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News Link • Economy - Economics USA

Three Movies You Should Watch to Understand the Economic Collapse of 2008

• by John Elliott

Ten years ago, the Lehmann Brothers investment bank collapsed, sparking a world-wide banking crisis and recession. The economy lost at least 5 million jobs, pushing the unemployment rate from 5 percent to 10.5 percent in just a few months. The US stock market lost $7.4 trillion in value while the real estate market dropped $3.4 trillion. This translated to a loss of $30,000 per American household. Americans were thrown not only out of work but also their homes—5.5 million, to be exact. In addition to these very personal losses, the American taxpayer bailed out the big banks to the tune of 4 trillion dollars. 

Since 2008, a stack of books has been written about the causes and consequences of the crisis. But if you want to get a quick survey, then three movies will do the trick.

The first film is The Big Short from 2015. This film has taken Michael Lewis's riveting book of the same name and turned it an entertaining docu-drama.

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