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The 2007-2008 financial crisis has considered to be the most threatening and largest economic recession since the times of the Great Depression.
It caused destruction of international monetary system and became the precursor of European debt crisis. The total failure of financial institution was also another serious risk that the financial crisis created. Stock markets and housing marketing also experienced hardships, leading to foreclosures and evictions.
One of the major reasons for the collapses includes the crash of the housing bubble in the United States, the phenomenon that undermined sub-prime mortgages. The financial crisis was also determined by a sophisticated interaction of reforms encouraging home ownership and over-evaluation of the credit market.
In the documentaries Inside the Meltdown and Breaking the Bank, the attention is given to the role of the housing bubble in creating the financial recession and breakdown of the leading financial institutions. Specifically, Inside the Meltdown focuses on the previous cases of credit market pitfalls that were not considered properly (Frontline 2013a).
What is more threatening is that most of the financial experts did not attain much importance to the dramatically declined figures. As a result, the crisis has changed entirely the financial system, but the news has spread immediately about the impossibility of the business companies and financial institutions to estimate the actual damages that the consequences of house bubbling caused to the economic system.
In Breaking the Bank, the focus is made on participants and victims of the crash of the financial system and credit market (Frontline 2013b). While discussing personalities, such as Merrill Lynch who was in charge of a privilege position, the documentary pays attention to his high competence and professionalism that, however, did not help him avert the crisis.
The financial meltdown of 2008 could be a great lesson for the leading financial institutions, as well as for those who are interested in sub-prime mortgages. Consumers, therefore, should examine carefully opportunities and threats that this venture could provide to them.
These documentaries are beneficial for financial experts who should reconsider their credit policy and develop powerful structures and coping mechanisms to deal with economic recessions effectively.
In the pursuit of money, simple decisions and fast methods for gaining profit are not always the solutions. Analysis of political and economic backgrounds is also necessary for the financial institutions to evaluate the capacity of the world economy, as well as restructure the crediting system.
The documentaries succinctly represent a one-dimensional outlook on the predetermined conditions of the financial crisis. Interviews with the people from Wall Street, business managers, and chief executive officers have provided a broader insight into the case.
At this point, it is necessary to search for additional statistics about the crisis to justify the events described in the documentary. Additionally, analysis of personal attitudes and perceptions is another important stance that could be considered while watching the films.
In conclusion, it should be stressed that the burst out of the house bubbling has become the precursor of financial crisis, leading to the breakdown of the world’s leading financial institutions and banks. In the documentaries under analysis, emphasis is placed on the political, economic, and psychological aspects of the crisis of the credit market, as well as attitudes and perceptions on the part of specialists and victims of the economic recession.
References
Frontline. (2013a). Breaking the Bank. PBS Video. Web.
Frontline. (2013b) Inside the Meltdown. PBS Video. Web.
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