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

Inside Job transcript – Sony Pictures – September 2010 8
WOMAN REPORTER: World financial markets are way down today, following dramatic
developments for two Wall Street giants.
WOMAN SPEAKING FOREIGN LANGUAGE: [UI].
MAN SPEAKING FRENCH: [UI].
01:10:45.00
NARRATOR: In September 2008, the bankruptcy of the U.S. investment bank Lehman
Brothers, and the collapse of the world's largest insurance company, AIG, triggered a
global financial crisis.
NEWSCASTER: – fears gripped markets overnight, with Asian stocks slammed by –
NEWSMAN: Stocks fell off a cliff – the largest single point drop in history.
NEWSMAN WITH BRITISH ACCENT: Share prices continued to tumble in the
aftermath of the Lehman collapse.
01:11:10.00
NARRATOR: The result was a global recession, which cost the world tens of trillions of
dollars; rendered 30 million people unemployed; and doubled the national debt of the
United States.
01:11:21.00
{NOURIEL ROUBINI
SENIOR ECONOMIST
COUNCIL OF ECONOMIC ADVISORS (1998-2000)
PROFESSOR, NYU BUSINESS SCHOOL}
NOURIEL ROUBINI: If you look at the cost of it — destruction of equity wealth, of
housing wealth; the destruction of income, of jobs; 50 million people globally could end
up below the poverty line again — this is just a, a hugely, hugely expensive crisis.
01:11:41.00
NARRATOR: This crisis was not an accident. It was caused by an out-of-control
industry. Since the 1980s, the rise of the U.S. financial sector has led to a series of
increasingly severe financial crises. Each crisis has caused more damage, while the
industry has made more and more money.