Submitted by: Submitted by ANAGHA
Views: 740
Words: 18914
Pages: 76
Category: Other Topics
Date Submitted: 02/27/2012 03:49 PM
very useful for those who wish to know more about the US debt crisis
INSIDE JOB
Written By Charles Ferguson Co-Written By Chad Beck & Adam Bolt
Inside Job transcript – Sony Pictures – September 2010
1
01:00:00.00
{START}
{TITLE: SONY PICTURES CLASSICS} {The global economic crisis of 2008 cost tens of millions of people their savings, their jobs, and their homes. This is how it happened.} 01:00:41.18 {ICELAND POPULATION: 320,000 GROSS DOMESTIC PRODUCT: $13 BILLION BANK LOSSES: $100 BILLION} 01:01:07.00 NARRATOR: Iceland is a stable democracy with a high standard of living; and until recently, extremely low unemployment and government debt. ANDRI MAGNASON: We had the complete infrastructure of a modern society; clean energy, food production, fisheries, with a quota system to manage them. GYLFI ZOEGA: Good healthcare, good education; you know, clean air; uh, not much crime; uh, it's good, a good place for families to live. ANDRI MAGNASON: We had almost, uh, end-of-history status. 01:01:40.15 NARRATOR: But in 2000, Iceland's government began a broad policy of deregulation that would have disastrous consequences; first for the environment, and then for the economy. They started by allowing multinational corporations like Alcoa to build giant aluminum-smelting plants, and exploit Iceland's natural geothermal and hydroelectric energy sources. ANDRI MAGNASON: Many of the most beautiful areas in the highlands, with the most spectacular colors, are geothermal. So nothing comes without consequence. 01:02:38.19 [BOOM!] 01:02:53.15
Inside Job transcript – Sony Pictures – September 2010
2
NARRATOR: At the same time, the government privatized Iceland's three largest banks. The result was one of the purest experiments in financial deregulation ever conducted. 01:03:09.20 {SEPTEMBER 2008} DEMONSTRATOR: We have had enough! But how could all of this happen? GYLFI ZOEGA: Finance took over. Um, and uh, more or less...