Posted on 01/13/2016 3:59:12 PM PST by randita
We just saw The Big Short. It was an interesting and entertaining movie. The language was pretty coarse, but I've no doubt that's the way those high rollers converse. It was s serious subject, but there were many humorous exchanges.
Most of the bad guys were hit pretty hard blame wise (banks, lenders, rating agencies), but there was no mention of the role of government policy over many years (Community Reinvestment Act and Fannie Mae/Freddie Mac) in leading to the subprime mortgage crisis.
Surprisingly, Bush wasn't blamed!
I did take issue with the observation at the end that minorities and poor people rather than banks ended up getting blamed for the crash.
The movie did a good job of explaining how the whole system was rigged and banks knew they were "too big to fail" and that there would not be penalties to pay. How true.
If you've seen the movie, feel free to comment.
It was ok. Like most movies lately, it could have used a good editor.
That's ground zero for where the problem began.
Misrepresented the government’s role horribly.
But was a fun watch.
Good film. I liked it.
it was interesting to see how some were able to profit from the bust of the real estate bubble. The libtards movie makers concentrated on how the evil greedy wall streeters tried to profit from the bubble but ignored how dumocrats were the cause of the bubble in the first place.
Intriguing but we watched New Years eve in a theater where they served drinks and I was into my Vodka sodas. Great acting, I thought the movie, for Hollywood anyway, subtly did blame government, but did it even handed, basically the government did let this get out of hand, when the dust cleared nobody got in trouble ( yet it was clear they had disdain for the government for bailing out banks and big finance companies that let it happen). A few people got rich at the expense of the individual. As a movie goer it made you sick of both.
The history they went through would have made it hard to just blame Bush and quite frankly not trying to make a political point made it that much better.
Great movie. The scene when Bale went into Goldman Sachs was priceless...true or not it was funny. I know Goldman was selling bags of dog poo in disguise and shorting them but I believe that was much later.
I too liked the movie except for the language. I’ve dealt with hedge fund managers and they do not use the f-word any more than any other group of men in stressful situations. Once the language barriers were broken in movies, they have gone overboard. Like slow motion car crashes it’s being overused.
But the basic plot was well developed and like others have said all were blamed except the government. They created the bad loan atmosphere and did the bail outs that should not have been done.
Very accurate!
However the government required, regulated, and legislated the banks into writing those worthless mortgages.
And that’s how they ended up in the swaps- what else were the banks to do with them but what they always did with mortgages?
The movie described how this was an established practice but just ignored why it became dangerous, IMO they fostered the impression that the banks and investors created the empty mortgages on their own.
But it was an enjoyable movie , good acting and writing, fun believable characters.
Blaming it on the Community Reinvestment Act is racist!
“I did take issue with the observation at the end that minorities and poor people rather than banks ended up getting blamed for the crash”
Yes, its really one of the amazing stories of all time, how sophisticated Ivy elite bankers were tricked by the rubes in town. lol
And selling a bad product in bundles and calling it good, working hard to convince investors it is grade A, while
knowing it will fail... why, that’s just good business! Knowing a transmission is about to fail and selling it to a nice family with a few well placed lies? Gosh, that’s just being a good businessman!
It was really wrong to blame them, the bankers were the victims here, tricked by the most common in our midst!
“And that’s how they ended up in the swaps- what else were the banks to do with them but what they always did with mortgages?”
True, but lying about the quality of them is still wrong. As is too big to fail.
Number One and Only Son saw it and thought it was great...
Never considered any of this topic before and said it scared the crap out of him...
Good.
Cinema rep in Johnstown, PA says the film will not be shown here as they can make more money showing Star Wars in two theaters to the local vapid masses. Will have to wait on the DVD or drive to Pittsburgh.
It was a good movie, entertaining. It portrayed Wall Street about how I perceive it, a bunch of people disconnected from reality on the ground in their own little world. The portrayal used humor to make points, an enjoyable distraction with a stark warning, the next time (now) will be worse.
Alan Greenspan has been quoted as saying that the mortgage crisis was a direct result of sub-prime lending begun in Clinton’s second term after Jesse Jackson objected to red-lining in low value minority neighborhoods. The Dems response included directing Fanny May and Freddie Mac to write sub-prime loans which they bundled with profitable loans and sold to investment banks. Since the banks were slow to react by increasing their reserves they were caught short when the feces hit the fan in 2008 and became the Dems whipping boys to deflect blame from themselves. It is worth noting that:
1. The realtors played fast and loose with borrower apps of all applicants in their rush to make money while the lending capital spigot was wide open.
2. Even after the problem was exposed the banks were slow to respond.
3. Fanny May and Freddie Mac executives received obscene bonuses despite public criticisms.
4. And though I’m not a huge George Bush fan, his administration did attempt on 16 different occasions to get congress to change this policy.
5. The policy has not changed, sub-prime loans are still being written.
6. Banks are still failing tests of their readiness to combat another crisis.
If the government’s involvement was not mentioned,it is not worth the admission
It was mentioned insofar as the lack of SEC oversight with implication that they were told to keep hands off, but if the origins of the crisis like CRA and Fannie/Freddie stuff were referred to, I missed it.
BTW, it’s a nominee for Best Picture with Christian Bale nominated for Best Supporting Actor. He was excellent. Too bad he’s such a schmuck in his real life.
They were among the liars that lied on their mortgages buying overpriced monstrosities with absolutely no diligence and that's quite clear in the movie.
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