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

Inside Job transcript – Sony Pictures – September 2010 69
RAGHURAM RAJAN: As the middle class falls further and further behind, there is a
political urge to respond by making it easier to get credit.
{OCTOBER 13, 2002}
GEORGE W. BUSH: You don't have to have a lousy home. The low-income home
buyer can have just as nice a house as anybody else.
NARRATOR: American families borrowed to finance their homes, their cars, their
healthcare, and their children's educations.
02:37:10.09
CHARLES MORRIS: People in the bottom 90 percent lost ground between 1980 and
2007. It all went to the top 1 percent.
NARRATOR: For the first time in history, average Americans have less education and
are less prosperous than their parents.
02:37:34.26
BARACK OBAMA: The era of greed and irresponsibility on Wall Street and in
Washington has led us to a financial crisis as serious as any that we have faced since
the Great Depression.
NARRATOR: When the financial crisis struck just before the 2008 election, Barack
Obama pointed to Wall Street greed and regulatory failures as examples of the need for
change in America.
BARACK OBAMA: A lack of oversight in Washington and on Wall Street is exactly what
got us into this mess.
NARRATOR: After taking office, President Obama spoke of the need to reform the
financial industry.
02:38:09.04
{SEPTEMBER 14, 2009}
BARACK OBAMA: We want a systemic-risk regulator; increased capital requirements.
We need a consumer financial protection agency; we need to change Wall Street's
culture.