If you are a fan of Elmore Leonard, who passed away Aug. 20 at age 87 at his Michigan home, chances are you have a touch of larceny in your soul. Not the stick-up-a-convenience-store variety, mind you; more a guilty appreciation for revenge served cold or a bad deed done well.
Last weekend, my fiance and I went and saw “Wall Street: Money Never Sleeps.” Although the plot had a few flaws, I really enjoyed it. What took me by surprise was how current it is and how much of the plot it based on the beginning of our country’s recession.
The movie is a sequel to the 1987 film “Wall Street,” but this film is set just a few years ago, right when the economy first buckled. It shows the despair felt by the first major investment firm that realized it was going down and the panic it caused the stock market. It also shows the private meetings between the Fed and its board of bankers and investors who discuss the concept of “too big to fail” for the first time.
The movie concludes by making the case that much of our current economic system is unsustainable and will continue causing cycles of bubbles and bursts if left unchanged. The narrator reminds us that the definition of insanity is doing the same thing over and over again and expecting a different result. I’m interested to see if President Obama’s Wall Street reform initiatives will produce different results.
On that note, I hope you will read on for my roundup of my favorite personal finance blog posts from the past week.
Remember the crooked Duke brothers, Randolph and Mortimer, from the ’80s comedy films? They’re back in business.