Weekend Wars: Hollywood vs. Wall Street
If there are two quintessential American industries, I would argue that they are the movie business and high finance. Though the automotive, defense and agricultural industries may have produced greater revenues and impact on the world; nothing exemplifies the American empire more to me, than Hollywood and Wall Street. It should come as no surprise that these two behemoths of American cultural influence are not the best of buds.
Now that the Oscar season is over and Charles Ferguson's "Inside Job" took home the Gold Man this relationship of power playing industries deserves a closer look. Here's a quick little interview with Ferguson himself on the Dylan Ratigan show last year, for those of you who haven't seen the film and need the refresher course.
Though I don't really equate Ferguson with the Hollywood elite, I do think his views represent a growing anti Wall Street sentiment in the movie industry.
My question is why?
Though nobody talks about it, Hollywood benefits just as much from an inbred relationship with Washington as Wall Street does. In fact, it's quite possible that Hollywood and the entertainment industry at large have been coddled by the power in America far longer than high finance. With Chris Dodd's new gig recently announced, you can expect the intermarriage of power to get even more sordid. It is also not exactly a secret that many a Hollywood production would not have gotten off the ground without the friendly infusions of the BB boys in NYC. So why the hate, Hollywood?
I am curious how you guys feel about the coverage and attitude of the Hollywood elite towards Wall Street post-financial crisis. Is Hollywood really interested in becoming America's conscience and an agent for social change? Or are they just looking to sell a few more tickets? Are the ghosts of Upton Sinclair and Ida Tarbell stirring in the loins of today's Wonderland Avenue crowd? Or is this self aggrandizing elitist populism run amok?
Whether you read Variety or the WSJ, whether you dream of flashing lights or fledgling deals, whether you deem yourself an agent or a broker, the similarities between Hollywood and Wall Street cannot be denied. So let's be honest here for a second, if one had to go...if America could no longer have one and the other, who would you pull the plug on and why?
great post
"We make the rules, pal. The news, war, peace, famine, upheaval, the price per paper clip. We pick that rabbit out of the hat while everybody sits out there wondering how the hell we did it. Now you're not naive enough to think we're living in a democracy, are you buddy? It's the free market. And you're a part of it. You've got that killer instinct. Stick around pal, I've still got a lot to teach you." -Gekko
1) Quote above aside, Wall Street is an enabler of modern society. Allocating capital to companies allows them to create goods valuable to society. Hollywood, functions as a way of attention masturbation, enabling the general public to dream of wealth without work, and a lifestyle that only comes to either the most fortunate or the most productive of society. Point Wall Street
2) From the recent post covering Ray Dalio's principles (//www.wallstreetoasis.com/forums/what-is-your-state-of-principles), "The amount of wealth one amasses is an easy proxy of his or her worth to society." Wall Street EV > Hollywood EV. Point Wall Street
tl;dr: Wall Street: 2 Hollywood: 0 Money talks, although Mr. Charlie Sheen would be missed, perhaps offer him a job in sales?
+1,000,000
Or the amount one is worth is a proxy for how much he has stolen, or rigged the game in his favor while he mind rapes the masses.
Take a look at QE. This is an enormous transfer of wealth from the rich to the poor. Some 90% of financial assets (which exclude homes) are owned by the top 10% wealthiest people in this country. Everyone now pays higher prices at the pump and grocery store as a result of this. However, it has managed to double equity prices in two years, which really only benefits that 10%. I don't see how this is really any indication of ones value to society.
Their is nothing wrong for wanting to work on WS because you have an interest in working there as a career. Butt to glorify it as anything other than the rape-and-pillage-society is naive and wrong.
I just watched "Inside Job" a few days ago on dvd, great movie by the way. If I had to choose I would pull the plug on Hollywood. I personally think the way they attempt to twist the minds of the young is sickening (Not saying WS doesn't). Banking on the other just needs to bring back regulation to ease greed like the Glass-Steagall Act. As a trader I believe it will reduce some of the chaos in the markets. You can't regulate Hollywood's "artistic vision".
The part showing Economist selling out to the highest bidder was interesting.
It's ironic that if it wasn't for investment bankers, Hollywood as we currently know it, would not exist.
Wall Street bankers, (notably JP Morgan) were considerable patrons of the arts during the 1920-30's early boom of cinema and were largely responsible for production companies securing financing to develop films.
People's ignorance of history makes it easy for them to bite the hand that feeds without seeing the inherent hypocrisy in doing so; however, Hollywood's culture has never rewarded intelligence either, so I'm honestly not surprised with the shit that comes out of that industry.
Here is some proof of Hollywood's influence of the gov't:
A few years back, Antigua sued the US in the WTO over restrictions against online gambling. The WTO ruled in Antigua's favor, but the US basically said "fuck you, we're not changing shit." After all, how was little Antigua going to retaliate against the mighty USA? Well, they got permission from the WTO to violate US copyrights on movies/music up to an amount of $21 mil. Guess who's pissed...yep, Hollywood. Surely enough, the Hollywood big hitters get involved, and the US ends up caving on the issue.
This also goes to show just how much these special interest groups influence the government..
Is the answer to this question as obvious as I think it is? or am I missing something here?
It would have been more interesting if its silicon valley vs. wall street.
What's interesting is Chris Dodd is the new head of the Motion Picture Association of America.
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