The Story Behind The Credit Crunch

On Monday evening I went along to see a special screening of the film "The Inside Job".  This is an Oscar winning documentary by Charles Ferguson. Here is the trailer as a teaser.

It is an amazing film and I would encourage everyone to see it. You won't like it - in fact it will make your blood boil. I was there with guests and supporters of the highly creative and innovative "Tipping Point Film Fund" which supports provocative and challenging non-fiction films with an international reach. The TPFF is a not for profit co-operative raising donations from individuals, groups and organisations who believe in using the power of film to make change. TPFF provides development and production funding, as well as campaigning outreach support to each film we work with. These elements combine to make Tipping Point Film Fund a unique and exciting new venture.

The film speaks for itself, but we were also able to talk with John Christensen, Director of the Tax Justice Network, who had quite a lot to say about the state of Economists, the tax system and how we might raise awareness of the great injustice that has been done to most of the world with the failure of anyone to be held to account for the credit crunch.

The film is deliberately provactive, but I find it hard for anyone to believe that what we have lived through and the many millions that continue to suffer more significantly as a result of unregulated greed is a system that  is simply a "part of life". I obviously deal with lots of people working withing the financial services industry and have never yet met anyone that deliberately wants to ruin other people's lives. Yet with weak regulation - particularly of the derivative markets and frankly the lending policy of most banks, this is what we are left with. As yet little has changed. It is fairly normal human nature to quickly forget and move on, yet the crisis could happen again and next time... well it could be a lot worse.

Sorry if you find this too political, but I don't think that as a financial adviser I should keep quiet when something stinks. I am obviously passionate about creating and preserving wealth and financial security for my clients, but I don't have any client that wants wealth at any price.