The rise and fall of US unemployment during the financial crisis
Raghuram Rajan, the Chief Economist from the IMF, predicted the "catastrophic meltdown” in 2005, 3 years before it happened. And guess what? He told the who’s who of the central bankers of the world at the Jackson Hole Symposium in his paper "Has Financial Development Made the World Riskier?" (PDF)
The cause of the meltdown was giving out bonuses that focused on short term profits even if it resulted in loses later on!
It’s an Open Secret that nothing has changed because the “financial industry spent over $5 billion on lobbying and campaign contributions from 1998 to 2008″. And after the meltdown, lobbying has escalated astronomically. The “Financial Sector Lobbying and Campaign Spending Top $1.4 Billion for 2014 Election”
The global financial crisis was an “Inside Job” caused by “systemic corruption of governments by the financial services industry”. Watch the documentary which “chronicles the financial meltdown of 2008 and centers on Treasury Secretary Henry Paulson.”
INSIDE JOB, the first film to expose the shocking truth behind the economic crisis of 2008. The global financial meltdown, at a cost of over $20 trillion, resulted in millions of people losing their homes and jobs. Through extensive research and interviews with major financial insiders, politicians and journalists, INSIDE JOB traces the rise of a rogue industry and unveils the corrosive relationships which have corrupted politics, regulation and academia