The IMF warned this week of a high vulnerability of the global economy from falling into crisis. Does history repeat itself? Here are five movies that tell us what happened 8 years ago.
When you think Hollywood immediately we are comes to superhero movies, musicals and dramas mind, but the truth is that it has also delved into topics of current or causing controversy as the financial issue that hits everyone, trying so of explain the crises that live in the time of its release or have lived past decades.
For this reason we bring you a list of five films that talk about the financial crisis:
1. “The Big Short” (2015)
Nominated for four Academy Awards and winner for Best Adapted Screenplay, “The Big Short” talks about the financial crisis of 2008 and how is that Wall Street is to blame for it. The story, based on the book by Michael Lewis, follows the lives of a group of investors who find that the US mortgage market is about to collapse so they decide to have their own investment fund and bet against the economic collapse of the nation.
One of the great lessons of the film is the explanation of a CDO (Collaterized Debt Obligation: interest in active funds) through a house of cards in one of the offices as an illustrative example of how mortgage derivatives.
The film was praised by critics to achieve handle a complicated issue with highly technical financial explanations very simple and light, but is aimed at a public that has minimal knowledge of economics to follow the thread of the story clearly.
2. “Inside Job” (2010)
In 2010, Matt Damon lent his voice to narrate the documentary, which explains what happened to the crisis in 2008 starting with the case of Iceland through interviews, trials, data and explanations of some experts. The documentary takes viewers through topics such as the accumulation of power on Wall Street, the evolution of banking practices questionable and financial bubble largest in the history of mankind.
Winning the Academy Award for best documentary, “Inside Job” a critique of the financial industry and how it was flooded with financial products high risk, ensuring that anyone could afford to buy a house by granting mortgages regardless of risk, increasing housing prices considerably following the law of supply and demand.
Most reflection that makes the documentary is who ends up paying the piper of the situation. In the words of Dominiquie Strauss Khan, director of the International Monetary Fund, in the end those who pay are always the same : the poorest.
3. “Too Big to Fail” (2011)
It is based on the book by Andrew Ross, is an HBO movie that talks about the start of the financial crisis almost like a dramatized version of “Inside Job” with important political figures and executives like Warren Buffett, Henry Paulson, Ben Bernanke, Dick Fuld and Timothy Geithner.
The film, nominated for 11 Emmys, shows how the characters did not see coming financial crisis, making a mistake after another to give a misstep although it should be noted that it is not attached to the facts at 100% because they had to create a tense atmosphere to engage the viewer. Unlike as the story concludes, banks grew larger, bank bonds rebounded, and Wall Street is on the line again.The world was saved from ruin and banks returned to normal.
4. “Wall Street: Money Never Sleeps” (2010)
The 1987 film Wall Street had its sequel in 2010, where Gordon Gekko (Michael Douglas) was known as the iconic character lover financial excesses. The sequel introduces Gekko as a more sympathetic character who, after spending 20 years in jail for illegal financial practices, tries to warn his colleagues about economic collapse before they happen.
The story focuses on the collapse of a fictitious bank located in New York in 2008 during the financial crisis and although not the tape more attached to reality, tries to explain the world of finance and how is that companies move and money after bankruptcy and corruption.
5. “Capitalism: A Love Story” (2009)
“Capitalism: A Love Story” is the fifth film of Michael Moore, director of “Fahrenheit 9/11” and “Bowling for Columbine”, which talks about issues related to the current crisis, with foreclosure crisis, the rescue 2008 and the role of the Federal Reserve. However, capitalism was not successful because the film is lower Moore collection in more than a decade.
The plot of the film is repeated several times: Capitalism is evil and false. It is a socio-economic system that emerged under certain objective conditions and was completely revolutionary and progressive for its time. The parasitic character of contemporary capitalism is bound with its historical decay, and not, first, the moral depravity of its leading figures.
The criticism did not favor the story of Moore as they complain that the film oversimplifies aspects of the EU financial system and the collapse of the market to better serve entertainment purposes.