I just watched a documentary that I should have watched a long time ago. It is about the financial crash that just happened/is-happening.
The truth is, for most of us, our whole lives have been lived under this unregulated, wild-west form of free financial markets. Does the free-market work? Perhaps in some places, but the financial sector is definitely not one of them. After all, if that wasn't clear thirty years ago, it certainly has become clear in more recent times as Wall Street employees have become notorious for cocaine and hookers -- these are not the people you should trust to take the higher road.
I am going to refrain from ranting about this too much, but the facts are that there is no reason the 2008 collapse should have been allowed to happen. So why was it allowed? The same reason as every other thing in the world: greed. It wasn't just greed on Wall Street, it was greed amongst everyone who was supposed to be regulating Wall Street as well. Otherwise, there would be no way on earth that derivatives, in the way that they were being used, would have ever been tolerated by any rational and breathing individual, because they are ridiculous.
The terrible thing in all of this is that Wall Street cost American's, and citizens of other countries as well, billions of dollars. Meanwhile, many individuals cashed-in to the tune of multiple millions, and a surprising number of individuals cashed-in in the neighborhood of hundreds of millions.
Links:
A Brief History
Definitions
Interview with Director
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