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Wednesday, May 11, 2016

The men who made millions from the global economic meltdown

 

Just came back from the Bay where I lashed out on the new-release DVD The Big Short which is based on the unbelievable true story and best-selling book by Michael Lewis.

When the crash of the U.S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread. Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages?

This movie tells the story of four outsiders in the world of high-finance who predicted the credit and housing bubble collapse before anyone else and risked all to take down the banks.

 

EGOTIST: Someone who is usually me-deep in conversation.