28 11月 essay格式-对金融危机的评论
The insider movie presents a very critical viewpoint of what lead to the financial crises. There was less accountability, less transparency, risk taking decisions that seem to focus on management interests and less on stockholder interests etc. The broker, the lender securitizer’s and market takers did not care about the toxic product they were moving into the financial system, in fact, these products are called downright cancerous in the movie. There is a need for more accountability and more responsibility when it comes to choosing financial products. People who were not in the stock market, who did not understand the stock market were seen to be introduced to the financials. For instance, the case scenario of one of the persons in the situation was a self-proclaimed hippie who came into becoming a stock trader reflects the sad state of the financial system.
One of the interviewees, Congress woman Walton stated that mortgages were given to 70 years old people with fixed income, mortgage was going to reset, the money could not be met, and such mortgages were in fact downright criminal. The primary research data collection in the form of watching the insider movie appeared more real compared to how researchers present the situation. In research writing, there is more sophistication in how the issues are presented. However, when the issue is stated by a primary participant and observer of the issues, then it appears brutal. It is almost as if the 70-year-old people were taken advantage of and led into a recession economy when they did not know better. The people who knew better did not make the right decisions and somewhere in between were the so called middlemen who were hired to work in the financial sector and who did not have much knowledge of it either.
Phil Angelides, who is part of the financial crises inquiry commission stated that there were two views of the market that these businesses seem to have a private view and another investigating public market, rating agencies and more. People did not pay loans or mortgages ,but the Enders did not care about it, the loans led to complex financial products and wall street and buyers wanted to buy and sell these IOUs. Anybody who touched a mortgage or bought it from people seem to have make money of it and this was all the focus anybody had, nobody was interested in how the products turned out in the long run.