Sunday, May 11, 2014

The flaw

This weekend I manged to finish watching the Flaw via a streaming service. This was a documentary about the 2008 mortgage crisis. the name of film: the flaw comes from a quote by Alan Greenspan, which he used when he was trying to explain how he messed up the world economy to a committee .

The film contained interviews with economists, as well as real people who had lost, or where in the process of losing their house. There was an important point about wealth inequality. In the 50s and 60s wages went up, but in the 70s and beyond, people started getting payed in being allowed to go into debt.  It is much like the guys who built the railways in the us getting paid with credit at the local store.