Most consumers don’t know that there are two primary regulators for financial advisors. Further, most don’t know that one of those bodies is not governmental, but a self-regulatory body.
Advisors who charge fees are generally regulated by the Securities and Exchange Commission, a government regulator, but “Advisors” who earn a living by selling products (receive commissions in exchange for selling mutual funds and variable annuities) are regulated by an entity known as FINRA, the Financial Industry Regulatory Authority, which is a self-regulatory body.
I finally was able to see the critically acclaimed documentary, Inside Job. The documentary was written, directed and produced by Charles Ferguson and recently won an Academy Award.
I had heard good reviews, but also heard that is was heavily slanted toward a view that Republicans were essentially the main cause of the crisis. I don’t believe this too be accurate, the Democrats share just as much blame. In fact, the two parties worked very hard to be non-partisan in one area – Wall Street.
Inside Job does a great job of boiling down many of the root causes of the financial crisis (though not all of them). It was entertaining, educational and rightfully outrageous. Anger is the primary emotion I felt while watching. The one thing Inside Job does NOT leave you with is Hope. As I’ve stated many times over the past few years, Wall Street has become even more concentrated and powerful than ever, the exact opposite effect the crisis should have had.
We have a crisis in America, and it is only growing larger. That crisis is the control Wall Street has over our nation and its people. This is not a left wing or right wing observation, it’s the reality. Until the banking industry is brought to heel, our nation will continue to be held hostage by Too Big Too Fail banksters.
Inside Job demonstrates the rise of the powerful financial industry and how deregulation fueled the fire. But it wasn’t just Wall Street, Government failed the people and continues to do so. Both parties share responsibility, yet neither are willing to accept.
Few have been prosecuted, there is no Pecora Commission and financial reform was essentially defeated by the big banks.
I give Inside Job top ratings, its a great documentary that everyone should watch. You don’t have to agree with Ferguson’s politics to be outraged by what you will see.
While the movie offers little hope of change (how’s that for irony), the fact that a movie like this was made at all and has gained so much fame is a positive sign.
Inside Job is available to rent now, I encourage you to watch.