Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics
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<strong>Inside</strong> <strong>Job</strong> transcript – <strong>Sony</strong> <strong>Pictures</strong> – September 2010 25<br />
01:30:55.00<br />
{ERIC HALPERIN<br />
DIRECTOR, CENTER FOR RESPONSIBLE LENDING<br />
WASHINGTON, DC}<br />
ERIC HALPERIN: The banker makes more money if they put you in a subprime loan,<br />
that's where they're gonna, that's where they're gonna put ya.<br />
01:31:00.00 {PART II: THE BUBBLE<br />
(2001-2007)}<br />
NARRATOR: Suddenly, hundreds of billions of dollars a year were flowing through the<br />
securitization chain. Since anyone could get a mortgage, home purchases and housing<br />
prices skyrocketed. The result was the biggest financial bubble in history.<br />
MAN: Real estate is real. They can see their asset; they can live in their asset; they can<br />
rent out their asset.<br />
01:31:27.05<br />
CHARLES MORRIS: You had a huge boom in housing, that made no sense at all. The<br />
financing appetites of the financial sector drove what everybody else did.<br />
NOURIEL ROUBINI: Last time we had a housing bubble was in the late '80s. In that<br />
case, the increase in home price had been relatively minor. That housing bubble led to<br />
a relatively severe recession.<br />
From 1996 until 2006, real home prices effectively doubled.<br />
01:32:07.12<br />
VOICE OVER: At 500 dollars a ticket, they've come to hear how to buy their very own<br />
piece of the American dream.<br />
ROBERT GNAIZDA: Goldman Sachs; Bear Stearns; Lehman Brothers; Merrill Lynch,<br />
were all in on this. The uh, p-, sub-, subprime lending alone increased from 30 billion a<br />
year in funding to over 600 billion a year, in 10 years. They knew what was happening.<br />
01:32:33.15<br />
NARRATOR: Countrywide Financial, the largest subprime lender, issued 97 billion<br />
dollars’ worth of loans. It made over 11 billion dollars in profits as a result.