Antihero Millennials Go to Wall Street: Representing Financial Crisis in Hollywood Films

2021 ◽  
Vol 51 ◽  
pp. 93-115
Author(s):  
Chung Hwan Joe
2019 ◽  
Vol 19 (4) ◽  
pp. 513-531 ◽  
Author(s):  
Susie Khamis

The concept of consumer restraint has had a popular makeover. This is seen in the worldwide popularity of books, video tutorials and online discussion groups devoted to de-cluttering, and specifically the stunning success of professional organizer Marie Kondo and her best-selling book, The Life-Changing Magic of Tidying. De-cluttering sits on a broad continuum of alternative consumption that champions the benefits of consumer restraint, on multiple fronts: economic, environmental, psychological, and so on. Through Kondo, this is framed in positive, uplifting ways. This is distinct from the more critical, nuanced, or anti-consumerist rhetoric associated with more subversive advocates of alternative consumption, such as voluntary simplifiers or Occupy Wall Street. That said, just as the Occupy movement channeled growing frustration with how the reigning tenets of capitalist culture had shackled and misled the “99%,” de-cluttering finds cultural traction in the midst and wake of the Global Financial Crisis. Unlike Occupy though, Kondo’s appeal rests less on the logic and language of political economy than the more emotive vernacular of pop psychology. In this way, de-cluttering positions restraint as reflective of a highly developed and sophisticated sensibility, whereby individuals “own” their consumption choices and in turn craft carefully curated spaces. Therein lies the aestheticization of restraint: freed of any negative connotations (dour, miserly or miserable), the de-cluttered subject is autonomous, self-aware, and chic. Crucially, it also pivots on the slippery assumptions of the (new) neo liberal economy, which requires individuals to be agile, creative, and empowered.


Author(s):  
Alan N. Rechtschaffen

Former Federal Reserve Chairman Ben S. Bernanke classified derivatives as a “vulnerability” of the financial system that led to the financial crisis. He explained that derivatives concentrated risk within particular financial institutions and markets without sufficient regulatory oversight. The Wall Street Reform and Consumer Protection Act—Dodd-Frank—constituted a seismic shift in the regulation of financial institutions and markets in a massive effort to address regulatory shortcomings in derivatives markets. This chapter discusses the Dodd-Frank regulatory regime. Topics covered include the Dodd-Frank and derivatives trading; jurisdiction and registration; clearing, exchange, capital and margin, and reporting requirements; analysis of the provisions of Dodd-Frank on derivatives trading; rationale behind the exemptions and exclusions; the Lincoln Rule; Futures Commission Merchants; and criticisms of Dodd-Frank's derivatives trading provisions.


2020 ◽  
pp. 258-274
Author(s):  
Elizabeth Hewitt

This chapter turns to the twenty-first century to study the implications of narrative form to the representation of contemporary fiscal catastrophe. It argues that the legacy of the narrative dispute between the Hamiltonians and Jeffersonians can be seen in contemporary explanations of the Great Recession, including the 2011 report generated by the National Commission on the Causes of the Financial and Economic Crisis and two Hollywood films, The Wolf of Wall Street and The Big Short. All three texts are shaped by both the imperative to represent the complexity of global finance and the impulse to offer a simple explanation.


2015 ◽  
Vol 11 (2) ◽  
pp. 137-155 ◽  
Author(s):  
Melissa Fisher

Purpose – This paper aims to, by drawing on two decades of field work on Wall Street, explore the recent evolution in the gendering of Wall Street, as well as the potential effects – including the reproduction of financiers’ power – of that evolution. The 2008 financial crisis was depicted in strikingly gendered terms – with many commentators articulating a divide between masculine, greedy, risk-taking behavior and feminine, conservative, risk-averse approaches for healing the crisis. For a time, academics, journalists and women on Wall Street appeared to be in agreement in identifying women’s feminine styles as uniquely suited to lead – even repair – the economic debacle. Design/methodology/approach – The article is based on historical research, in-depth interviews and fieldwork with the first generation of Wall Street women from the 1970s up until 2013. Findings – In this article, it is argued that the preoccupation in feminine styles of leadership in finance primarily reproduces the power of white global financial elites rather than changes the culture of Wall Street or breaks down existent structures of power and inequality. Research limitations/implications – The research focuses primarily on the ways American global financial elites maintain power, and does not examine the ways in which the power of other international elites working in finance is reproduced in a similar or different manner. Practical implications – The findings of the article provide practical implications for understanding the gendering of financial policy making and how that gendering maintains or reproduces the economic system. Social implications – The paper provides an understanding of how the gendered rhertoric of the financial crisis maintains not only the economic power of global financial elites in finance but also their social and cultural power. Originality/value – The paper is based on original, unique, historical ethnographic research on the first generation of women on Wall Street.


2016 ◽  
Vol 71 (3) ◽  
pp. 1323-1356 ◽  
Author(s):  
RODNEY RAMCHARAN ◽  
STÉPHANE VERANI ◽  
SKANDER J. VAN DEN HEUVEL

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