eli5 2008 Global economic crisis
In: Economics
this is a very short question that requires a veeery long and detailed answer. what happened and why, was a result of a number of decisions and reasons, some of them being greed, gambling with other’s money and many more. i’d suggest to watch at least three movies – 2 are fiction and 1 is a documentary:
– [Margin Call (2011)](https://www.imdb.com/title/tt1615147/?ref_=nv_sr_srsg_0_tt_3_nm_5_q_margin%2520call) – tells a story of a big bank and people working there during the night before and the day when proverbial “shit hit the fan”. it explains how dangerous financial instruments, without proper supervision and fueled with greed generated so much debt that could collapse the whole US economy.
– [The Big Short (2015)](https://www.imdb.com/title/tt1596363/?ref_=nv_sr_srsg_0_tt_8_nm_0_q_the%2520big%2520short) – tells a story of three groups of people, who discover beforehand what is going to happen with the economy, separately of each other, and they try to make the best of it, given the circumstances. it explains in greater detail the mechanisms that led to the disaster than the former, and i’d say their explanations are better suited for the layman. one even could call them “fun” if it weren’t a really serious matter that affected a lot of people in a bad or even tragic way.
– [Inside Job (2010)](https://www.imdb.com/title/tt1645089/?ref_=nv_sr_srsg_3_tt_8_nm_0_q_inside%2520job) – this is the documentary, and it explains what happened in greatest detail among the other titles, but at the same time, the scope of knowledge is broad and it is the most difficult to take in. there are interviews with actual people involved (or at least attempts at them) and the whole affair is explained in greatest detail. some may say that it’s a boring movie, but it’s the most shocking out of these three. it clearly shows arrogance and impunity of people in power.
so, i didn’t actually explained how and why, but if you see these three you’ll know exactly what happened and what were the reasons why it happened.
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