I watched the movie with this title on a blu-ray tonight. A fascinating tele-documentary on the GFC. Some of the prominent macroeconomists* that I had learnt to respect reveal themselves to be utter s***s who would say or do anything for a moderately large cash pay-out. A word from the wise guy: There is more to life than selling out to the highest bidder you discredited louses. Of course these economists only got the scraps from the table – obviously the big payoffs went to those stealing, lying to the public and corrupting the public policy process who mainly came from the large finance firms. The finance executives continue to enjoy high political status and of course retain their ill-gotten wealth. An excellent film that proved a good history of the events leading up to the GFC, the scandals that developed once it occurred and the ongoing scandals involving Obama. Capitalism is creating bad values that undermine itself.
I am interested in ethics. This film does not only show poor ethical positions that stem from inadequate economics methodology. It also illustrates straightforward corruption and dishonesty. The economists exposed here should be shamed, sacked from any involvement in public life and certainly should not be allowed to inflict their evil nature on students in universities. The mainly corrupt finance executives should, of course, be in jail.
*I have been discussing, in class, over the past week the Larry Summers memorandum on trading pollution with developing countries in order to deliver “gains-from-trade”. I have tried to take what is a morally preposterous argument seriously but I won’t any more. Summers has bad values and poor judgment. He deserves explicit condemnation and should enjoy zero academic tolerance. Ditto Mischkin, Bernanke….