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8:36 yea my parents didn't get it either they were just so happy to be first time home buyers that could have their kids in their own separate rooms instead of sharing 1. then the mortgage went from 1500 a month to about 3600 a month and that just wasnt possible. they where both working full time plus overtime with me taking care of my two siblings alot. cooking and cleaning and babysitting just to make the 1500 payment on top of other bills and expenses. it was so gut wrenching getting kicked out. the house sat empty for almost 8 years after too.

I like reactions to The Big Short. There were lots of people who knew about the real estate bubble back in 2007, most of whom, unfortunately for them, were only trying to call attention to artifically high housing prices rather than figuring out a way to bet that prices would collapse. Anyways, my main point is that this movie, in its effort to show us how Wall St. works (or malfunctions) unintentionlly confuses us by conflating Wall. St -created securites, which are merely pieces of paper, with houses. That is how Wall St. rolls. It doesn't sell stuff that actually exists in the real world. It uses a laser printer to kechunk out endless pieces of paper that act as surrogates for real world assets, then tries to find buyers for the pieces of paper, earning commissions on each sale. One big advantage to that business plan is that once your've created and sold some pieces of paper, once every asset on the planet has a paper surrogate, you can stay in business by kerchunking out more pieces of paper which are bets as to whether the surrogate pieces of paper will go up or down in price by some future deadline date. But I digress. The precipitous drop in the prices of MBS and securities derived thereon had nothing to do with the collapse of housing prices or the many mortgage defaults. They involved loss of value in the papar surrogates. Maybe very indirectly if a big mortgage lender also invested heavily in the surrogate paper in highly leveraged fashion and went bankrupt and could no longer write mortgage loans. Maybe indirectly when Wall St. stopped slapping together and selling MBS, causing the front line mortgage offices to lose their only customer and actually have to face holding NINJA mortgages to a maturity that will never come. If housing prices rose to an apex only because of the availabilty of easy money, that's a credit bubble bound to eventually burst, whereupon housing prices will return to actual values much closer to the cost of building a home, but is that a bad thing? Should anybody involved in bursting that bubble feel guilty about it or be blamed for "crashing the housing market and the national ecoonomy? I say, resoundingly, "NO". The many mortgage defaults, I'm sorry to say, were caused by dummies who signed mortgages they had no chance to ever repay, aided by real estate agents who didn't give a shit about the inevitability of default because they were being paid a nice commission on every sale. I love The Big Short, but I am constantly annoyed at the "we bet against the American housing market" aspect of it. No, they bet against the paper version of that market, and made paper profits and caused paper losses. Wall St. is funny that way. They believe the paper surrogates are the underlying asset. No, they are not.

Dude on the right sort of looks like that actor from Nightcrawler.. I'm a straight man but he is sexy, just saying... Got brains too.

Hey Ted Mosby

Thanks. It is great to see someone who actually understands the events depicted in this film. It is also astounding that Adam McKay, who directed this film and “Vice,” also made Will Ferrell comedies!

thank you for actually reacting to the contents of the movie. i had fun watching you!

There is an interview with the author of the book, the director of the movie, Ryan Gosling, Christian Bale and Steve Carrel. The interviewer at the end asks if being in the movie made them want to invest or increase their investments and almost in unison they all said, "NO". ruclips.net/video/98ZhPHz_XCM/видео.html

Christian Bale met the guy he is playing. Christian Bale says he has an agreement and carte blanche to do what he thinks is best because they know he is good at it.

Unfortunately, Wall Street has morphed from investing into legalized gambling. 👍

This one guy wasnt able to be honest, perhaps its because his country…

It’s incredible to me how well the trick of hiding things behind jargon works. Here’s someone who knows something about finance, and he still can’t articulately explain what exactly happened. I’ve been trying to understand it too, but it’s difficult to follow. I think what I did take away was that: a) Banks made a ton of money selling housing bonds to various customers. They made this money by charging fees for the service of creating these bonds (buying all the mortgages and putting them all together into a bond). b) This was so profitable, that even when banks ran out of solid mortgages to put into the bonds they were selling, they started filling bonds with really bad mortgages. Essentially, they were full of mortgages that were taken out by people who couldn’t pay them. The banks didn’t care, they just needed more mortgages to put into their bonds so they started incentivizing and buying any mortgage they could lay their hands on. c) To make sure people bought these bonds that were full of bad mortgages (mortgages not likely to be paid) they paid off the rating agencies to give them AAA ratings so that they looked safe and solid even though they weren’t (which is illegal). d) Eventually, those bonds failed because they were full of mortgages that weren’t paid (defaulted). When they did, banks still valued those bonds as if they were still going up (which is fraud and illegal). They furiously tried to unload those failed bonds telling people that they were not failed bonds and then once they secured a bunch of swaps (the insurance on the bond that the people in the movie used to short the bonds) then they valued the bonds accurately after the fact (which is all incredibly fraudulent and illegal). e) Instead of punishing the banks and holding them accountable for their illegal activity, the government bailed them out using taxpayer money which the banks then used to lobby against any major reforms. Meanwhile the taxpayers lost any money they had in the bank meaning pensions and savings. f) The banks knew that would happen. They knew they would get away with it because they have so much power in society. They didn’t care that they were selling awful bonds to people while pretending they were great bonds. They didn’t care because they were making so much money doing it and they knew that they’d get bailed out anyway if things went wrong. This is why cryptocurrency was started. People got tired of relying on banks and the government to validate transactions and keep their money safe. After this crisis, it was clear that they couldn’t be trusted. So they developed a system where people could trade currency without needing banks or governments. Currency is just a unit of value guaranteed by the government. The government gets to decide how much currency is available in the system. Cryptocurrency doesn’t require the backing of a government. Whenever we purchase something, we usually use a credit card or cash. Validating those transactions is done by a bank as a middle man. Cryptocurrency doesn’t require a bank to validate transactions. I’m not saying that we should all start using cryptocurrency, but if you’ve ever wondered what the motivation was to create it, it was the 2008 financial crisis, and the jaw-dropping asymmetry between how individuals are expected to behave with their money and how institutions are. It’s mind boggling just how criminal and fraudulent the banks were and it’s even more mind boggling that they were rewarded for it instead of punished.

You guys are weird, you didn't show the episode when Benny met mummia to the end, so you don't need to cut it off.

Good reaction, but FFS use the pause button when talking.

At the end Michael burry write +489%. So yes he made lots of money.

Great film...annoying AF Reaction hosts

Is This Movie (The Big Short) Like The Other Guys?

Another good movie on this setting is Margin Call. A must see.

Edits in the middle of sentences, a lot of talking and eating, Hmmmm... You can take or leave the advice.

fail. will not watch with the huge imprint.

These guys totally watched this movie before "first time reacting" to it

You're absolutely right about adjustable rate mortgages ARMs. I never put clients in them unless they had really bad credit and always set them up for a refi a year or two later 6 mos before the rate was set to adjust. Never sold a ninja, stated or any of those other crazy loans even once. Always fixed. Made plenty of money doing the right thing by my clients. Never leave a client out to dry. Never.

The banks paid back the bailout money. The US government actually made $109 billion from the interest. Although they probably lost way more in tax revenue during the collapse and recession.

The banks sold a lot of swaps and owed a lot of money to a lot of people. So it was either sell it for less than face value while still making a profit, or risk the bank not being able to pay you anything.

I got sick of listening to the know-it-all on the right constantly talking and thinking he was explaining it to the dumb friend on the left who didn't say anything all movie.

The answer is Dr Michael Burry made around 100 million in personal profit and his fund investors’ total profit was around 700 million +.

Good reaction to an awesome movie which is one of my favorite movies of all time. Btw, per what you said around the 22:33 minute mark, that was actually not entirely correct. What you said is indeed correct with regards to brokerage accounts etc. However, in the situation with Scion Capital with the character of Michael Burry played by actor Christian Bale, it is a Hedge Fund, whereby the rules work quite differently than regular brokerage accounts. In a Hedge Fund, Bale's character (Michael Burry) is the General Partner (and Fund Manager), and the investors are Limited Partners. Most of Hedge Fund formation documents do indeed allow for the General Partner (Fund Manager) to freeze withdrawals etc. Hedge Funds are different animals to regular brokerage accounts.

My sadness realizing these fellas never finished this show.

Lol black and white explanation

Great reaction and I loved how Freddy understood what he was watching. I’m assuming you’ve already seen Boiler Room and Wall Street but have you seen Rogue Trader and Margin Call yet? Great movies if you’re really into finance. I’m also going to check out Inside Job because of your recommendation

The rating agencies had their incentive for sure. Also, when you add multiple events then their probability of happening the new event is lower. One mortgage can go down with say a probability of 50% If we add one more to the pile then the probability of the pile going bust is reduced as the probabilities get multiplied. Mortage A must fail *AND* mortgage B must fail. if we add 100 such mortgages then the probability of failing all of these is considerably low and hence the rating shoots up. The catch is this formula applies only if the underlying events are unrelated - like one coin toss from another. Diff mortgages coming from diff locations and diff households are unrelated but only up to certain point. They all have the underlying economy as the common theme. So, there is a small chance that ALL of these will fail. By increasing their volumes to astronomical proportions the bankers were knocking/ hammering on that door. It finally happened. i am from India and non-finance background. This is my understanding. Would love to hear comments on my understanding. Liked the reaction. Thanks, Regards,

I love the character interactions between Steve Carrolls character and his hard ass that works for him. They are really at each other throughtout but at the end when hes begging him to sell he has compassion for Steve's character. He knows its not just money to him but a matter of principle and he pays respect to that.

Okay... here's why it doesn't make sense. In essence, the banks bet on themselves and lost. All of these huge naking institutions were using these CDO to pad their balance sheet. They kept buying and buying and buying because they were making so much money and housing can only go up. So when Michael Burie comes along betting against that, the banks are like, "cool, we'll take your money, because theres no way housing will go down. We will never have to pay out". But as more and more caught wind of this, and more of these swaps were getting sold... and the banks just kept selling them because they were making sooooo much money on the fees, and they'd never have to pay out... Then it collapsed... and all of these people that bet against the banks came to collect, the banks didnt have enough resources... because a HUGE percentage of their assets were the CDO that just collapsed and were virtually worthless. Now we get to your question about how it doesnt make sense. In an trade, there's a person getting paid and one doing the paying. Burie, Baum, Vanette, and Brownfield were the ones getting paid... BUT because the banks didnt have enough assets to cover the bet they made... instead of bankers paying (and losimg money), the Government had to bail them out, because if the banks went out of business, it would have collapsed the entire global economy. So that money that the banks should have lost on their bet... the government gave it to them. Taxpayers were the ones that lost. And then to top it off, that bail out money... banker used it to fund their own bonuses, kicking the can of toxic assets down the road, to deal with later... And that later, is the financial recession that we have been hovering on the brink of, since just before the pandemic.

sorry but it was a flat reaction. The disappointment that the movie was not spoon fed says it all.Not much about the amazing sound, the cinematography, the actors. The movie is a masterpiece of lights, sound and colors. Villeneuve, Deakins and Sheridan are geniuses.

Hope all is good with y'all.

it's just me or the guy in the right is Ted Mosby?

Bro looks like a young Jake Gyllenhaal 😊

It will be interesting to see your joint reaction to the films "Robocop" and "Robocop 3". This is a cool immortal classic 👍

Fun fact, many fund managers actually have full autonomy with investor funds. Or there could be massive penalties of as much as 50% for pulling your money out early from a fund. A lot of funds have very strict rules. And investors can make a large sum of money but most fund managers have stringent rules put in place to either heavily discourage investors or lock out investors from their money. Its because fund managers have a fiduciary responsibility to the fund, not the investor.

Watch 'Margin Call' next

Great freaking movie, my childhood favorite

Love this movie! The dude on the right looks like ted from how I met your mother!

Just realized that it was essentially a down payment.

Inside Job, the Denzel movie?

as soon as I saw the graphic ....logo or whatever the hell that is....I was like....naw

Dang, didn't expect Ted Mosby to be into financial markets, but here we are. Great reaction, guys!

Came for a reaction to _Total Recall_ . Instead, got you guys completely ignoring the movie and talking about some other TV show instead.

Worst reaction video ever

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I was 17 when this movie hit and it's still one of my all time favorites, so I have something gnawing at me🤔 The editing seemed to be bassackward. Sorry if the editor was a blind and deaf dude with one arm and no balls, GREAT JOB!!🥳 If that's the case. I would prefer that all the best and significant parts be left in rather than left out, but I'm weird like that.😜🤪 "Last night I cried in bed."😥 - "Was you with a woman?" "I was alone, why do you think I was crying? Merry Xmas" I loved that line at age 17, for at 17 I was fully enjoying the true meaning of pain and heartbreak, mind games and brutal cuntiness. However, my favorite was the naziCockTeaser!!🥵🤪🥶🥶 Fucked up and cruel yet decent wackinFuel🥵💥😜 MURRRRR TAHHHH BUSEY IS THE REAL DEAL!!🤪✌️ If you wanna good western... BARBAROSA👍 Willie Nelson Gary Busey

Reacting to a movie with a guy who has already seen the movie kinda kills the buzz.