26 quotes
University Presidents Decline Comment on Conflicts of Interest
Title cards
The presidents of Harvard University and Columbia University refused to comment on academic conflicts of interest. - Both declined to be interviewed for this film.
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Corruption of Economics by the Financial Industry
Narrator
The financial industry also exerts its influence in a more subtle way, one that most Americans don't know about: It has corrupted the study of economics itself.
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Ignoring the impending crisis
Christine Lagarde
And l clearly remember telling Hank: We are watching this tsunami coming, and you're just proposing that we ask: "which swimming costume we're going to put on.
Interviewer
What was his response? What was his feeling?
Christine Lagarde
Things are under control. Yes, we are looking at this situation carefully, and, yeah, it's under control.
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Financial Institutions' Profit Impact in 2006
David McCormick
Could we... could we turn this off for a second?
[not knowing how to answer the interviewer]
Nouriel Roubini
By 2006, about 40% of all profits of S&P 500 firms was coming from financial institutions.
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The Illusion of Continuous Risk in Finance
George Soros
Chuck Prince of Citibank famously said: That we have to dance until the music stops. Actually, the music had stopped already when he said that.
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The Illusion of Financial Success
Charles Morris
I had a friend who was a bond trader at Merrill Lynch in the 1970s. He had a job as a train conductor at night, cause he had three kids and couldn't support them on what a bond trader made. By 1986, he was making millions of dollars, and thought it was because he was smart.
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Critique of Regulatory Reform and Wall Street Influence
Robert Gnaizda
Addressing Obama and, quote, regulatory reform - my response, if it was one word, would be ha! There's very little reform... It's a Wall Street government.
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Declining Prosperity and Education Among Americans
Narrator
For the first time in history, average Americans have less education and are less prosperous than their parents.
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Wealth Inequality in the United States
Narrator
Inequality of wealth in the United States is now higher than in any other developed country.
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Reflection on Tax Policy in Office
George W. Bush
When I first came to office, I thought taxes were too high, and they were.
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Report Title Change Discussed in Interview
Interviewer
On your CV the title of this report has been changed from "Financial Stability in Iceland" to "Financial *In*stability in Iceland.
Frederic Mishkin
Um, well, I don't know. Er, which, er whatever it is, is - the thing - if there's a typo, there's a typo.
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The Need for Financial System Reform
Narrator
For decades the American financial system was stable and safe. But then something changed. The financial industry turned its back on society, corrupted our political system and plunged the world economy into crisis. At enormous cost, we've avoided disaster and are recovering. But the men and institutions that caused the crisis are still in power and that needs to change. They will tell us that we need them and that what they do is too complicated for us to understand. They will tell us it won't happen again. They will spend billions fighting reform. It won't be easy. But some things are worth fighting for.
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Tax Cuts Favor the Wealthiest Americans
Narrator
Most of the benefits of these tax cuts went to the wealthiest 1% of Americans.
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Neuroscience and the Reward System in Gambling
Andrew Lo
Recently, neuroscientists have done experiments where they've taken individuals and put them into ]. And they have them play a game where the prize is money. And they noticed that when these subjects earn money, the part of the brain that gets stimulated is the same part that ] stimulates.
[[w:Magnetic resonance imaging|an MRI machine; [w:cocaine|cocaine]
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The Influence of Big Banks on Policy
Willem Buiter
Why do you have big banks? Well, because banks like monopoly power; because banks like lobbying power; because, banks know that when they're too big, they will be bailed.
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Skepticism Towards Promises of Accountability
Michael Capuano
You come to us today telling us "We're sorry. We won't do it again. Trust us". Well I have some people in my constituency that actually robbed some of your banks, and they say the same thing.
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Financial Industry's Lobbying Expenditure Insights
Narrator
Between 1998 and 2008 the financial industry spent over $5 billion on lobbying and campaign contributions. And since the crisis, they're spending even more.
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Growth and Recession: A Simple Perspective
Henry Paulson
We're gonna keep growing. Okay? And, obviously, I'll say it: If you're growing, you're not in recession, right? I mean, we all know that.
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Financial Industry's Resistance to Reform Efforts
Narrator
After the crisis, the financial industry, including the Financial Services Roundtable, worked harder than ever to fight reform. The financial sector employs 3,000 lobbyists, more than five for each member of Congress.
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Economic Impact of Comprehensive Plan
George W. Bush
We had a comprehensive plan that, when enacted, has left nearly $1.1 trillion in the hands of American workers, families, investors and small-business owners.
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Consequences of the 2008 Economic Crisis
Taglines
The global economic crisis of 2008 cost tens of millions of people their savings, their jobs, and their homes. This is how it happened.
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Service First in the Financial Industry
Christine Lagarde
The financial industry is a service industry. It should serve others before it serves itself.
R. Glenn Hubbard
This isn't a deposition, sir. I was polite enough to give you time, foolishly I now see. But you have three more minutes. Give it your best shot!
[annoyed with the interviewer]
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Affordable Homes for Everyone
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.
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Risky Bets on Wall Street Profits
Frank Partnoy
You're gonna make an extra $2 million a year, or $10 million a year for putting your financial institution at risk. Someone else pays the bill, you don't. Would you make that bet? Most people on Wall Street said, Sure, I'd make that bet.
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Tax Policy Changes Under the Bush Administration
Narrator
The Bush administration sharply reduced taxes on investment gains, stock dividends and eliminated the estate tax.
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The Value Disparity Between Engineers and Financial Experts
Andrew Sheng
Why should a financial engineer be paid four times to 100 times more than a real engineer? A real engineer build bridges. A financial engineer build dreams. And, you know, when those dreams turn out to be nightmares, other people pay for it
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