Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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Inside Job transcript – Sony Pictures – September 2010 67 02:33:15.19 {THE PRESIDENTS OF HARVARD UNIVERSITY AND COLUMBIA UNIVERSITY REFUSED TO COMMENT ON ACADEMIC CONFLICTS OF INTEREST. BOTH DECLINED TO BE INTERVIEWED FOR THIS FILM.} CHARLES FERGUSON: So, uh, what do you think this says about the economics discipline? CHARLES MORRIS: Well, heh heh, heh, it has no relevance to anything, really. And, and fe-, indeed, I think, um, it's a part of the, it's a s-, important part of the problem. 02:33:32.23 {PART V: WHERE WE ARE NOW} 02:33:47.10 NARRATOR: The rising power of the U.S. financial sector was part of a wider change in America. Since the 1980s, the United States has become a more unequal society, and its economic dominance has declined. Companies like General Motors, Chrysler, and U.S. Steel — formerly the core of the U.S. economy — were poorly managed, and falling behind their foreign competitors. And as countries like China opened their economies, American companies sent jobs overseas to save money. 02:34:24.15 DANIEL ALPERT: For many, many years, the 660 million people in the developed world were effectively sheltered from all of this additional labor that existed on the planet. Suddenly, the Bamboo Curtain and the Iron Curtain are lifted; and you have 2.5 billion additional people. 02:34:41.16 NARRATOR: American factory workers were laid off by the tens of thousands. DANIEL ALPERT: Our manufacturing base was destroyed, literally over the course of a few years. 02:34:49.23 NARRATOR: As manufacturing declined, other industries rose. The United States leads the world in information technology, where high-paying jobs are easy to find. But those
Inside Job transcript – Sony Pictures – September 2010 68 jobs require an education. And for average Americans, college is increasingly out of reach. 02:35:07.26 While top private universities like Harvard have billions of dollars in their endowments, funding for public universities is shrinking, and tuition is rising. Tuition for California's public universities rose from 650 dollars in the 1970s to over 10,000 dollars in 2010. 02:35:29.04 Increasingly, the most important determinant of whether Americans go to college is whether they can find the money to pay for it. Meanwhile, American tax policy shifted to favor the wealthy. 02:35:41.21 {OCTOBER 11, 2006} GEORGE W. BUSH: When I first came to office, I thought taxes were too high; and they were. NARRATOR: The most dramatic change was a series of tax cuts designed by Glenn Hubbard, who at the time was serving as President Bush's chief economic advisor. The Bush administration sharply reduced taxes on investment gains, stock dividends, and eliminated the estate tax. 02:36:04.05 GEORGE W. BUSH: We had a comprehensive plan that, when acted, has left nearly 1.1 trillion dollars in the hands of American workers, families, investors, and small business owners. 02:36:14.05 NARRATOR: Most of the benefits of these tax cuts went to the wealthiest 1 percent of Americans. GEORGE W. BUSH: And by the way, it was really the cornerstone, in many ways, of our economic recovery policy. 02:36:25.23 NARRATOR: Inequality of wealth in the United States is now higher than in any other developed country. American families responded to these changes in two ways: by working longer hours, and by going into debt.
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Inside Job Transcript - Final Version - 9.30.10 - Sony Pictures Classics

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