,000 to make"

That's 20 TRILLION dollars, which is 20 MILLION TIMES more than a mere one million - heck, I have relatives with million-dollar homes

I'm not saying it's not a good movie or anything, but if you want people to go see it you might want to get your facts straight (or maybe slant them in a useful direction)

Posted by: Freddy el Desfibradddor at October 22, 2010 08:02 AM

in fact, there was an advanced showing in DC, although I probably was not the only bearded person there shouting, "yes, yes."

Posted by: Dean Baker at October 22, 2010 08:12 PM

I cry at sad movies too.

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