@Batman The “five houses and a condo” lady, was like those people who bought into the “Become a landlord, rent out the other houses, take the profit on the rentals to pay for your house,” idea.
@@HVACSoldier which is a great idea until the value of your homes fall 40% and now you’re financing a million dollar home really worth $400,000… hmm sounds like something that could be looming
@@officialspock Its happening all over the world again. This comments section is going to be scary in a few years imo. Hopefully not, but I'm concerned.
@@Opticillusion160 it is a great idea but it should in a fixed rate mortgage, not an ARM. That's where a lot of people went wrong in 07.they had homes at 2.5-3.5% than the rate went up to 15-20% overnight.
"I own five houses... And a condo." ... "HEY there's a bubble!..." 10/10, perfectly cut. The pacing in this entire movie is top tier, and it's little snaps like those that show it.
5:05 You can really see the look of anguish and disappointment in Mark’s face when he realizes that everything Vennett told them in their meeting was true.
Stripper: "James says I can always refinance" Baum: "Well...he's...a liar. Actually in this particular case, James probably is wrong" Im not sure how many people realised just how clever that line was. Baum is so used to dealing with smart people who are crooks, he initially assumed that James was lying. But then he thought about what a dumbass James is and realised that actually he has no clue what he is doing. Basically James isn't smart enough to be lying.
Xactly. Same reason he first thought the "bros" were confessing before his guys told him they were bragging : the look on his face looked like "Seriously? You mean these guys are THAT stupid?"
the more I watch this movie the more I convince myself it's an absolute masterpiece, thank you for your comment, I'm happy to know that wasn't just me that was feeling that line was so well built.
@@aabidamn I think right near the end of the movie you see the mortgage guys interviewed here with dire looks on their faces lining up with other people with dire looks in their face. Don't think they were lining up to see a movie.
@Username Because chaos opens up for exploitation. If you don't manage your strippers, they could pocket a bunch of the customers money, bad for business, so the owners have to run a tight ship. In the global financial system, there's no clear head at the top to take in all of the global cash, then redistribute it back to the "workers" in a previously agreed upon scheme... The global financial system is like an unregulated strip club - the more chaos there is, the more cash each stripper can run off with in any way they can find possible, and it's impossible to stop them. Sure, a few might get caught and punished, but the majority will run off with the cash unscathed.
I can't get enough of this movie. Everyone absolutely nailed their role, the production is great, the story can't be better because it actually happened. A masterpiece.
As a young realtor in 2005, I worked with my mother. We had Lenders at every sales meeting. I asked my mother, “Mom! Come on, why aren’t we using those loans?” She looked me right in the eye, “Mijo, those loans are not good for the client.” From that moment, I started watching, with interest. My mother and I are the only realtors I know of that never had a client lose their home, due to a bad loan. It wasn’t just Wall Street’s fault.
@@ban4486 I am no expert, but it is my understanding that the interest rates are super high (after the "teaser early rate") and refinancing, which would enable getting a lower rate is only feasible if the value of the home increases.
@@ban4486 because those loans had a balloon payment. Any adjustable interest rate would balloon up to the current market rate. Picture paying $700 on a mortgage one month and then the interest spiked up the next month which cause your mortgage payment to balloon up to $2,000.00. Most people during that time had that situation happen.
I agree. For two reasons. 1, the obvious - how can you be in finance and not know? And 2, the ironic - all the "proper" finance guys who worship him are just as wrong as these 2 brokers. Which is the story of 2008.
Completly agree. Those two lines sumarize the movie. How casual, open and free of guilt those to brokers spoke. They were the representation of the entire housing market. I think that scene and those two lines are the pivot which balances the entire movie; the continental divide of the whole plot.
I don't know 60 people, let alone 60 people who all want mortgages, each month. No mortgage broker in the history of all brokers wrote 60 mortgages in a month. I'll buy, 3 mortgages. But that is only if the people that they worked with gave him a call because they had a friend who wanted a mortgage. I have never dealt with a mortgage broker in my life. I've had many mortgages, just walked into a bank or credit union, looked at the rates, and had them write one up.
The "uhh, no" after "is Morgan Stanley recruiting us?" is so good. The delivery is flat out "you two dudebros can't be serious" And the Florida tans are a nice touch.
This movie is so brilliant. The line and delivery by carrell when he says “what do you mean on all your loans? We’re talking two loans on one house” really displays the true optimism his character actually had in the system despite how he comes off throughout the movie. As cynical as all these guys were even they COULD NOT believe the level of greed and stupidity that was running rampant in the housing market.
the movie seems to hyperbolize it, but in fact it was probably worse than anything depicted here. You can't lose trillions of dollars without the most ambitious of fuckups.
"Well he's a liar- well in this particular case he's probably just wrong." Love the honesty of Carrell's character- knowing the real estate agent was likely too dumb / ill-informed to lie.
Were the banks regulated between 2000-2008? Like during the time MBS was put into action and mortgage loans/bonds were being sold in an considerable manner. Or did the Government know and turned a blind eye on what was happening?
That line actually really annoyed me. I liked the movie overall, but sometimes it verged on patronising. This scene was a classic example. Mark Baum was portrayed in the rest of the movie to be a very sharp, shrewd operator, yet here he's acting like an imbecile. "Why are they confessing??". C'mon. He has to have some one explain that 2 vacuous himbos who are boasting about their recent wealth and material success are just...bragging? There's probably a cut scene from the movie where one of his associates later explains to Mark Baum that water's also wet and that yes, in fact bear's do defecate in the woods. It was talking down to the audience IMO and the scene didn't need it.
Those brokers are portrayed so perfectly. My ex brother in law started a mortgage brokerage with a bunch of his other minor league baseball washup buddies (all dressed and behaved exactly like these 2) and were making huge money for 2 years. Then, when I was in 8th grade ('08) for reasons I didn't understand until much later, my sister, their baby, and he moved from their upscale home in Denver to live at the ranch with us in west texas. He never held a job after that for very long.
This is a movie filled to the brim with “get angry, viewer” scenes. Also - I love everyone on Mark’s team. Cynical professionals. You want people like that on your team, they won’t let you down.
*Max Greenfield (who plays the black-haired broker) is most known for his role as Schmidt on Fox's New Girl and he played John Fremont (the much-younger object of Sally Field's affections) in the quirky My Name is Doris. Billy Magnussen (who plays the maroon-haired broker) was Repunzel's Prince in Into the Woods the previous year and also played Doug Forrester (Tom Hanks' legal assistant in the early parts of the film) in Bridge of Spies in the same year as The Big Short.*
You are spot on. Plus their characters are well set up. The look of a four year old on blue suits face while he fumbles for the straw on the Bloody Mary at 1:30 and how the black suit guy fails to buckle his watch properly at 1:41, all the while the ambient music is playing 'Crazy.'
@@TheGoat-dp5xy he isn't calling the immigrants idiots, he's calling the brokers fucking idiots but making them think he's agreeing and saying it about immigrants
Can we also appreciate the little glance Vinnie takes at his daughter's picture to depict that he is fully embracing the magnitude of the deal he is about to make?
I work at a car dealership, when 2 of my worst lube guys quit to become "mortgage brokers" I knew the market was going to explode, I just didn't know how bad.. This movie is sobering to watch....
My family are descended from Saxons, celts and goths,and they had a specific punishment for the kind of fund cheating these guys do...they poured molten silver down your throat and ears and dumped you into a lake or pond cause you'd sink to the bottom from the weight. Now a days you give them celebrity status as "businessmen" give them more money, and instead blame immigrants, the poor, and teachers.
When my idiot brother in law and his idiot friend urged me to borrow on my house to buy another house in Arizona, "every body's doin it, you'll double your money in 6 months guaranteed." that's when I knew this was all a big fat bubble.
1:10 the subtle changing volume of the background music (Crazy by Gnarles Barkley) throughout this scene is wonderful. It matches both the time period as well as Baum's growing shock and dread as he realizes how completely out-of-control the situation has become.
What I like about this movie is that it delves somewhat into the question of how some people expected the bubble to burst when everybody in their business thought otherwise. Besides Burry doing the hellish legwork of just reading the bonds, this scene is another nice example of independent research. Just talking to some house brokers, some mortgage brokers and some of the people getting these loans is a simple but effective way to get a sample of a market. If one stripper owns six houses just for speculation, that's a big clue the demand for housing is inflated. This also shows how all this stuff about bets and bubbles relates to stuff non-bankers can understand like wanting to own a house.
It is human nature, and our built in defense mechanisms, for 75% of the population to not pursue information, clues that their subconscious tells them could go to a bad place.
@@stobesy18 Unless they sat on the houses for 10+ years (rented?), yeah, they lost money. I bought my house in November 2012 (bottom of the "gully" and the interest rates were SWEET) for $240K. Just checked earlier today and it is valued at $446K. Were I a bank, I would sell as my house topped its 2008 valuation.
Well Vinny is one of those guys who is hard to trust in others. Not to mention that he got an ear to detect bullshit. Jared told him the hard truth about his position and why he's trying to dump some of his exposure.
@@Septimus_ii this is the same question I ask myself if I see a book by some rich guy on how to become rich. I mean why would they share that knowledge and create competition?
Vinnie and Bennett--or at least the way they're portrayed--have some of the awesomest, most dynamic chemistry I've seen in any movie I can think of. They're the same guy, but completely the opposite--like a minor version of the Immovable Object & Irresistible Force, or twin brothers who were separated at birth. . .one to live with the abusive dad, the other to live his stripper mom.
I love that they went on to describe Danny Moses as a sort of reject of the group when first introduced that was kept around just because he was a talented trader and in the Florida trip he's the one constantly keeping their "cover" in check by paying attention to the trifflings of the Housing market employees while still being fully aware of the financial atrocities they're listening to.
It also shows the huge difference in class and educational background between NYC Finance guys vs Mortgage brokers Real life Mark Baum, Steve Eisman, went to Harvard Law Porter Collins - Brown The mortgage brokers are your average B students in a directional State school
I love this scene. These two douchebags were acted perfectly. This is a perfect representation of the mortgage industry at the time. I had several friends who saw easy money and dropped out of college to take jobs as loan officers. The scene at the end where they are at a job fair was a great scene as well. It shows exactly what happened to the predatory brokers after the crash. Many of my friends who took those jobs ultimately lost them, and some never really recovered and are still working menial jobs.
@@bluecomet1109yes the movie literally closes with text explaining in 2015 banks started doing CDOs again. Except they changed the name due to the negative stigma that came with a CDO... cause you know they were a big scam.
@@21pilotstillidie58 it’s still so fkin corrupt out there. This shit is coming down again and the middle class will be stuck to help recover. Makes me sick they can get away with this shit
@@21pilotstillidie58 Because many of the former loan officers never recovered once the market crashed. I knew several that ended up stuck working in dead end jobs or entry level jobs at banks. One of them became a close friend of mine, he eventually got sued and financially fucked. Became addicted to drugs and lost the plot. Just my 2 cents.
you know what's crazy about this scene? We get to see how transparent Jared really is that Mark see's in him. In this scene he literally states as to what's gonna happen, he's gonna be taking some money from them little by little with the premiums, its gonna suck for them, but at the end of it all, they'll be make a shit ton of money, they get the whole 'sundae', and he just gets a bonus check the 'cherry topping'. He's not bullshitting them, he's very clear on what's gonna happen.
This part was based on a real anecdote about Greg Lippmann (the guy Ryan Gosling’s character is based on), where he had a similar exchange with a trader over the phone before entering into a trade.
I don't think he gets anything from the premiums, He just gets a fee for the original sale and he sets the prices, so he gets paid whatever. And yeah, the cherry obviously.
@@verward The premiums are what offset (in fact, eliminate and reverse, given how much Frontpoint bought) his negative carry; that's why he ended up with a $47M bonus. There's no "fee" for the sale - it's built into the spread. The point is that when there's mispricing, *both* parties can actually benefit. It's like the old story of two sisters fighting over an orange: when mom digs into the details, turns out one wants to drink the juice and the other one wants the skin to make her room smell good.
When people admit that they're in it for the money--when they strip away all sanctimony and insincerity and just say, "This is about dollars"--the honesty is so pure I'd say it's practically admirable. I realized this several years ago when I was buying my house. It wasn't a pre-bubble purchase, but an 'investment'* that was a step-up from wasting my money every month on rent. There was a lot of paperwork that went between my mortgage broker and myself, sometime angry calls at 10PM, and constant knocking on my real estate agent's door. But everyone wanted it to work out--and worked to make it work--because we'd all gain financially from it. Far more honest deal than, say, convincing an 18-y.o. that if they take $150,000 in loans they're automatically going to be better off than if they didn't; or even some chick who goes out on dates just to get free meals.
I can’t tell you how much I love Rafe Spall in this film, and in general; his reactions and offhand remarks to Jared, these mortgage brokers… gets me every time.
Honestly I love how everyone was represented well in this movie, from the mortgage brokers writing the horrible loans to the ratings agencies to Karen Gillan playing someone working with the SEC.
"Adjustables are our bread and honey." - Never caught that line before, even though I've watched this scene so many times. The two mortgage guys are my favorite characters in the movie, because they are so well acted and perfectly capture the essence of those folks at the time. Misquoting a common saying like "bread and butter" is a detailed nuance that shows just how well this script was written.
You are no where near being alone on that front. I think people that weren't directly involved in that crisis back then have absolutely zero idea that it actually was THIS nuts. There's a reason so much financial regulation was put in place in 2010. Stuff was just too wild.
EGreenAudio - Yes, there's a reason that so much financial regulation was ATTEMPTED to be put in place in 2010. There's also a reason why every lobbyist remotely associated with Wall Street banks & investment firms, hedge funds, and the mortgage & commodities industries was spending full time in Washington with basically unlimited expense accounts and wallets stuffed with cash. By the time the near completely gutted regulations were finally implemented (but not yet actually consistently and universally enforced) there was plenty of evidence that lobbyist money had far greater influence on members of Congress and the Obama administration than did the economic pain & suffering of the politicians' constituents across the country.
I was renting a house around this time, and a place up the street from us was on the market so I thought I'd take a look when they had an open house. I didn't have any real savings and wouldn't have been able to put a down payment together, but the agent gave me the card of a mortgage officer from Washington Mutual and told me I'd be _amazed_ at what they could do for me. I didn't follow up, but pretty clearly there were lots of "amazing" mortgages being written just then. And we all know what happened to Washington Mutual. The bank branch in town that used to be them is Chase now.
Funny enough, the same thing is happening now. Sure, the loans aren't adjustable, and the coming market crash won't be as intense. But the number of people who are 6 months away from a cash-flow negative position is pretty incredible.
Yes exactly! This acting in this movie is excellent. Let's be real, most of the audience including myself have no idea what they are talking about most of the time. But the way the actors use dialogue, tone, facial expressions, and body language to convey what is happening without the audience having to understand every term and phrase is great.
This is such a good movie, I keep coming back to these clips. Yes, the movie portrays the reality of the crash and how a select few saw it coming and got rich from it but as a movie, telling that story, every actor is sublime in their role, the script explains what's happening to the average person about as well as anyone could - it's a spectacular film.
Irl there was more investigating into it: but for movie purposes they just showed the realotor, thr loan agents, and the stripper who took out tons of loans on houses. Gave the audience as much information they needed to see how bad it was.
I can resonate with the final stranger high-fives so well. Few years back I worked on a sale for 6 weeks with a 50K Bonus on it. I was on a moving bullet train in Tokyo, and the closing sale meeting was done with Google Meet with a shitty train WiFi. When I closed it, I unknowing raised my voice and said “fuck yeah”. The whole car heard me, and a guy near me gave a me a nod. (he might’ve heard my closing pitch so he knew what was going on). It was my first big sale and all I wanted to do at that moment, was to high-five every single man and women in that carriage. 😻😻
Sometimes an attitude like that is needed where you don´t even investigate the bigger picture but only focus on your own thing and yourself. Doing is better than knowing.
Its ironic cuz most people think hes average simply because he plays an average man on the office so well. They think thats actually who he is. Thats how good and believe he is.
The electricity is palpable. I never get tired of this movie. To be there, in the middle of it all, as it was happening. Like standing on the beach and watching a tsunami wave approaching far off in the distance. Some saw it and knew what to do, others saw it and didn't. And some had no idea anything was happening at all. So many people got wiped out.
It's brilliant because it phonetically references Hedwig and the angry inch, so it feels like a familiar phrase because it alludes to something else in the popular culture....the writers on this movie are total geniuses.
I love that all of these clips are filled with comments just repeating every line of dialogue. Shows how brilliantly written this film is; not a wasted sentence
I love everything about this movie. I'm not sure they purposely played Ganrles Barkley's Crazy in the background but the timing of that famous lyrics come in sync with Baum's question is just spot on.
@@JanoyCresvaIcecream melting in context = families become homeless, someone's life savings disappear, children stay away from school... stop bragging like these douchebags in the movie.
The two actors playing the brokers were great, but...my god...the 2 real estate agents were scary realistic 😳 Having dealt with realtors in the past, they were perfectly portrayed. Vacant and presumptuous
Makes us think, what they might talk about us behind the car's windshield with other clients while simulataneously smiling and offering small talk to us, right?
This movie has so many subtle little shots. The soldier at the slot machines in Vegas, the ratings agency woman who "can't" even see properly. But this clip, it's the subtle shot of Vinnys daughter's picture on his desk that got me choked up. And I'm not even a father yet, but it did 😭
What is the catalyst to start a leg down though? We’ve already gone through a lot of shit already. What could scare everyone further... more cases, more unemployment? The Fed has already said they have the funds to pull us thru. Idk man.
@randomguy9777 It’s more like buying insurance on homes you don’t own in a flood zone that the insurance companies and home owners don’t know is a flood zone and then reaping the payout when the neighborhood floods. Meanwhile, the homeowners get flooded out of their homes and can’t get paid because the insurance companies gave out too many insurance contracts and went bankrupt due to people who wanted to short a flood zone. Naked CDS contracts absolutely worsened the bubble and massively expanded it into a major liquidity crisis. The scene with Wing Chau explains how through collateralized CDS contracts in the form of synthetic CDOs, the swaps market on mortgage bonds became nearly 20 to 1 in notional value. It absolutely was the epitome of evil and the protagonists of the movie are actually villains and vultures for doing what they did. If they truly cared about the dangers of a looming housing bubble due to reckless lending practices, they would have been whistleblowers and lobbyists. Instead they actively worsened the bubble by shorting it.
@@Saad-qe6ku not really. the multiple organisations caused the bubble to happen including the banks. unless humans can cause floods at will then sure. but otherwise your analogy doesnt work.
@@Saad-qe6ku wrong, the damage was already done through years of greedy banks who didn't care how bad it got. The short was just the exposure of ill practices. Minuscule compared to the trillions the banks played lives with.
Man I just LOVE the "how are you fucking us" scene. When Gosling is like "and yeah, I'm gonna rip your eyes out", it's just such a rare moment of directness and candor.
this is Toronto right now. we've had a bubble for about 10 years and it's about to implode this year looks like. It's weird people don't see it. A lot of real estate people here are so in denial about it and think it must last forever. They get clients to ask below market so they can then sell it and say "sold over asking". It's fascinating a lot of the people in the real estate industry here are so much like these people.
I finally got around to watching this movie 8 years after its release and what a great movie it turned out to be. Everyone in this movie were just amazing in their roles. Especially Steve Carell. It's definitely worth a re-watch!
Because Steve is such a straight shooter, and these guys are confessing to federal felony mortgage/loan/bank fraud by bragging about how they get people in a position fraudulently on a daily basis to be able to get a bank mortgage to get a house they could never be able to afford.
All of the "winners" of the movie are the socially maladjusted. The characters played by Brad Pitt, Steve Carrell, Christian Bale and to some extent Ryan Gosling all live outside the world of social norms and superficial communication. Maybe this is what freed them to view the medicine show for what it was, rather than all the other marks.
Love this movie. The acting, the dialogues, the script, the tension are all top notch. Jeremy Strong, the guy with the chewgum, is a great actor. Watched Succession too!
The director Adam McKay directed the pilot of Succession and is an executive producer. The composer Nicholas Brittell is also the composer on Succession.
This scene is so incredibly accurate. I was in a restaurant. People in the back ordering Cristal for the room. I said who just ordered Cristal. The owner said "that's the Countrywide party" . I look in the back and there sits an ex bartender and the other is a car salesman and they are now Countrywide district managers ordering a case of Cristal. Well flash forward 15 years. One of these idiots drank his own Kool-Aid and went bankrupt and the other is still hacking out an existence at a local bank. I found out in the boom they were both making around 700K a year.
This movie is pure gold because so many big name actors are way outside their typical role and nail it. You almost forget who are playing the roles for Gosling, Carrel, and Bale, especially Gosling.
The acting from Steve Carrell at 1:48 is subtle but also very detailed and excellent. When two people in a group smile and laugh, the natural instinct in social settings is to mimic the emotion being shown so as to “fit in” and also to not threaten the people. Steve does this excellent, with the immediate reaction of smiling to conform as a reflex and then the quick change to a more voluntary response of “something isn’t right here”. Very good
The two cocky, overgrown teenagers who were the mortgage brokers really hit a nerve. My neighbour list her job and a big part of her pension because of guys like that. The very last scene in the movie says it all, we threw one guy under the bus and carried on as usual. We never learned a thing.
Princeton had an article years ago proving that most legislation and policies in Washington are not correlated with anything that matters to normal Americans. This is an oligarchy. We are not a democracy and not a republic and no one who is truly invested in breaking the administrative state will ever successfully be voted into meaningful office.
Everything they're saying is accurate. I would make extra money off sub prime adjustable rate mortgages and we would sell most mortgages on 0% down with terrible credit. Just get them to sign the dotted line. I would push these with the pitch of "the mortgage market is the strongest its ever been look at these charts!" I'd show them some fancy shmancy then pitch the idea of "you could be a real estate mogul, I bought 3 houses last year and sold them this year and made over 300K equity all for less than 60K cash down" (actually true). I was 29 and I made 400K a year selling this garbage. Then when the market fell I was let go (1 year severance @ 15K/month) I had 7 mortgages. Foreclosed on all but 1. I've recovered since but my glory days are far gone. It was so easy back then. It was selling cocaine to addicts.
DewtonBrothers That is a great story. Thanks for sharing. I live in Canada and we did not have a housing crash during this time. Though there are hints in the market it may happen soon. Some of the things you mentioned I hear are very similar to your story. Maybe our housing crash was just delayed.
dude - how did you not know? anyone selling toxic mortgages to people with no down payment and poor credit would have to think it was a terrible idea. i know greed can placate morality, but at a certain point i would hope your humanity would have gotten the better of you.
didnt care. Didnt bother to think about it. I knew that they were terrible loans but i never thought it would end in a global collapse. I was in my 20's making hundreds of thousands of dollars with little no effort. I didnt bother asking questions or digging into anything.
I love the 2 seconds shot of Daniel's daughter. It's like he knows the world's going to collapse and he thinks for a moment what will be left for his child.
I thought he was worried that Baum might be making the wrong decision and if so, they would all be out of a job. Or at least he might, and he has a daughter to provide for.
"Market's in an itsybitsy little gully right now..." Seemingly shallow yet deep dialogue. Excellent movie with brilliant acting, especially from Carrell and Bale
I love the "fucking idiots" at 2:59. Danny is obviously calling the brokers fucking idiots but his delivery is so well placed that he hides it and could to someone not paying attention just as easily be refering to the immigrants in question.
Nah you can see see his face go sour immediately because he realizes just how much fraud he's about to learn about. He's definitely pissed at the brokers
Lmao, I love the line from the guy at 1:29 when he matches the mortgage brokers energy by saying "you own a boat?! :D" whilst completely in the undertone of making fun of him. Tickles me each time.
I started in the mortgage business in the late 90's as a telemarketer. Eventually I became a loan officer right around 1999. In spring of 2000 I went to work for a subprime lender at the time. The business we did was nearly all refinance. We didn't do much purchase. It was mostly cash out refinance, borrowers getting cash to pay off debt or for home improvements. That all being said, most of the loans we did were adjustable, high loan to value, and high rates with high fees. We also did a lot no income verification loans like this guy describes. The sad part is all they had to do was right down on a sheet of paper what they did for a living and how much they made doing it. The other thing that rings true about this clip is when the real estate agent describes the appreciation of real estate before the crash. It was that ridiculous how we would refinance there loan and refinance them again a year or two later and the home was worth 30k to 40k more. One line of work that never gets enough criticism in my opinion for these loans getting done is home appraisers. Remember we couldn't have gotten the loans done if we didn't get the value we needed. If one were to go back and look at the appraisals that were done on these loans one would see a lot fraudulent appraisals. I think it was good thing a lot of them lost there licenses , because they deserved it.
Part of the financial reform package dealt with home appraisal process so that a financial institution can no longer cherry pick an appraiser who will come up with the right number to allow loan to fund.
@@mirianpuertorico6189 even now the appraisal game is a scam. A few comps from houses sold recently and that's the number. Doesn't matter if the home was over valued, now your home is supposedly worth x dollars. When the other could have all new appliances, flooring etc, while mine does not. Then that "appraisal" effects you taxes based on a made up value.
@@robbynicholas2751 and I saw an interview where one appraisal said the techniques they use are so complicated that nobody but themselves understand it lol I suppose they do that so nobody call them on their scam
That’s deep. Forward to know, 2022. I purchased my house before Covid hit. Thank god! Fast forward 3 years. My house, has risen up in price dramatically. I’m scared for others….. if they are doing this again. I only refinanced my house once. About 6-8 months after owning. Dropping my rate 1%.
I absolutely LOVED this move, I watched it after watching Inside Job and Margin Call. The three movies go hand in hand. Margin Call is what Jared said was going to happen, this movie is how it led up to it and Inside Job was the documentary about the event.
I remember when the crisis happened, I was in middle school I had no idea what was going on but I remember some people at school moved to a different state cause their parents lost their house. This movie is kinda helping me understand how bad it was.
We go through this every 20 years, give or take. It is because we get a new generation that didn't see what happen prior. People say the great recession was the worse. It wasn't the 70s was far worse. I think a lot of city folks didn't fully understand what happen in the countryside, and people didn't realize how rural we were prior to Reagan. But the people who will usher the next economic disaster and support the next bailout will try to deceive what really happen.
The subtlety with which the lyrics 'I think you're crazy' come into play at 2:27 as Steve Carrel then proceeds to question why the brokers are bragging to his team is genius directing and complements his perspective extremely well.
It's hilarious that no one gets that Vennett is the most honest person. He found something showing a system wide problem that he didn't create, he has absolutely no chance whatsoever of stopping the outcome of that problem, but found a way to profit from it, so has decided to profit for himself as much as humanly possible when the inevitable happens. Ethical? No. But he's honest about what he's doing. And no one gets it because they figure it has to be a scam, not the system.
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"I have five houses... and a condo" smash cut to "heyyy there's a bubble" was fucking fantastic.
@Batman The “five houses and a condo” lady, was like those people who bought into the “Become a landlord, rent out the other houses, take the profit on the rentals to pay for your house,” idea.
@@HVACSoldier which is a great idea until the value of your homes fall 40% and now you’re financing a million dollar home really worth $400,000… hmm sounds like something that could be looming
@@HVACSoldier don't know why the housing bubble didn't burst to Australia yet, its the exact same thing happening right now
@@officialspock Its happening all over the world again. This comments section is going to be scary in a few years imo. Hopefully not, but I'm concerned.
@@Opticillusion160 it is a great idea but it should in a fixed rate mortgage, not an ARM. That's where a lot of people went wrong in 07.they had homes at 2.5-3.5% than the rate went up to 15-20% overnight.
"I own five houses... And a condo."
...
"HEY there's a bubble!..."
10/10, perfectly cut. The pacing in this entire movie is top tier, and it's little snaps like those that show it.
5:05 You can really see the look of anguish and disappointment in Mark’s face when he realizes that everything Vennett told them in their meeting was true.
irony is the sluts like the stripper and other prossies are all on onlyfans now and do own 5 houses and condo outright..!
"Hey there's a bubble!
How do you know?
Stripper told me" :D
Stripper: "James says I can always refinance"
Baum: "Well...he's...a liar. Actually in this particular case, James probably is wrong"
Im not sure how many people realised just how clever that line was. Baum is so used to dealing with smart people who are crooks, he initially assumed that James was lying. But then he thought about what a dumbass James is and realised that actually he has no clue what he is doing. Basically James isn't smart enough to be lying.
Caught that.
Yes, I agree.
Xactly. Same reason he first thought the "bros" were confessing before his guys told him they were bragging : the look on his face looked like "Seriously? You mean these guys are THAT stupid?"
I loved your insight. Thank you. Well take 50 million on Garibaldi BBB
the more I watch this movie the more I convince myself it's an absolute masterpiece, thank you for your comment, I'm happy to know that wasn't just me that was feeling that line was so well built.
"Can you introduce us?"
*"Yes. YES."*
Danny's look right after that, like he's just barely holding it in, was the cherry on the sundae for me.
Reminded me of Michael Scott...
that second "yes" is honestly oscar-worthy
yes. *( .) (. )*
YES *( . ) ( . )*
I always come back to watch that part 😅
I just love the fact that the stripper understood everything better than mortgage brokers
Because it was her own money that was at stake.
@@aabidamn I think right near the end of the movie you see the mortgage guys interviewed here with dire looks on their faces lining up with other people with dire looks in their face. Don't think they were lining up to see a movie.
@@rotyler2177 Job Fair!
@@rotyler2177 Danny's hillarious reaction to the "you own a boat" line makes sense now. When everything's gone to shit, it's repo time!
@Username Because chaos opens up for exploitation. If you don't manage your strippers, they could pocket a bunch of the customers money, bad for business, so the owners have to run a tight ship. In the global financial system, there's no clear head at the top to take in all of the global cash, then redistribute it back to the "workers" in a previously agreed upon scheme... The global financial system is like an unregulated strip club - the more chaos there is, the more cash each stripper can run off with in any way they can find possible, and it's impossible to stop them. Sure, a few might get caught and punished, but the majority will run off with the cash unscathed.
"You own a boat--so how many of these are adjustable rate mortgages?"
That was an amazing piece of facial acting there.
chendaddy a
Yes , impressive.
chendaddy He was the guy off the Black Mirror White Christmas episode, right? Great actor. I hope to see him in more projects in the future.
katnissandpeeta oh that's why he looks so familiar!
hahaha that was amazing
I can't get enough of this movie. Everyone absolutely nailed their role, the production is great, the story can't be better because it actually happened. A masterpiece.
EXACTLY... damn.
As a young realtor in 2005, I worked with my mother. We had Lenders at every sales meeting. I asked my mother, “Mom! Come on, why aren’t we using those loans?” She looked me right in the eye, “Mijo, those loans are not good for the client.” From that moment, I started watching, with interest. My mother and I are the only realtors I know of that never had a client lose their home, due to a bad loan. It wasn’t just Wall Street’s fault.
Wise woman.
Can you please explain that more clearly? What makes a loan bad or good? Is it the interest rate?
@@ban4486 in this case, a bad loan is like explained in the movie. The payment jumps 200-300%. That is a very bad loan.
@@ban4486 I am no expert, but it is my understanding that the interest rates are super high (after the "teaser early rate") and refinancing, which would enable getting a lower rate is only feasible if the value of the home increases.
@@ban4486 because those loans had a balloon payment. Any adjustable interest rate would balloon up to the current market rate. Picture paying $700 on a mortgage one month and then the interest spiked up the next month which cause your mortgage payment to balloon up to $2,000.00. Most people during that time had that situation happen.
"who's Warren buffet?".. Such an underrated line
I agree. For two reasons. 1, the obvious - how can you be in finance and not know? And 2, the ironic - all the "proper" finance guys who worship him are just as wrong as these 2 brokers. Which is the story of 2008.
@@defconbrown8667 these guys are mortgage brokers, not finance per se
A statement that says easily that a bubble is about to burst!
Funny I actually found that the weakest line in all the dialogue here
Yeah it's an overly obvious line, somewhat shoehorned in.
"They're not confessing."
"They're bragging"
Is one of my favorite lines in a movie in the past 10 years
Reminds me of the "gains" these megahedgefonds currently Report with PFOF and shit
Edit: LMAO Melvin just lost even more from the Facebook plunge
ruclips.net/video/A7MaoD4tJuc/видео.html literally this guy who stole 300k from his fans and openly "confessing"
He was right...
Completly agree. Those two lines sumarize the movie. How casual, open and free of guilt those to brokers spoke. They were the representation of the entire housing market. I think that scene and those two lines are the pivot which balances the entire movie; the continental divide of the whole plot.
I don't know 60 people, let alone 60 people who all want mortgages, each month. No mortgage broker in the history of all brokers wrote 60 mortgages in a month. I'll buy, 3 mortgages. But that is only if the people that they worked with gave him a call because they had a friend who wanted a mortgage.
I have never dealt with a mortgage broker in my life. I've had many mortgages, just walked into a bank or credit union, looked at the rates, and had them write one up.
"There's a bubble."
"How do you know?"
"Trust me." - Translation: "A stripper told me she has 5 houses and a condo."
hahahahahahaa
The "uhh, no" after "is Morgan Stanley recruiting us?" is so good. The delivery is flat out "you two dudebros can't be serious" And the Florida tans are a nice touch.
Dudebros pictures it just nice. Did you come up with that? Anyway, I dig it, big time!
the reaction to the boat comment was hilarious
The mortgage brokers are the TikTok “investors” of today
They'd better save their money(if they make any).
All they need is a jawline and a smile
Take my like
Waiting for the first "it's different this time" comment.
@@memyself717 Same difference just repackaged dogshit with catshit. 😂😂😂
This is my favourite Ryan Gosling character. He's such a magnificent douche.
"I like big bucks and I cannot lie."
his reaction at the end is classic
I like his character too, although he's a money hungry, he's at least honest about it.
"There's a nice way to say that" same line from La La Land when he plays the Christmas tunes!
Driver and K are also magnificent in their own way.
This movie is so brilliant. The line and delivery by carrell when he says “what do you mean on all your loans? We’re talking two loans on one house” really displays the true optimism his character actually had in the system despite how he comes off throughout the movie. As cynical as all these guys were even they COULD NOT believe the level of greed and stupidity that was running rampant in the housing market.
the movie seems to hyperbolize it, but in fact it was probably worse than anything depicted here. You can't lose trillions of dollars without the most ambitious of fuckups.
"Well he's a liar- well in this particular case he's probably just wrong."
Love the honesty of Carrell's character- knowing the real estate agent was likely too dumb / ill-informed to lie.
Caught that.
you wanna know what scene really sticks in my head?...the stripper saying were not alone...her job is more regulated than the banks
Brilliant observation
Were the banks regulated between 2000-2008? Like during the time MBS was put into action and mortgage loans/bonds were being sold in an considerable manner. Or did the Government know and turned a blind eye on what was happening?
I've watched this movie maybe 8 times and I never picked up on that!
What a sad truth
@@robertomurri1278 SEC regulators definitely knew, and did nothing. They were the allowing these AAA ratings on garbage mortgage bonds.
"They're not confessing. They're bragging."
Chris H. 'Who's Warren Buffet..' 😆
* Buffett
A great "All You Can Eat" restaurant.
Chris H. Yeah I think I heard warren buffet say something like that
That line actually really annoyed me. I liked the movie overall, but sometimes it verged on patronising. This scene was a classic example. Mark Baum was portrayed in the rest of the movie to be a very sharp, shrewd operator, yet here he's acting like an imbecile. "Why are they confessing??". C'mon. He has to have some one explain that 2 vacuous himbos who are boasting about their recent wealth and material success are just...bragging? There's probably a cut scene from the movie where one of his associates later explains to Mark Baum that water's also wet and that yes, in fact bear's do defecate in the woods. It was talking down to the audience IMO and the scene didn't need it.
Those brokers are portrayed so perfectly.
My ex brother in law started a mortgage brokerage with a bunch of his other minor league baseball washup buddies (all dressed and behaved exactly like these 2) and were making huge money for 2 years. Then, when I was in 8th grade ('08) for reasons I didn't understand until much later, my sister, their baby, and he moved from their upscale home in Denver to live at the ranch with us in west texas. He never held a job after that for very long.
This is a movie filled to the brim with “get angry, viewer” scenes.
Also - I love everyone on Mark’s team. Cynical professionals. You want people like that on your team, they won’t let you down.
You can say what you want but the 2 actors who play the mortgage brokers are fantastic...
They nailed it.
*Max Greenfield (who plays the black-haired broker) is most known for his role as Schmidt on Fox's New Girl and he played John Fremont (the much-younger object of Sally Field's affections) in the quirky My Name is Doris. Billy Magnussen (who plays the maroon-haired broker) was Repunzel's Prince in Into the Woods the previous year and also played Doug Forrester (Tom Hanks' legal assistant in the early parts of the film) in Bridge of Spies in the same year as The Big Short.*
You are spot on. Plus their characters are well set up. The look of a four year old on blue suits face while he fumbles for the straw on the Bloody Mary at 1:30 and how the black suit guy fails to buckle his watch properly at 1:41, all the while the ambient music is playing 'Crazy.'
Those two things don't seem to happen?
In this movie all actors are fantastic. Great movie!
Danny's reaction "you own a boat" to that mortgage broker is hilarious.
sisbrawny Desperately trying to play 'good cop' with the dudebros but just flabbergasted. Fun preformance.
Oh. Yeah. The front point team talking to these two.
“I just leave the income part blank”
“ good for you “.
@@terrygracy8345 and calling the immigrants “fucking idiots”
@@TheGoat-dp5xy he isn't calling the immigrants idiots, he's calling the brokers fucking idiots but making them think he's agreeing and saying it about immigrants
@@MonkBreath yes, exactly my point
Can we also appreciate the little glance Vinnie takes at his daughter's picture to depict that he is fully embracing the magnitude of the deal he is about to make?
Loving the very end when Jarred shouts 'YES'. Sounds so fking natural. His reaction is elemental.
"Always?"
"Only in VIP..."
"No you said you always get adjustable..."
lmfao
XD
Steve ain't no simp
I write therapist.
I work at a car dealership, when 2 of my worst lube guys quit to become "mortgage brokers" I knew the market was going to explode, I just didn't know how bad.. This movie is sobering to watch....
My family are descended from Saxons, celts and goths,and they had a specific punishment for the kind of fund cheating these guys do...they poured molten silver down your throat and ears and dumped you into a lake or pond cause you'd sink to the bottom from the weight.
Now a days you give them celebrity status as "businessmen" give them more money, and instead blame immigrants, the poor, and teachers.
The Saxons especially were known for their hate of shady mortgage brokers
When my idiot brother in law and his idiot friend urged me to borrow on my house to buy another house in Arizona, "every body's doin it, you'll double your money in 6 months guaranteed." that's when I knew this was all a big fat bubble.
Mckenzie .Latham Did goths do that? Nice for my grand-grandpa
Robert Fournier robeeeeeeeert
1:10 the subtle changing volume of the background music (Crazy by Gnarles Barkley) throughout this scene is wonderful. It matches both the time period as well as Baum's growing shock and dread as he realizes how completely out-of-control the situation has become.
What I like about this movie is that it delves somewhat into the question of how some people expected the bubble to burst when everybody in their business thought otherwise. Besides Burry doing the hellish legwork of just reading the bonds, this scene is another nice example of independent research. Just talking to some house brokers, some mortgage brokers and some of the people getting these loans is a simple but effective way to get a sample of a market. If one stripper owns six houses just for speculation, that's a big clue the demand for housing is inflated. This also shows how all this stuff about bets and bubbles relates to stuff non-bankers can understand like wanting to own a house.
It is human nature, and our built in defense mechanisms, for 75% of the population to not pursue information, clues that their subconscious tells them could go to a bad place.
Hey hey that's just the gully
“I have 5 houses... And a Condo.”
“................ THERES A BUBBLE”
And I bet the bank took all the house and turned around and sold it and made a profit
@@stobesy18 And you would be wrong
@@dragonore2009 don't think so
Ok
@@stobesy18 Unless they sat on the houses for 10+ years (rented?), yeah, they lost money. I bought my house in November 2012 (bottom of the "gully" and the interest rates were SWEET) for $240K. Just checked earlier today and it is valued at $446K. Were I a bank, I would sell as my house topped its 2008 valuation.
You have to love Vinny and Jareds brutal honesty to each other in this scene. I love Vinny's line "Alright, I buy that."
That's my favorite part too
Well Vinny is one of those guys who is hard to trust in others. Not to mention that he got an ear to detect bullshit. Jared told him the hard truth about his position and why he's trying to dump some of his exposure.
Yeah, if someone is trying to sell you a good deal, ask why they aren't keeping it themselves. He gave a good reason.
Yea, if you read the book he did actually ask that question ("how are you fucking us").
@@Septimus_ii this is the same question I ask myself if I see a book by some rich guy on how to become rich. I mean why would they share that knowledge and create competition?
The acting in this movie is truly epic. Everyone played their role perfectly
Vinnie and Bennett--or at least the way they're portrayed--have some of the awesomest, most dynamic chemistry I've seen in any movie I can think of.
They're the same guy, but completely the opposite--like a minor version of the Immovable Object & Irresistible Force, or twin brothers who were separated at birth. . .one to live with the abusive dad, the other to live his stripper mom.
The patronizing "hahahaha you own a boat" at 1:31 is perfect.
Baum's little smirk after that remark is priceless.
And then the immigrants comment.
It was convincingly American as well, very impressive
I love that they went on to describe Danny Moses as a sort of reject of the group when first introduced that was kept around just because he was a talented trader and in the Florida trip he's the one constantly keeping their "cover" in check by paying attention to the trifflings of the Housing market employees while still being fully aware of the financial atrocities they're listening to.
It also shows the huge difference in class and educational background between NYC Finance guys vs Mortgage brokers
Real life Mark Baum, Steve Eisman, went to Harvard Law
Porter Collins - Brown
The mortgage brokers are your average B students in a directional State school
I love this scene. These two douchebags were acted perfectly. This is a perfect representation of the mortgage industry at the time. I had several friends who saw easy money and dropped out of college to take jobs as loan officers. The scene at the end where they are at a job fair was a great scene as well. It shows exactly what happened to the predatory brokers after the crash. Many of my friends who took those jobs ultimately lost them, and some never really recovered and are still working menial jobs.
I know it's 3 years later but what do you mean at the time? They are still doing this shit
@@21pilotstillidie58 CDOs are still a thing?
@@bluecomet1109yes the movie literally closes with text explaining in 2015 banks started doing CDOs again. Except they changed the name due to the negative stigma that came with a CDO... cause you know they were a big scam.
@@21pilotstillidie58 it’s still so fkin corrupt out there. This shit is coming down again and the middle class will be stuck to help recover. Makes me sick they can get away with this shit
@@21pilotstillidie58 Because many of the former loan officers never recovered once the market crashed. I knew several that ended up stuck working in dead end jobs or entry level jobs at banks. One of them became a close friend of mine, he eventually got sued and financially fucked. Became addicted to drugs and lost the plot. Just my 2 cents.
I loved that Vennett's assistant comes with him to the gym to hold his phone.
"sharpen your pencils, I'll get the paperwork ready" - I just love this line
you know what's crazy about this scene? We get to see how transparent Jared really is that Mark see's in him. In this scene he literally states as to what's gonna happen, he's gonna be taking some money from them little by little with the premiums, its gonna suck for them, but at the end of it all, they'll be make a shit ton of money, they get the whole 'sundae', and he just gets a bonus check the 'cherry topping'. He's not bullshitting them, he's very clear on what's gonna happen.
This part was based on a real anecdote about Greg Lippmann (the guy Ryan Gosling’s character is based on), where he had a similar exchange with a trader over the phone before entering into a trade.
I don't think he gets anything from the premiums, He just gets a fee for the original sale and he sets the prices, so he gets paid whatever. And yeah, the cherry obviously.
Well then there’s the negative carry of course. To keep the bank happy while they wait for the market to topple.
@@verward The premiums are what offset (in fact, eliminate and reverse, given how much Frontpoint bought) his negative carry; that's why he ended up with a $47M bonus. There's no "fee" for the sale - it's built into the spread.
The point is that when there's mispricing, *both* parties can actually benefit. It's like the old story of two sisters fighting over an orange: when mom digs into the details, turns out one wants to drink the juice and the other one wants the skin to make her room smell good.
When people admit that they're in it for the money--when they strip away all sanctimony and insincerity and just say, "This is about dollars"--the honesty is so pure I'd say it's practically admirable.
I realized this several years ago when I was buying my house. It wasn't a pre-bubble purchase, but an 'investment'* that was a step-up from wasting my money every month on rent. There was a lot of paperwork that went between my mortgage broker and myself, sometime angry calls at 10PM, and constant knocking on my real estate agent's door. But everyone wanted it to work out--and worked to make it work--because we'd all gain financially from it.
Far more honest deal than, say, convincing an 18-y.o. that if they take $150,000 in loans they're automatically going to be better off than if they didn't; or even some chick who goes out on dates just to get free meals.
"I was a bartender. Now I own a boat". Fast forward a couple of years. "I was a mortgage broker. Now I clean boats."
I can’t tell you how much I love Rafe Spall in this film, and in general; his reactions and offhand remarks to Jared, these mortgage brokers… gets me every time.
Honestly I love how everyone was represented well in this movie, from the mortgage brokers writing the horrible loans to the ratings agencies to Karen Gillan playing someone working with the SEC.
"Adjustables are our bread and honey." - Never caught that line before, even though I've watched this scene so many times. The two mortgage guys are my favorite characters in the movie, because they are so well acted and perfectly capture the essence of those folks at the time. Misquoting a common saying like "bread and butter" is a detailed nuance that shows just how well this script was written.
billy magnussen always delivers
Good catch, I had to back it up to hear it.
It might be that the character was Jewish, as Bread & Honey are Old testament examples of that which sustains
maybe the scriptwriter thought this is the correct term :X
@@Pimpmedown the screenwriters did not think this was the correct term, this movie is full of stuff like this
These scenes were brilliant. I didn't get the human side of the crisis till I saw this film
You are no where near being alone on that front. I think people that weren't directly involved in that crisis back then have absolutely zero idea that it actually was THIS nuts. There's a reason so much financial regulation was put in place in 2010. Stuff was just too wild.
I was too young. I have only 12 years old.
EGreenAudio - Yes, there's a reason that so much financial regulation was ATTEMPTED to be put in place in 2010. There's also a reason why every lobbyist remotely associated with Wall Street banks & investment firms, hedge funds, and the mortgage & commodities industries was spending full time in Washington with basically unlimited expense accounts and wallets stuffed with cash. By the time the near completely gutted regulations were finally implemented (but not yet actually consistently and universally enforced) there was plenty of evidence that lobbyist money had far greater influence on members of Congress and the Obama administration than did the economic pain & suffering of the politicians' constituents across the country.
It's all hypocrisy but it's a useful hypocrisy.
Ed Green now that republicans are back in office slowly but surely all those regulations are going away.
I was renting a house around this time, and a place up the street from us was on the market so I thought I'd take a look when they had an open house. I didn't have any real savings and wouldn't have been able to put a down payment together, but the agent gave me the card of a mortgage officer from Washington Mutual and told me I'd be _amazed_ at what they could do for me.
I didn't follow up, but pretty clearly there were lots of "amazing" mortgages being written just then. And we all know what happened to Washington Mutual. The bank branch in town that used to be them is Chase now.
Funny enough, the same thing is happening now. Sure, the loans aren't adjustable, and the coming market crash won't be as intense. But the number of people who are 6 months away from a cash-flow negative position is pretty incredible.
I love this scene! The most realistic part is that Vinny had to look up the phone number before calling Jared ;)
One of the most impressive parts about this movie is the facial acting.. Steve Carrell in particular
Yes exactly! This acting in this movie is excellent. Let's be real, most of the audience including myself have no idea what they are talking about most of the time. But the way the actors use dialogue, tone, facial expressions, and body language to convey what is happening without the audience having to understand every term and phrase is great.
YEah fuck you
@jobje Rabbeljee do you even know what faces say? he seems pretty confident in every scene.
I love how Ryan Gosling just high-fives the random women on the treadmill. Small but a nice moment.
Probably a Deutsche gym, he could know her
@@jamesrustles8670 if a dude yells YES out loud in my gym and tries to high five me, shit I don’t care who he is, I’m joining in on that.
@@javimiami92 especially if he’s Ryan Gosling.
@@javimiami92 agreed. Someone that happy after a call, share the love, make friends for life!
@@javimiami92 pre Covid yes, now not so sure
This is such a good movie, I keep coming back to these clips. Yes, the movie portrays the reality of the crash and how a select few saw it coming and got rich from it but as a movie, telling that story, every actor is sublime in their role, the script explains what's happening to the average person about as well as anyone could - it's a spectacular film.
He straight up wolf of wall street his ass with that sundae analogy.
"Is This America's Angriest Hedgefund"
lol, I love that line!
I love the line: "Hey there is a bubble" after he found out that a stripper has 5 houses and a condo... hahaha 4:50
Irl there was more investigating into it: but for movie purposes they just showed the realotor, thr loan agents, and the stripper who took out tons of loans on houses.
Gave the audience as much information they needed to see how bad it was.
There's a bubble....in my pants
@@geoffreyprior8931 - The movie was just in a gulley, idiot.
@@stevehorn646 nice
Look up Dunning-Kruger effect. You are it.
I can resonate with the final stranger high-fives so well.
Few years back I worked on a sale for 6 weeks with a 50K Bonus on it. I was on a moving bullet train in Tokyo, and the closing sale meeting was done with Google Meet with a shitty train WiFi.
When I closed it, I unknowing raised my voice and said “fuck yeah”. The whole car heard me, and a guy near me gave a me a nod. (he might’ve heard my closing pitch so he knew what was going on).
It was my first big sale and all I wanted to do at that moment, was to high-five every single man and women in that carriage. 😻😻
Interesting. The way you put that is you wanted to high five all the women on the train but only every single man and not the married ones.
That definitely never happened
I see you're a connoisseur of both single men and women
That scene cut from stripper owning 5 houses to "Yup, there's a bubble!" haha. This movie is amazing at humorizing terrifying epiphanies.
"who is warren buffet...."
this nigga
Malav Pandya the founder of the first all you can eat restaurant chain?
Sometimes an attitude like that is needed where you don´t even investigate the bigger picture but only focus on your own thing and yourself. Doing is better than knowing.
A rich guy who lives a modest life and is humble. He's actually a nice decent guy. More people should know about him.
Warren who?
I didn't think much of Steve Carell before this movie, but wow, this man is an incredible actor.
You should also check out Little Miss Sunshine
watch foxcatcher
Even in the office, he isn't just a funny man
he's an amazing actor in serious movies, and hilarious in funny movies and sitcoms. Not sure how you would even come close to that conclusion.
Its ironic cuz most people think hes average simply because he plays an average man on the office so well. They think thats actually who he is. Thats how good and believe he is.
The 'you own a boat" mocking is great, lol.
The electricity is palpable. I never get tired of this movie. To be there, in the middle of it all, as it was happening. Like standing on the beach and watching a tsunami wave approaching far off in the distance. Some saw it and knew what to do, others saw it and didn't. And some had no idea anything was happening at all. So many people got wiped out.
Hey, Is this Americas angriest hedge fund?
Such a great line
It's brilliant because it phonetically references Hedwig and the angry inch, so it feels like a familiar phrase because it alludes to something else in the popular culture....the writers on this movie are total geniuses.
@@JeffreyGillespie whats the hedwig connection?
The facial acting throughout this movie is so good.. there’s never a scene that feels dull.
Agreed. Excellent directing and editing.
They just wanted Homrs !! Please for more delayed befinh
I love that all of these clips are filled with comments just repeating every line of dialogue. Shows how brilliantly written this film is; not a wasted sentence
I love everything about this movie. I'm not sure they purposely played Ganrles Barkley's Crazy in the background but the timing of that famous lyrics come in sync with Baum's question is just spot on.
"... but you get the sundae Vinny... you get the sundae."
Great scene... !
It’s too bad the ice cream had to melt first
@@willowandluka5302 Most accurate fucking statement ever.
@@willowandluka5302 I actually like when the ice cream melts. You get ice cream AND a milkshake. Bingo Bango.
@@JanoyCresvaIcecream melting in context = families become homeless, someone's life savings disappear, children stay away from school... stop bragging like these douchebags in the movie.
@@robcurios740
Calm the fuck down.
It's passed
Stripper: "I have 5 mortgages!"
HEY, THERES A HOUSING BUBBLE!!!
Did you mean to misquote so badly?
And a condo. With 2 loans each.
she actually had 12 loans but close enough.
@@ThatLaloBoy 2 loans on a mortgage ? Wow !
Jean-Claude Francois Baroud de la Lombardiere it was pretty common especially for balloon loans
The two actors playing the brokers were great, but...my god...the 2 real estate agents were scary realistic 😳
Having dealt with realtors in the past, they were perfectly portrayed. Vacant and presumptuous
Makes us think, what they might talk about us behind the car's windshield with other clients while simulataneously smiling and offering small talk to us, right?
This movie has so many subtle little shots. The soldier at the slot machines in Vegas, the ratings agency woman who "can't" even see properly. But this clip, it's the subtle shot of Vinnys daughter's picture on his desk that got me choked up. And I'm not even a father yet, but it did 😭
"The market's in an itsy bitsy little gulley right now" - 2020 Corona
What is the catalyst to start a leg down though? We’ve already gone through a lot of shit already. What could scare everyone further... more cases, more unemployment? The Fed has already said they have the funds to pull us thru. Idk man.
Actually the interest rates were so low that the housing market absolutely exploded.
@@veeeevo hyper inflatiin kicks in all those houses are going to be in bubble again
@@hansolo1758 there’s no hyper inflation coming. We’re far from that.
5:27 Love how he thinks about his daughter before betting against the country's economy.
@randomguy9777 It’s more like buying insurance on homes you don’t own in a flood zone that the insurance companies and home owners don’t know is a flood zone and then reaping the payout when the neighborhood floods. Meanwhile, the homeowners get flooded out of their homes and can’t get paid because the insurance companies gave out too many insurance contracts and went bankrupt due to people who wanted to short a flood zone.
Naked CDS contracts absolutely worsened the bubble and massively expanded it into a major liquidity crisis. The scene with Wing Chau explains how through collateralized CDS contracts in the form of synthetic CDOs, the swaps market on mortgage bonds became nearly 20 to 1 in notional value.
It absolutely was the epitome of evil and the protagonists of the movie are actually villains and vultures for doing what they did. If they truly cared about the dangers of a looming housing bubble due to reckless lending practices, they would have been whistleblowers and lobbyists. Instead they actively worsened the bubble by shorting it.
@@Saad-qe6ku not really. the multiple organisations caused the bubble to happen including the banks. unless humans can cause floods at will then sure. but otherwise your analogy doesnt work.
@@Saad-qe6ku wrong, the damage was already done through years of greedy banks who didn't care how bad it got. The short was just the exposure of ill practices. Minuscule compared to the trillions the banks played lives with.
@@Saad-qe6ku It was going to happen no matter what, there were whistleblowers and nothing was done.
That was a great edit.
Man I just LOVE the "how are you fucking us" scene. When Gosling is like "and yeah, I'm gonna rip your eyes out", it's just such a rare moment of directness and candor.
The acting and the dialogue was brilliant in this horror movie.
I’ve just been watching clips of this movie on YT for the past couple of weeks. I might as well just watch it again
Algorithim
same
It’s free with ads on Vudu
it's the one movie i've actually bought lol.
“Why’re they selling?”
“Neither one’s working right now.”
*Pan over massive Florida house*
Aha...Oh my God.
a timebomb within a nuclear bomb
Hahaha, and I don't feel bad for them. As the character from Margin Call where he says that they want a King's life ...
this is Toronto right now. we've had a bubble for about 10 years and it's about to implode this year looks like. It's weird people don't see it. A lot of real estate people here are so in denial about it and think it must last forever. They get clients to ask below market so they can then sell it and say "sold over asking". It's fascinating a lot of the people in the real estate industry here are so much like these people.
The McMansion portrayal is true - and not just in FL, CA, or AZ.
“Is Morgan Stanley recruiting us?” LMAO 😂
I finally got around to watching this movie 8 years after its release and what a great movie it turned out to be. Everyone in this movie were just amazing in their roles. Especially Steve Carell. It's definitely worth a re-watch!
I love the line “I don’t get it, why are they confessing?” 😂 Steve says is so perfectly. His character is really dumbfounded there.
Because Steve is such a straight shooter, and these guys are confessing to federal felony mortgage/loan/bank fraud by bragging about how they get people in a position fraudulently on a daily basis to be able to get a bank mortgage to get a house they could never be able to afford.
All of the "winners" of the movie are the socially maladjusted. The characters played by Brad Pitt, Steve Carrell, Christian Bale and to some extent Ryan Gosling all live outside the world of social norms and superficial communication. Maybe this is what freed them to view the medicine show for what it was, rather than all the other marks.
Love this movie. The acting, the dialogues, the script, the tension are all top notch. Jeremy Strong, the guy with the chewgum, is a great actor. Watched Succession too!
@Zuckerwatte Zacharias Haven't yet, is it on HBO?
I'm pretty sure he was cast in Succession because of this movie. He has sort of the same demeanor as Kendall.
succession is unreal
The director Adam McKay directed the pilot of Succession and is an executive producer. The composer Nicholas Brittell is also the composer on Succession.
This scene is so incredibly accurate. I was in a restaurant. People in the back ordering Cristal for the room. I said who just ordered Cristal. The owner said "that's the Countrywide party" . I look in the back and there sits an ex bartender and the other is a car salesman and they are now Countrywide district managers ordering a case of Cristal. Well flash forward 15 years. One of these idiots drank his own Kool-Aid and went bankrupt and the other is still hacking out an existence at a local bank. I found out in the boom they were both making around 700K a year.
and never saved a penny of it, i'll bet, thinking the gravy train was forever.
Yeah, If you're akin 700K a year, and don't own a home & car outright, plus own a portfolio and have cash set aside, you're a dolt.
Wow! They didn't save any of those 700k earned?
i'd have something like 600K/year in savings lol, for those years I'm not making that. @@presence5426
Gotta love the fact that the reason they trusted Jared was because, as Mark said, he was so transparent in his own self interest
Well, I believe that he "scared" them so much, that he peaked their interest enough to investigate the matter.
This movie is pure gold because so many big name actors are way outside their typical role and nail it. You almost forget who are playing the roles for Gosling, Carrel, and Bale, especially Gosling.
The acting from Steve Carrell at 1:48 is subtle but also very detailed and excellent.
When two people in a group smile and laugh, the natural instinct in social settings is to mimic the emotion being shown so as to “fit in” and also to not threaten the people.
Steve does this excellent, with the immediate reaction of smiling to conform as a reflex and then the quick change to a more voluntary response of “something isn’t right here”.
Very good
That's just as much on the editor as it is the actor.
The two cocky, overgrown teenagers who were the mortgage brokers really hit a nerve. My neighbour list her job and a big part of her pension because of guys like that. The very last scene in the movie says it all, we threw one guy under the bus and carried on as usual. We never learned a thing.
in what world do they look like teenagers? they're late 20's at least..
@@tobymacdonald5893 I wrote "overgrown teenagers". That would imply that they could be of any age and still be acting like teenagers.
Certainly one of my 5 favorite movies. Funny and sad at the same time. Why this movie did not generate more heat on the big banks is a true tragedy.
Princeton had an article years ago proving that most legislation and policies in Washington are not correlated with anything that matters to normal Americans. This is an oligarchy. We are not a democracy and not a republic and no one who is truly invested in breaking the administrative state will ever successfully be voted into meaningful office.
this is one of the most underrated movies ever! all the actors have a 10 points performance "you own a boat?" :D
@Masster Gunnz It's a commercial success but most have yet to watch it.
@Masster Gunnz how many people you know had watched the movie?
@Masster Gunnz awards aren't given based on audience attendence. I think he's just making the argument that it's worthy of more mainstream acclaim.
I literally just watched it after the recent GME short squeeze. Loved it.
Ugh, I sold loans from 2002-2009, I was these guys. So blind by the money i was making I had no idea it was all going to shit.
DewtonBrothers please talk more about it
Everything they're saying is accurate. I would make extra money off sub prime adjustable rate mortgages and we would sell most mortgages on 0% down with terrible credit. Just get them to sign the dotted line. I would push these with the pitch of "the mortgage market is the strongest its ever been look at these charts!" I'd show them some fancy shmancy then pitch the idea of "you could be a real estate mogul, I bought 3 houses last year and sold them this year and made over 300K equity all for less than 60K cash down" (actually true). I was 29 and I made 400K a year selling this garbage. Then when the market fell I was let go (1 year severance @ 15K/month) I had 7 mortgages. Foreclosed on all but 1. I've recovered since but my glory days are far gone. It was so easy back then. It was selling cocaine to addicts.
DewtonBrothers That is a great story. Thanks for sharing. I live in Canada and we did not have a housing crash during this time. Though there are hints in the market it may happen soon. Some of the things you mentioned I hear are very similar to your story. Maybe our housing crash was just delayed.
dude - how did you not know? anyone selling toxic mortgages to people with no down payment and poor credit would have to think it was a terrible idea. i know greed can placate morality, but at a certain point i would hope your humanity would have gotten the better of you.
didnt care. Didnt bother to think about it. I knew that they were terrible loans but i never thought it would end in a global collapse. I was in my 20's making hundreds of thousands of dollars with little no effort. I didnt bother asking questions or digging into anything.
This movie is so eminently watchable, especially having lived through all this. The soundtrack brings me right back to 06-07 too
Truly brilliant performances from those two guys. It takes incredible self awareness to play people with zero self awareness.
It took me a while in life to realize this is actually one of the greatest movies mankind has ever made.
I love the 2 seconds shot of Daniel's daughter. It's like he knows the world's going to collapse and he thinks for a moment what will be left for his child.
And that's why he's doing it. No matter what, he'll set aside something for his kid.
I thought he was worried that Baum might be making the wrong decision and if so, they would all be out of a job. Or at least he might, and he has a daughter to provide for.
"Market's in an itsybitsy little gully right now..." Seemingly shallow yet deep dialogue. Excellent movie with brilliant acting, especially from Carrell and Bale
The convo between Jared and Vinny is priceless. The part he says: I buy that, thank you.
Pure gold.
I love the "fucking idiots" at 2:59. Danny is obviously calling the brokers fucking idiots but his delivery is so well placed that he hides it and could to someone not paying attention just as easily be refering to the immigrants in question.
i thought he was playing along with the brokers, calling immigrants idiots, so the brokers keep giving out info
lol youre just over analysing. He said that to keep the dudebro facade with the brokers.
Nah you can see see his face go sour immediately because he realizes just how much fraud he's about to learn about. He's definitely pissed at the brokers
Yes. You hit the nail on the head. It’s hard for him to even look at them while they brag. This brief scene is one of the best in the film.
I think you’re right. He can’t even look up at them because he’s so disgusted.
"They're not confessing."
"They're bragging."
You watched the video?
lmao, owned
They were confessing to crime, without knowing.
Says it all...
Lmao, I love the line from the guy at 1:29 when he matches the mortgage brokers energy by saying "you own a boat?! :D" whilst completely in the undertone of making fun of him. Tickles me each time.
The script and the acting was fantastic. Rarely have I seen a better movie on a complex subject.
I started in the mortgage business in the late 90's as a telemarketer. Eventually I became a loan officer right around 1999. In spring of 2000 I went to work for a subprime lender at the time. The business we did was nearly all refinance. We didn't do much purchase. It was mostly cash out refinance, borrowers getting cash to pay off debt or for home improvements. That all being said, most of the loans we did were adjustable, high loan to value, and high rates with high fees. We also did a lot no income verification loans like this guy describes. The sad part is all they had to do was right down on a sheet of paper what they did for a living and how much they made doing it. The other thing that rings true about this clip is when the real estate agent describes the appreciation of real estate before the crash. It was that ridiculous how we would refinance there loan and refinance them again a year or two later and the home was worth 30k to 40k more. One line of work that never gets enough criticism in my opinion for these loans getting done is home appraisers. Remember we couldn't have gotten the loans done if we didn't get the value we needed. If one were to go back and look at the appraisals that were done on these loans one would see a lot fraudulent appraisals. I think it was good thing a lot of them lost there licenses , because they deserved it.
damn, so home appraisers are key on this problem, first time I hear it
Part of the financial reform package dealt with home appraisal process so that a financial institution can no longer cherry pick an appraiser who will come up with the right number to allow loan to fund.
@@mirianpuertorico6189 even now the appraisal game is a scam. A few comps from houses sold recently and that's the number. Doesn't matter if the home was over valued, now your home is supposedly worth x dollars. When the other could have all new appliances, flooring etc, while mine does not. Then that "appraisal" effects you taxes based on a made up value.
@@robbynicholas2751 and I saw an interview where one appraisal said the techniques they use are so complicated that nobody but themselves understand it lol
I suppose they do that so nobody call them on their scam
That’s deep. Forward to know, 2022. I purchased my house before Covid hit. Thank god! Fast forward 3 years. My house, has risen up in price dramatically. I’m scared for others….. if they are doing this again. I only refinanced my house once. About 6-8 months after owning. Dropping my rate 1%.
"They're not confessing they're bragging " perfectly describes the ethos of a certain segment of society these days.
Great point!
And who would that be, oh ambiguous sage?
@@sgt.thundercok4704ñ
@@jezster03 N
I absolutely LOVED this move, I watched it after watching Inside Job and Margin Call. The three movies go hand in hand. Margin Call is what Jared said was going to happen, this movie is how it led up to it and Inside Job was the documentary about the event.
Such good film making. So quotable and fun to watch. Addictive and rewatchable scenes
I remember when the crisis happened, I was in middle school I had no idea what was going on but I remember some people at school moved to a different state cause their parents lost their house. This movie is kinda helping me understand how bad it was.
We go through this every 20 years, give or take. It is because we get a new generation that didn't see what happen prior. People say the great recession was the worse. It wasn't the 70s was far worse. I think a lot of city folks didn't fully understand what happen in the countryside, and people didn't realize how rural we were prior to Reagan. But the people who will usher the next economic disaster and support the next bailout will try to deceive what really happen.
@@slewone4905 I think we might see an other now not even 20 years later. The price increases lately have been just stupid.
Yeah me too. My dad lost his job. The thing is our parent very good at hiding their problems. Such great sacrifice to be a parents
The subtlety with which the lyrics 'I think you're crazy' come into play at 2:27 as Steve Carrel then proceeds to question why the brokers are bragging to his team is genius directing and complements his perspective extremely well.
Damn... great catch. It's so low in the mix.
Yeah, I noticed that too. 😂😂😂
It's hilarious that no one gets that Vennett is the most honest person. He found something showing a system wide problem that he didn't create, he has absolutely no chance whatsoever of stopping the outcome of that problem, but found a way to profit from it, so has decided to profit for himself as much as humanly possible when the inevitable happens. Ethical? No. But he's honest about what he's doing. And no one gets it because they figure it has to be a scam, not the system.
I love the sudden switch to: "there's a bubble."