Inside Job Page #3

{GLENN HUBBARD

CHIEF ECONOMIC ADVISOR, BUSH ADMINISTRATION

DEAN, COLUMBIA BUSINESS SCHOOL}

{PRODUCED BY AUDREY MARRS}

01:
09:58.00

{ELLIOT SPITZER

FORMER GOVERNOR OF NEW YORK

FORMER NEW YORK ATTORNEY GENERAL}

ELIOT SPITZER:
The regulators didn't do their job. They, they had the power to

do every case that I made when I was state attorney general. They just didn't want to.

{PRODUCED, WRITTEN AND DIRECTED BY

CHARLES FERGUSON}

01:
10:22.00

{SEPTEMBER 15, 2008}

NEWS REPORTER:
Over the weekend, Lehman Brothers, one of the most venerable

and biggest investment banks, was forced to declare itself bankrupt; another, Merrill

Lynch, was forced to sell itself today. Crisis talks are underway –

Inside Job transcript – Sony Pictures – September 2010

8

WOMAN REPORTER:
World financial markets are way down today, following dramatic

developments for two Wall Street giants.

WOMAN SPEAKING FOREIGN LANGUAGE: [UI].

MAN SPEAKING FRENCH: [UI].

01:
10:45.00

NARRATOR:
In September 2008, the bankruptcy of the U.S. investment bank Lehman

Brothers, and the collapse of the world's largest insurance company, AIG, triggered a

global financial crisis.

NEWSCASTER:
– fears gripped markets overnight, with Asian stocks slammed by –

NEWSMAN:
Stocks fell off a cliff – the largest single point drop in history.

NEWSMAN WITH BRITISH ACCENT: Share prices continued to tumble in the

aftermath of the Lehman collapse.

01:
11:10.00

NARRATOR:
The result was a global recession, which cost the world tens of trillions of

dollars; rendered 30 million people unemployed; and doubled the national debt of the

United States.

01:
11:21.00

{NOURIEL ROUBINI

SENIOR ECONOMIST

COUNCIL OF ECONOMIC ADVISORS (1998-2000)

PROFESSOR, NYU BUSINESS SCHOOL}

NOURIEL ROUBINI:
If you look at the cost of it — destruction of equity wealth, of

housing wealth; the destruction of income, of jobs; 50 million people globally could end

up below the poverty line again — this is just a, a hugely, hugely expensive crisis.

01:
11:41.00

NARRATOR:
This crisis was not an accident. It was caused by an out-of-control

industry. Since the 1980s, the rise of the U.S. financial sector has led to a series of

increasingly severe financial crises. Each crisis has caused more damage, while the

industry has made more and more money.

Inside Job transcript – Sony Pictures – September 2010

9

01:
12:03.25 {PART I: HOW WE GOT HERE}

NARRATOR:
After the Great Depression, the United States had 40 years of economic

growth, without a single financial crisis. The financial industry was tightly regulated.

Most regular banks were local businesses, and they were prohibited from speculating

with depositors' savings. Investment banks, which handled stock and bond trading, were

small, private partnerships.

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