Global Financial Crisis
ACCG 399: Accounting in Context
Accounting’s Positivistic Tendencies: Overlaying a Social Science with Pure Scientific Rationale Tutorial 5 - Week 6
Thought Activity
The film ‘Inside Job’ is explained the occurrence of the global financial crisis in 2008. It has shown that lots of companies have bankrupted and millions of people lose their jobs and homes around the world. Such as United States, Iceland, England, France, Singapore and China. There is a sentence in this film has make me impressed, which is “ the poorest always pay the most.”
The director has separated this film into five parts, which are How we get there, The Bubbles, The Crisis, Accountability and Where we are now. The entire film has shown a harsh reality, which is the financial industry have dragged the corrupted politics, regulation, and academia into the huge dominoes effects. The deregulation causes the financial crisis. Because the Wall Street and the government collusion, hiring well-known scholars to lobby, Wall Street had controlled the entire financial system and the US government let Wall Street alone. At the result, due to Wall Street had broke financial system, the rich people get more rich, the poor people get more poorer. The film attempts to expose the essence of the financial crisis and the consequences of global stock market crush, large bank failures and the ensuring social impact.
In the first part of this film, starting with the financial debts problem of Iceland, government has changed their process of financial deregulation. Administration allows saving and loan companies to make risky investments with depositor’s money. Another problem is investment bank had known the promoted of Internet Company would be failed, they still promoted. This lead the investors made loss for $5 trillion.
The second part of ‘Inside Job’ states that all financial companies wants to have big profit, then the Bubbles was built up by bankers, investors and directors’ improper operations.
Accounting’s Positivistic Tendencies: Overlaying a Social Science with Pure Scientific Rationale Tutorial 5 - Week 6
Thought Activity
The film ‘Inside Job’ is explained the occurrence of the global financial crisis in 2008. It has shown that lots of companies have bankrupted and millions of people lose their jobs and homes around the world. Such as United States, Iceland, England, France, Singapore and China. There is a sentence in this film has make me impressed, which is “ the poorest always pay the most.”
The director has separated this film into five parts, which are How we get there, The Bubbles, The Crisis, Accountability and Where we are now. The entire film has shown a harsh reality, which is the financial industry have dragged the corrupted politics, regulation, and academia into the huge dominoes effects. The deregulation causes the financial crisis. Because the Wall Street and the government collusion, hiring well-known scholars to lobby, Wall Street had controlled the entire financial system and the US government let Wall Street alone. At the result, due to Wall Street had broke financial system, the rich people get more rich, the poor people get more poorer. The film attempts to expose the essence of the financial crisis and the consequences of global stock market crush, large bank failures and the ensuring social impact.
In the first part of this film, starting with the financial debts problem of Iceland, government has changed their process of financial deregulation. Administration allows saving and loan companies to make risky investments with depositor’s money. Another problem is investment bank had known the promoted of Internet Company would be failed, they still promoted. This lead the investors made loss for $5 trillion.
The second part of ‘Inside Job’ states that all financial companies wants to have big profit, then the Bubbles was built up by bankers, investors and directors’ improper operations.