In the end, when the 2008 subprime crisis erupts into a global financial crisis, and America enters a historic recession, short of outright depression, the fund manager cashes in on his bet and makes a fortune as others lose their shirt. Others are shocked and question his acumen. He effectively bets against the market, or rather he bets against America.
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In the movie The Big Short a fund manager takes a position against the rising American stock market, seeing the incubating subprime as a potential crisis that could bring down a house of cards. Stiglitz that does an excellent job of explaining the cause of the 2007/2008 Financial Crash.A traders works on the trading floor of the Amex Futures market at the New York Stock Exchange in New York, on March 12, 2020.
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In books & aud io there's Free Fall by Joseph E. There are other documentaries available in DVD format that give a time table of events leading to the cause of the 2007/2008 Financial Crash: It's like they want it to happen again & again & again. What it really unreal is that our Legislatures particularly the Republican Right haven't allowed the SEC to regulate Derivatives. This movie does a great job of providing the details of you Derivatives & Swaps caused the 2007/2008.
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I'm a stock market player and took a course on Derivatives which was a real I opener even before the Financial Crash.
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The cause the Republican Right & Fox News are selling is NOT the reality of the real cause. If you do NOT understand what caused the 2007/2008 Financial Crash, then you need to get & watch this movie. All in all a movie well worth seeing and a good intro to the book of the same name. This is a movie ultimately without real heroes and not much really in the way of villains either, just pathos and black humor. In the end no one really blamed ‘immigrants and poor people’ as repeatedly stated in the movie, how could they? And the part about almost ‘no one went to jail’ is true but why would they? This behavior, the writing of the original mortgages that caused the bubble and collapse was not only legal it was actually mandated by law. Does that make them heroes? Well maybe, in a way, sort of, I guess.
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These few were by no means the only ones to the crisis coming but they were among the very few to figure out how to profit from it. Of course the banks / mortgage brokers tried to unload this junk they were forced to write by Barney Frank et al, who wouldn’t? Of course the bonds only worth what the underlying mortages were worth (that is to say next to nothing) and he does explain the bubble wonderfully well. It gets preachy toward the end as the directory is obviously philosophically a democrat and wants desperately to blame the whole thing on big business or banks or the system or something other than a more or less r ational response to an impossible political situation. The directore tells his story through four sets of investors who saw the collapse coming and were in a position to ‘short’ the market through credit swaps, an esoteric type of option. The director does a good job of explaining SOME of the things that happened, no mention of the ultimate causes of the bubble and crash which were all political and not generated by banks but walking in midway in the plot line, so to speak.
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This movie is about the housing bubble and crash of 2008. has a few shortcomings so read the book as well,įull disclosure, I’m an economics and political junkie and a recovering Stock Broker, just so you know.