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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition World Financial crisis documentary debuts at Sundance AFP - Monday, January 24 Send IM Story Print Financial crisis documentary debuts at Sundance PARK CITY, Utah (AFP) - – A documentary opening at the Sundance Film Festival suggests that the 2008 financial meltdown highlighted not only the greed of Wall Street, but the growing economic woes of average Americans, the filmmaker says. "The Flaw," from director David Sington -- whose Apollo mission documentary "In the Shadow of the Moon" won the World Cinema Audience Award after its Sundance premiere in 2007 -- is hoping to garner similar success at the prestigious festival held in the snowy Utah mountains, through January 30. "What attracted me about this story was the compelling attraction of the blank page," Sington told AFP. "I could do anything I wanted, because nobody knew what had happened." The director said he spoke to many senior financial executives on Wall Street, in his attempt to decipher the story: "They were very eloquent on the what. But on the why, they had no more ideas than I did." In the first three months of the documentary, Sington and his team researched what happened, and what had been the intellectual failure. "Is it ideas, is it a question of regulation, was it the ratings agencies? After three months, we just had a long list of possible answers," he said. Only after more months in the editing suite, following hours of interviews and studying reams of statistics, did an understand come through. "About 80 percent of the subprime loans would be given to people who already had loans. So it wasn't a question of a new group of borrowers of low credit quality. It was that the existing borrowers, their credit quality was in decline," he said. "It seemed to me that that was where the focus of the film should be. Trying to explain why it was that ordinary Americans were becoming a bad credit risk when they hadn't been a few years before." Through the making of the film, the director wanted to note the "astonishing fact" of how the US economy doubled in size since the 1980s, yet for 90 percent of the population, "their living standards have certainly not gone up, and probably they've gone down." Everyone, he said, "kind of knows that the riches are getting richer. And everybody knows that somehow the middle class is being squeezed. But for me, the revelation was the scale, particularily in America on which this is happening." To illustrate the perversion of capitalism -- and explain the underlying principles behind the economic system that led to the economic collapse -- the director employed 1950s cartoon propaganda clips to contrast the free market system with that the state-controlled approach of the Soviet Union. Even if the documentary dismisses simple greed of Wall Street as a clear hypothesis for the crisis, Sington's film does not clear financiers completely. He notes that in the years leading up to the meltdown, Wall Street's "attitude to the impending disaster was not 'How can we prevent a disaster?' but 'How could we profit on it?'" Recommend Send IM Story Print Related Articles Audiences great at picking next big music hits AFP - 1 hour 55 minutes ago Half of new Emily Carr work found in Canada AFP - 2 hours 21 minutes ago US-ENTERTAINMENT Summary Reuters - Monday, January 24 Misguided experiment yields absorbing documentary Reuters - Monday, January 24 "Pariah" offers fresh take on lesbian teen genre Reuters - Monday, January 24 News Search Top Stories WikiLeaks founder named 'un-Australian of the Year' Memories take hold better during sleep: study Elites to tackle 'fundamentally changed' world at Davos The Arctic: a new frontier for oil, gas firms Weighty mission for scientists: redefine the kilo More Top Stories » ADVERTISEMENT Most Popular Most Viewed Bank of America posts heavy losses 'Inconclusive' Iran nuclear talks enter final day US expert panel gives nod to Alzheimer's scan Migraines don't damage brain: study More than 40 injured in Algeria clashes More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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