Inside Job is the Oscar-winning documentary explaining how the 2008 global financial meltdown happened. I don't have a fancy MBA or DBA degree so my understanding of the subject is pretty elementary, but it would not take a CPA to figure out that if you borrow more than you can pay, that it would lead to disaster soon.
However, the movie is quite compelling in many ways because it exposes the moral vacuousness of some of the leading economic minds of the world - which is really disappointing, considering their so-called Ivy League credentials. Actually, after watching the docu, I have completely lost respect for the economics departments of Harvard, UCLA and the London School of Economics. They are Ivy League, yes, but they have no morality or ethics. For them, the world can go to hell, as long as they get their bonuses.
After watching the docu, I was just glad that the Philippines, although affected to some degree, was not really hard hit by the meltdown. Thanks mainly to a hardy bunch of OFWs who transmit an incredible US$19 billion to the country every year! That, for one has kept us afloat - for now.
I just hope that our banking leaders here are as prudent and wise and ethical as they come. Greed can lead to severe consequences and many countries in the West paid for it dearly. The truth is, common sense and a practical mind is all that's needed to keep one's finances secure and safe.
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