Boom Bust Boom

Synopsis: Terry Jones presents Boom Bust Boom. The result of a meeting between writer, director, historian and Python Terry Jones and economics professor and entrepreneur Theo Kocken. Co-written by Jones and Kocken and featuring John Cusack, Nobel Prize winners Daniel Kahneman, Robert J Shiller and Paul Krugman, the film is part of a global movement to change the economic system through education to protect the world from boom and bust. A unique look at why economic crashes happen, Boom Bust Boom is a multimedia documentary combining live action with animation and puppetry to explain economics to everyone.
Director(s): Bill Jones, Terry Jones, Ben Timlett (co-director)
Production: Bill and Ben Productions
 
IMDB:
7.1
Metacritic:
68
Rotten Tomatoes:
85%
G
Year:
2015
74 min
Website
9 Views

This film is about

the Achilles heel

of capitalism, how human nature drives the economy

to crisis after crisis time and time again. Every generation

thinks it's smarter than its

parents and its grandparents, and it never proves

to be the case. What happens is a crisis

fades into memory and then it becomes history. That is the reason we often give for why we study history

and why we teach history is to not have to repeat

the mistakes of the past. You ever seen the State of

the Union address where the

president comes on and says, "Guys, we're fucked." These booms and busts

will always be with us. It's in human nature

that they would be with us. And I've said before,

Mr. Deputy Speaker, "No return to boom and bust." ( all cheering ) ( footsteps ) The human strategies

we're seeing in real markets are just

evolutionarily

really old. They're kind of leftover

the strategies from

35 million years ago. WILLEM H. BUITER:

It is very hard to, eh, understand why economists focus on models

in which crises

could not occur. They run the economy

based on science fiction models. That's why they had no

idea this crisis was coming because they ignored

banks, debt, and money. ( clattering hooves ) GEORGE MAGNUS:

We always thought

how lucky we were that we never actually

had to live through

in the 1929 crash and the 1930s

Great Depression, because

we are cleverer now and we know how to avoid

these kinds of accidents, and actually,

a lot of economists were absolutely adamant that

the worst would not happen because we know how

to deal with these things. And, of course,

the truth is, we didn't know

how to deal with them. TERRY JONES: In 1928,

President Calvin Coolidge gave his State

of the Union address in the following terms: In the domestic field, there is tranquility and contentment... and the highest record of years of prosperity, the great wealth created by

our enterprises and industry, and saved by our economy, has had the widest

distribution among

our own people. The country can

regard the present with satisfaction and anticipate the future with optimism. ( all applaud ) ( singing ) TERRY JONES: He didn't

know what we know now, that the United States

was about to suffer the worst economic

disaster in its then history. Our economy's healthy

and vigorous, and growing faster than other

major industrialized nations. The American people

have turned in an

economic performance that is the envy of the world. TERRY JONES: He didn't know

what we know now, that the worst crisis ever

to hit the Western economies was just around the corner. The crisis of 2008 is often referred to

as the subprime crash. In less than 15 years,

there was a huge rise in lending mortgages to people who basically

couldn't afford them. Ladies and gentlemen,

Harvey Rosen, Chairman of

the White House Council

of economic advisers speaking in 2007. The main that innovations

in the mortgage market have done over the

past 30 years is to let in the excluded,

the young, the discriminated against, the people without

a lot of money in the bank to use for a down payment. ( muttering agreement

and affirmation ) JONES: This reckless

lending to people who

couldn't afford a mortgage became known as

subprime lending, but the banks insisted they had eliminated risks

by statistical processing. When you look at how

banks managed risks, particularly before the crisis-- this is very interesting,

and quite funny actually. What they did was

to take risky assets, such as, um,

junk mortgages, slice them into little bits, repackage them

after mixing them

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Terry Jones

Terence Graham Parry "Terry" Jones (born 1 February 1942) is a Welsh writer, actor, comedian, screenwriter, film director, presenter, poet, historian and author. He is best known as a member of the Monty Python comedy troupe. more…

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Submitted on August 05, 2018

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