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In October 2008, the chairman of the Federal Reserve admitted to Congress that he had been mistaken to put so much faith in the self-correcting power of free markets. Alan Greenspan said he failed to anticipate the self-destructive nature of wanton mortgage lending and the housing and credit bubble it generated — that he'd found "a flaw" in his model of how the world works.
Taking that as a cue — and a title — the documentary film "The Flaw" attempts to explain the underlying causes of the world economic crisis. The Utah Film Center will offer a free screening at Westminster College on Wednesday, March 14, at 8 p.m.
Made by award-winning documentary filmmaker David Sington, "The Flaw" tells the story of the credit bubble that caused the financial crash. The film features interviews with some of the world's leading economists, Wall Street insiders and victims of the crash and presents a compelling account of the toxic combination of forces that nearly destroyed the world economy.
The film shows how excessive income inequality in society leads to economic instability. At a time when economic theory and public policy is being re-examined, this film reminds us that without addressing the root causes of the crisis the system may collapse again — and next time it may not be possible for governments to rescue it.
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"The Flaw"
When: Wednesday, March 14, 8 p.m.
Where: Vieve Gore Concert Hall on the Westminster College campus, 1840 S. 1300 East, Salt Lake City.
Admission: Free —
"The Flaw"
When: Wednesday, March 14, 8 p.m.
Where: Vieve Gore Concert Hall on the Westminster College campus, 1840 S. 1300 East, Salt Lake City.
Admission: Free