Financial Crisis. Panic. Bailout.
The current crisis appeared to materialize out of nowhere. Even regulators and financial authorities would have us believe that they were taken entirely by surprise. Dire headlines demanded quick action to prevent the collapse of the entire global financial system.
The politicians told us that we had to bail out Wall Street to keep Main Street afloat. Yet many of us continue to lose our savings, our jobs and our homes. They told us that we had to swallow hard and make difficult sacrifices for the good of the country while Wall Street executives received enormous bonuses.
The same political class tried to convince everyday Americans that the reasons for the bailout were just too complicated for us to understand. We must hold our noses and simply accept the solutions offered by the financial experts . . . the same ones that allegedly did not see the bubbles expanding or their imminent collapse.
They gave our hard-earned money to Wall Street, without any strings attached, without oversight, while turning a deaf ear to our intense and vocal opposition to the bailout. The politicians did this just weeks before an election. They saddled us and our children with an alarming debt burden as they facilitated the greatest transfer of wealth in American history. And we sent more than 90% of the incumbents back to Washington.
“Life On The Edge of A Bubble” challenges the prevailing myth of the sudden, unforeseeable and unique nature of the economic crisis. The film brings to light the seemingly unfamiliar historical pattern; in fact, economic bubbles and their subsequent panics are a rather all too frequently repeated economic pattern. Each generation inevitably finds itself precariously perched on the edge of yet another financial bubble.