I read somewhere that the reason he took the cups, Is because he wanted a souvenir from the banks since he didn’t think that would exist no more after the collapse.
And America. Our businesses are stealing us blind, and the moment anyone tries do something about..."Big Government", "These regulations are overly complicated", "They have a chilling effect on..whatever".. As long as government is afraid to take on big business... America is Wrong.
They laughed at his concerns about their failure to pay. Turns out it was a genuine concern, not so much that they couldn't pay, but more that they wouldn't pay. Which as it turns out they snarkilly avoided as long as they could.
Yeah was he not going to take them to court and they eventually did because they didn’t want the public embarrassment and also he losing more money in court
Another victim of the actors she loves. There was genius anywhere. So many people wrote about the pending doom. Grading agencies were paid to lie about popular stock that everyone was put under. Stock that wasn't even worth a C were graded AAA for no reason
I think they were a market maker in those products and manipulated the price of those products until they could offload their losing side of the bet. I would imagine that's the way they would play it.
both actually. He knew that the market was collapsing. If all debt triggerd at once, he was afraid he was going to be last on the list of payment because, basicly, he was profiting from their losses.
@@TSAVVVV yese it was and it will happen again in 1 to two month check the defaul rates or gold and silver prices if you do not believe me it is not a matter of its a matter of when the us dollar goes bust so i would advice everyone to byt silver and gold with atleast 5 x leeverage i would advise 10x the us treausry is conjtrolling the price right know but they will not hold in les that 3 months its all lining up boys come get your money with me
@@onboardbasil that's right, but michael Keaton only played in 2 Batmans, not a trilogy. Val Kilmer played in the third one. I think you're talking about Christian slater but he was never in batman.
The chef's kiss is how breathlessly the Goldman rep replies "Yes, YES" when Burry asks for a damn coffee mug, worried the slightest hesitation will kill the sale.
Sadly, not a single person in this scene was hurt by the crash, including the bankers. They all got their bonuses and then got bailed out. I wish I could feel some thrill from seeing some justice, but there's none here.
@@NicoNico-re1rqnot strictly speaking true. Lloyds names are liable for everything they own, however so many are so well connected they know that the government will step in before they are bankrupted.
The music probably stops because it emphasises the situation. It makes it stand out, seem more "unexpected" or unnatural, more funny. Music has often the function of emphasising the mood of the situation.
If he wasn’t sure that the bonds would fail (soon enough that he could survive the wait), he would be damn stupid to make that bet. As it was, he had to liquidate a number of positions to pay the premiums.
That's Wall Street narcissism for you. The cocky GS people especially the woman laughing in the meeting weren't laughing at the end. Got what they deserved.
@@panagiotisatmatzidis9972No one ever talks about the second part of the massive fraud, how Obama’s admin used the banks’ settlement money to funnel to progressive groups like ACORN versus the American people.
"This is Wall Street, Mr Burry. If you offer us free money, we're going to take it." I love that line because you can tell from the way she says it that she thinks this is a virtue.
Well it is. She has stakeholders that expect to see returns. Getting free money is a good way to make your stakeholders happy. It is a virtue. It's her job to make money.
I wouldn't say she thinks this is a virtue, but she has no illusions that they'll stop people from making (what they believe to be) poor financial decisions
@@a.t3415and he's not some confused granny that hobbled into their office barely remembering her own name, he's running a hedge fund. They've got every right to treat him like a pro and a player - which he is.
I just realized that he was taking the coffee mugs the same way serial killers often take an item from their victims, like a trophy. He was basically murdering these firms, and wanted his little momento.
And don't forget that Paulsen was running the treasury at that time, and he is a Goldman Guy. Guess who they decided NOT to bail out?? Goldman's biggest rival, Lehman Brothers. So weird....huh?? 🤣
When someone comes to you with something that seems incredibly crazy, and you don't have the presence of mind to have some humility and even consider they may be onto something... you at least need to be prepared to face the consequences of your own arrogance.
You have to wonder if the conversation really went down that way. More likely you'd say something we'd like to hedge against another investment say going long housing stocks and you'd simply ask for the MDS as a hedge rather than say OH! I think the housing market is gonna collapse. Why would they then take the other side of the bet if you let them in on your research?
@@warntheidiotmasses7114 the probability that it went this way is very low... I think. He was pretty straight forward with them, I imagine that it was much more technical in the real moment.
I think the arrogance came from the knowledge that they control the system, manipulate the market, bribe the rating agencies and they could always cheat their way to victory. The likelihood of Dr. Burry being right before he runs out of money for paying the premium is very small.
@@Burncsb The guy does his research, clearly he comes across intelligently, he says I want to bet against the housing market. The suits come back with ok? And however how many hundreds of millions he wanted to short? Can't be. I think my scenario was more probable. Or at least, that's what I would've said. I want the MDS or CDS's as a hedge against going long housing stocks. Hedges often expire worthless. I buy a stock, I want to buy puts as a hedge, oh? they're none? I call up Morgan stanley and I say hey I want to buy Puts. And that's the way I would imagine it works. Not, I think this stock is gonna collapse, can you sell me puts?
Dr Burry is a legend. Can not believe he saw the water issue ten years ago in his interview. Last one was year ago about worst inflation and months ago about another housing bubble and the crash of both markets
@@jonpaul6948 he is a human but his true predictions were much more than his false ones. He knows the US economy functioning much more than politicians who run the Fed Reserve
@@jonpaul6948 This is just a question of time. There is nothing that Tesla can do which other car-manufacturers can't do. On top, their cars are mostly ugly inside and outside and terrible built together. It's still an experiment. I'd rather buy a Hyundai Ioniq 5 to be honest. Btw, he would have won on a Tesla-short, because the price for Tesla dropped from 1.000 bucks to 600.
@@MrZillas If it were a question of time he would have held his short. He closed it in 2021. Even if Tesla fails now he was still wrong on his bet and lost money.
dont think you understand the significance. he had to collect them to then prove he'd been to their offices as you can only get them in their buildings.
I don’t think you understood the significance, Dr. Burry wanted the coffee mugs in the same way he got his hair cut at Super Cuts, he was simply being his goofy, out of touch self, and there isn’t a damn thing wrong with that by the way.
Michael Burry was right about what was happening back then, and he is right about what is going on right now, and yet still the mainstream disregards what he is saying. It's sad, and this crash is going to probably be worse than the 1930's.
@@wulfhart2653 I'd google him if you want details, but the short answer is that the market is in a huge bubble across a bunch of different sectors, and it's going to crash in an epic fashion.
@@OmegaTou ow it's gonna be bad, but my feeling is how longer it's going to take to fail, how harder it's going to fail, the complete financial system has to be taken down to "build it back better"
There is an everything bubble; but it will be a massive correction. It will clean out risky investments such as Crypto and high yield bonds. Business will always produce cash, and if you have the mettle to stand by good businesses you will be ok.
I still remember reading an article about how trillions in mortgages were going to convert from low monthly payments to high monthly payments in 2006 or 2007 and I thought OMG it's going to crash everything. Then 2007 happened and nothing crashed and I thought oh well I guess I'm wrong about that ...
The mortgages were problematic but the Gov't threw in a new wrinkle: Mark to Market. Brian Wesbury has an excellent, easy to understand YT video explaining why what should have been just another irksome problem, turned into the crisis it became.
@@wulfhart2653 except the average Joe isn't an institutional investor that can even access the markets. A very similar crisis is coming to a head right now, but it would be almost impossible for a retail investor to make good money off it. That's why brownfield capital needed a billion dollars in capital to even trade the credit default swaps later in the movie. Only institutional investors can actually access markets for derivatives and credit default swaps. Good luck trying to short the housing market on Robinhood
I was listening to this on really high volume for some reason and when they are whispering they are actually talking about the structure of the deal, nice detail
You know what blows my mind is that some guy comes in doing this and they didn’t even think to do homework on it. Like he’s crazy enough to even have the idea, but then do a 100m in swaps. And they don’t ask QUESTIONS?
How to do homework on something that has never happened? That was the amazing insight Dr. Burry exhibited. To see and believe that something which never happened could happen and be so sure of his intellect to bet the house on it.
Comes down to another line said by different people in the movie.. "People don't like to think about bad things happening, so they underestimate their likelihood." 💯
People always paid their mortgages. It’s that simple because the alternative was homelessness. The issue was that was based on the people who up until 2002ish had been able to afford the loans they had been given. What changed was people who couldn’t afford them were being given them. Very different risk profile. This is the issue with treating precedent as a trump card for everything.
It’s so wild how everyone was certain he was out of his mind, but all he did was look at all of the available information. He didn’t have some secret formula or info
I worked at a firm when a friend in the legal department called me to say Lehman Brothers was going to be announcing their bankruptcy. I said reorganization? He said nope 🙅♀️ 🙅♂️are you sitting down? ...its liquidation. The entire investment bank has collapsed as well as all the investments. I fell out of my chair 💺. The stock market crashed the next day and 50 people at my firm were laid off. Each week one department after another lost 2 or 3 people. By the end of the year everyone I knew either lost their job or lost their house. Things did not get better for nearly four years. That was 14 years ago. Most people I work with now under 35 have never worked at a time where their job was about to be eliminated at a time when no one was hiring.
Coz irl he thought those banks and firms would cease to exist after the crash and he would keep them as memento (their last symbol of existence) But we all know what happened😅😅😅
seek professionals support not some very cool and semi-knowledgeable guy on RUclips. Personally, I gather information on RUclips but verify with Stacey Macken . If it doesn't align with her report, I avoid getting involved. This way i've been able to save a lot of money while making a lot of money
What impresses me most about Stacey Macken is how well she explains basic concept of winning before actually letting you use her trade signals. This goes a long way to ensure winning trades.
Her technical analysis is excellent and hid interpretation/projections of the market is so accurate I sometimes ask myself if she is human haha. Point is, Stacey is the perfect trader to follow for advise and daily signals.
Getting advice from financial advisors, like Stacey Macken , can be a smart move to reshape your portfolio. She has the expertise to help you make informed decisions.
He wasnt the first to raise serious concerns but almost nobody will put down the money and stand in the way of a gravy train like this, he could have gone broke as well. I watched a program on mainstream tv pointing out a large amount of fraud occurring, nice story good reporting with evidence, it broadcast and then it was forgotten till the bust a few years later
2022 is different. Yes there's speculation as Wall St is buying up SFR property and there are ~16 million EMPTY units in the US, mostly in the Sunbelt. But please remember bad loans are no longer being issued. People buy homes with average to excellent credit, hard money lending options, and a slew of properly vetted mortgage options.
remember that it was the federal government who practically created quotas for lending to people who were unlikely to pay their mortgages, and it was the federal government who limited which rating agencies could be used to rate bonds
It's funny how she says "...you want to bet against the housing market and you're worried we won't pay you?..." because that's exactly what could happen. She says it like the bank wouldn't be in deep trouble in a collapse of the housing market. It shows that she not only didn't believe it would happen, but that she also had no idea how it could happen. Warren Buffet bailed out some part of Goldman Sachs at that time, if I remember right.
Like the mugs, when the crisis hit, I walked from 92nd to the financial district to the see the immediate damage of places already closing. I went into one of these banks that was in danger. I thought it would be interesting to track the crisis in the calendar of a dead bank. I found a guy who worked there. I asked him if they made those calendars that banks give away to new clients. He said, "We used to."
Its funny how they try to blame the people for not paying their mortgages. As if, by coincidence, millions of people, in the same period, with no precedent, stopped paying for the house they loved and the only house they had. Those millions of unpaid mortgages came after the fact when interest rates had already skyrocketed, on paper. House owners had already been notified of their payment dues for that period and those dues had tripled in less than one period. F**k the grading agencies 100%: Moodys, standard and poors, Fitch; for grading OTC derivatives as AAA. If the grading agencies didn't know what they were grading then why grade them AAA and if they did know then they are corrupt. Anyway, they acted in the most corrupt manner
You're basically correct. The problem with the rating agencies' thinking was with their thinking. They thought the bonds couldn't fail because they had never failed. There was no historical precedence on which to effectively base their rating but they didn't think it through.
This movie is so fun...they took a horrible financial global disaster and crafted a rock and roll style fun movie around it...while still giving us the cold hard truth
The worst thing is, demand for CDS against mortgage bonds is actually what gave the big banks the idea for creating synthetic CDOs . That way they sold their side of CDS. So they made money again...
If you are wondering what he's saying to himself, is that he's realizing that they aren't reading the summaries, and are so blindly confident they gladly threw a $100 million at it without thinking.
let’s see paul allen’s default swap
That’s Silian Rail.... 💳
@@Chorkaloopa You're sick for knowing that and how to spell it
Stolen comment
@@Chorkaloopa watermark?
@@Chorkaloopa Garamond Classico SC to be precise
I read somewhere that the reason he took the cups, Is because he wanted a souvenir from the banks since he didn’t think that would exist no more after the collapse.
🤣🤣👌👌
They really would make great trophies lmao
That's what I figured when I watched this movie, like the cups were some kind of trophy for him. 😆
I thought it was symbolism like he’s literally “mugging” them lol
To be fair he was right with a few. Leheman brothers...
Christian Bale was excellent in this one. He really nailed the character's eccentricities.
I have an adult Asperger's kid and I'd say he overdid it in this scene although the rest of the movie it was seriously spot on!
@@bbb8182 yes thats right, everyone on the spectrum is exactly the same as your kid!🙈
Burry is not like he is portrayed in the film lol watch his commencement speech from 2012
@@lamdrewpleasse4667 yeah 99% of the time Hollywood amps up the eccentricities of real people to make "characters."
as he does with every other character he plays in
maybe except for batman ... he takes himself too seriously
"Everyone is wrong"
That line alone defines the movie
Agree. Powerful sentence
They weren’t wrong. They knew what they were doing and were greedy.
And America. Our businesses are stealing us blind, and the moment anyone tries do something about..."Big Government", "These regulations are overly complicated", "They have a chilling effect on..whatever".. As long as government is afraid to take on big business... America is Wrong.
@@RainbowManificationonly the top folks knew their fancy equation was going bust soon, rest thought it’ll keep going.
Everyone is wrong.
Time will reveal everything.
They laughed at his concerns about their failure to pay. Turns out it was a genuine concern, not so much that they couldn't pay, but more that they wouldn't pay. Which as it turns out they snarkilly avoided as long as they could.
Yeah was he not going to take them to court and they eventually did because they didn’t want the public embarrassment and also he losing more money in court
Another victim of the actors she loves.
There was genius anywhere.
So many people wrote about the pending doom.
Grading agencies were paid to lie about popular stock that everyone was put under. Stock that wasn't even worth a C were graded AAA for no reason
I think they were a market maker in those products and manipulated the price of those products until they could offload their losing side of the bet. I would imagine that's the way they would play it.
They're not correlated. THEY ARE CORRELATED!!
both actually. He knew that the market was collapsing. If all debt triggerd at once, he was afraid he was going to be last on the list of payment because, basicly, he was profiting from their losses.
The end credits of the film should have showed a shot of Dr. Berry's shelf with all the mugs lined up.
did he really have these on a shelf?
@@boundaryzero I doubt it. But this was not a documentary film.
Damn, that would have been great
@@boundaryzero His son did
Exactly my thought!
Love how he says "when the bonds fail" and not "if the bonds fail"
It was all a mathematical certainty.
@@TSAVVVV yese it was and it will happen again in 1 to two month check the defaul rates or gold and silver prices if you do not believe me it is not a matter of its a matter of when the us dollar goes bust so i would advice everyone to byt silver and gold with atleast 5 x leeverage i would advise 10x the us treausry is conjtrolling the price right know but they will not hold in les that 3 months its all lining up boys come get your money with me
So that’s how Batman got his money
“I want to buy credit default swaps… Do you like Phil Collins?”
Bateman*. Patrick Bateman.
What the hell does this mean?
@@onboardbasil you mean Michael Keaton
@@onboardbasil that's right, but michael Keaton only played in 2 Batmans, not a trilogy. Val Kilmer played in the third one. I think you're talking about Christian slater but he was never in batman.
I don't take anyone seriously here, there's no business card flex battle.
Lol i saw that a week back
Try getting a reservation at Dorcia now you stupid bastard
Me too @@johnprescott7389
"Whenever you find yourself on the side of the majority, it is time to pause and reflect."
- Mark Twain
The funny thing is we all think he “owned” the bankers.
Truth is, they got their bonus, probably moved on to bigger and better.
Bonus aka bailout :]
@@fergus247 Courtesy of the taxpayers
@@SangreFriasBack Which the banks where forced to take and paid back in full, with interest.
@@kgm4556 I wish I could fuck up and let the government pay for my mistakes. Then move to the next cushy job and pay it all back easily.
There's just something so satisfying about seeing someone swindle banks out of millions
The chef's kiss is how breathlessly the Goldman rep replies "Yes, YES" when Burry asks for a damn coffee mug, worried the slightest hesitation will kill the sale.
Sadly, not a single person in this scene was hurt by the crash, including the bankers. They all got their bonuses and then got bailed out. I wish I could feel some thrill from seeing some justice, but there's none here.
Well thats why they accepted his deal...rich ppl dont gamble on odds that can make them lose everything.
@@NicoNico-re1rqnot strictly speaking true. Lloyds names are liable for everything they own, however so many are so well connected they know that the government will step in before they are bankrupted.
@@NicoNico-re1rqwell, reference Dumb Money. They definitely don’t.
But a poor lower middle class guy like - Paul Dani’s character did and won
Unless you did something stupid , no Americans were hurt either in the long run
@@NicoNico-re1rq it's like playing poker and black jack, but there's no loss.
“I like these cups, can I take one, for my son”
Idk why but when the music stops and Bale delivers that line, I always crack ip
The music probably stops because it emphasises the situation. It makes it stand out, seem more "unexpected" or unnatural, more funny.
Music has often the function of emphasising the mood of the situation.
@adennis200 other's pointed out it's like Dexter and his blood slides
This man just finessed like 5 coffee cups, genius
He was hoping they fail and make great collectors items
@@robertcox8994 no actually that was the point of setting up the deals- to run the banks into the ground by taking one cup at a time
0:50 "When the bonds fail" when he could easily say "if the bonds fail".
Man was so sure about his move that he was talking about it as a fact.
Talking!!!!!! Talking, you say! He literally put his money where his mouth is; over $1B. Yes, that sure.
If he wasn’t sure that the bonds would fail (soon enough that he could survive the wait), he would be damn stupid to make that bet. As it was, he had to liquidate a number of positions to pay the premiums.
The two sitting across from him thought the music started for them. 😂
I can’t believe that everyone just assumed that he had lost his mind, rather than taking a step back and asking what he saw that motivated this bet.
That's Wall Street narcissism for you. The cocky GS people especially the woman laughing in the meeting weren't laughing at the end. Got what they deserved.
"This is Wall Street, Dr. Burry, if you offer us free money we are going to take it."
There's no reason to step back and think when you know tax-payers money will bail out if you "fail". It's a win-win situation.
@@panagiotisatmatzidis9972 you're right. Unfortunately most of the time it's the money of the "small man".
@@panagiotisatmatzidis9972No one ever talks about the second part of the massive fraud, how Obama’s admin used the banks’ settlement money to funnel to progressive groups like ACORN versus the American people.
"This is Wall Street, Mr Burry. If you offer us free money, we're going to take it."
I love that line because you can tell from the way she says it that she thinks this is a virtue.
Well it is. She has stakeholders that expect to see returns. Getting free money is a good way to make your stakeholders happy. It is a virtue. It's her job to make money.
I wouldn't say she thinks this is a virtue, but she has no illusions that they'll stop people from making (what they believe to be) poor financial decisions
@@a.t3415and he's not some confused granny that hobbled into their office barely remembering her own name, he's running a hedge fund. They've got every right to treat him like a pro and a player - which he is.
I can’t believe Bryce prefers Van Patten’s portfolio to mine.
Just look at the prospectus - The binding. The tastefull thickness of itohmyGod, it even has a CDS Squared!
I just realized that he was taking the coffee mugs the same way serial killers often take an item from their victims, like a trophy. He was basically murdering these firms, and wanted his little momento.
Maybe it's a little Patrick Bateman easteregg
Technically they committed accidental suicide, and he just placed bets that the suicide would actually happen.
@@mattp.272 This is a good point. If this were reddit I would give you some gold.
The reason he takes them is because it's symbolic, he is "mugging" them.
Keep forgetting that's christian bale .. the guy is triple A rated actor.
the rating agencies are corrupt
Short selling triple B- rated bonds
Turns out that he was correct to be worried about payment. If AIG doesn't get bailed out, Goldman Sachs goes under
And don't forget that Paulsen was running the treasury at that time, and he is a Goldman Guy. Guess who they decided NOT to bail out?? Goldman's biggest rival, Lehman Brothers. So weird....huh?? 🤣
When someone comes to you with something that seems incredibly crazy, and you don't have the presence of mind to have some humility and even consider they may be onto something... you at least need to be prepared to face the consequences of your own arrogance.
You have to wonder if the conversation really went down that way. More likely you'd say something we'd like to hedge against another investment say going long housing stocks and you'd simply ask for the MDS as a hedge rather than say OH! I think the housing market is gonna collapse. Why would they then take the other side of the bet if you let them in on your research?
@@warntheidiotmasses7114 the probability that it went this way is very low... I think. He was pretty straight forward with them, I imagine that it was much more technical in the real moment.
I think the arrogance came from the knowledge that they control the system, manipulate the market, bribe the rating agencies and they could always cheat their way to victory. The likelihood of Dr. Burry being right before he runs out of money for paying the premium is very small.
@@Burncsb The guy does his research, clearly he comes across intelligently, he says I want to bet against the housing market. The suits come back with ok? And however how many hundreds of millions he wanted to short? Can't be. I think my scenario was more probable. Or at least, that's what I would've said. I want the MDS or CDS's as a hedge against going long housing stocks. Hedges often expire worthless. I buy a stock, I want to buy puts as a hedge, oh? they're none? I call up Morgan stanley and I say hey I want to buy Puts. And that's the way I would imagine it works. Not, I think this stock is gonna collapse, can you sell me puts?
I wonder if attitudes have changed nowadays because of this very exact thing.
Dr Burry is a legend. Can not believe he saw the water issue ten years ago in his interview. Last one was year ago about worst inflation and months ago about another housing bubble and the crash of both markets
He also shorted Tesla. The man is not infallible.
@@jonpaul6948 he is a human but his true predictions were much more than his false ones. He knows the US economy functioning much more than politicians who run the Fed Reserve
@@jonpaul6948 This is just a question of time. There is nothing that Tesla can do which other car-manufacturers can't do. On top, their cars are mostly ugly inside and outside and terrible built together. It's still an experiment. I'd rather buy a Hyundai Ioniq 5 to be honest. Btw, he would have won on a Tesla-short, because the price for Tesla dropped from 1.000 bucks to 600.
@@MrZillas If it were a question of time he would have held his short. He closed it in 2021. Even if Tesla fails now he was still wrong on his bet and lost money.
@@jonpaul6948its one Thing, to know that a company will fail. Another Thing to predict the right time when it will fail.
Taking the mugs is one of those little touches that makes a huge difference. Reminds me of Vito Corleone unscrewing the light bulb in Godfather II
dont think you understand the significance. he had to collect them to then prove he'd been to their offices as you can only get them in their buildings.
I don’t think you understood the significance, Dr. Burry wanted the coffee mugs in the same way he got his hair cut at Super Cuts, he was simply being his goofy, out of touch self, and there isn’t a damn thing wrong with that by the way.
^ You are also wrong. He took those mugs as a trophy because he knew those banks would collapse after he shorted the housing market.
The amazing story who robbed all these snobby banks of their coffee cups
Michael Burry was right about what was happening back then, and he is right about what is going on right now, and yet still the mainstream disregards what he is saying. It's sad, and this crash is going to probably be worse than the 1930's.
What is he saying about what is going on today ?
@@wulfhart2653 I'd google him if you want details, but the short answer is that the market is in a huge bubble across a bunch of different sectors, and it's going to crash in an epic fashion.
It already is worse. Todays median pay relative to home cost is significantly less than the Great Depression.
@@OmegaTou ow it's gonna be bad, but my feeling is how longer it's going to take to fail, how harder it's going to fail, the complete financial system has to be taken down to "build it back better"
There is an everything bubble; but it will be a massive correction. It will clean out risky investments such as Crypto and high yield bonds. Business will always produce cash, and if you have the mettle to stand by good businesses you will be ok.
Oh ha ha ha! But wait, who is laughing now? He cleaned their clocks bigtime.
The smugness of those idiots who had zero idea about what was going to happen is unbearable
Let’s see Paul Allen’s portfolio.
Lionel Messi is so good at business.
Underated comment
It’s not messi it’s bale
Wales, Batman, Golf, Real Madrid@@BlacklightSummerOfficial
@@BlacklightSummerOfficial Christian Benteke?
That's what most of the hedge fund managers would do.
Christian Bale is a terrific actor. Just look at his performances here and as Bruce Wayne/Batman and in The Boxer.
The Boxer was a Daniel Day-Lewis movie. Christian Bale's movie was called The Fighter, you imbecile
The fighter*
Dont forget The Machinist
I still remember reading an article about how trillions in mortgages were going to convert from low monthly payments to high monthly payments in 2006 or 2007 and I thought OMG it's going to crash everything. Then 2007 happened and nothing crashed and I thought oh well I guess I'm wrong about that ...
Yea, you were right just a year off lol 2008.
The mortgages were problematic but the Gov't threw in a new wrinkle: Mark to Market. Brian Wesbury has an excellent, easy to understand YT video explaining why what should have been just another irksome problem, turned into the crisis it became.
you should have been trading back then :)
@@wulfhart2653 Lol! The moment I think I know something about the market and act on it is always a prelude to me losing money in it!
@@wulfhart2653 except the average Joe isn't an institutional investor that can even access the markets. A very similar crisis is coming to a head right now, but it would be almost impossible for a retail investor to make good money off it. That's why brownfield capital needed a billion dollars in capital to even trade the credit default swaps later in the movie. Only institutional investors can actually access markets for derivatives and credit default swaps. Good luck trying to short the housing market on Robinhood
The take home message is if you buy a few million in swaps you can take home some free cups.
I was listening to this on really high volume for some reason and when they are whispering they are actually talking about the structure of the deal, nice detail
He collect those cups like it’s a trophy from his hunting games
You know what blows my mind is that some guy comes in doing this and they didn’t even think to do homework on it. Like he’s crazy enough to even have the idea, but then do a 100m in swaps. And they don’t ask QUESTIONS?
Well this is a movie. In real life I imagine banks did their homework on it and still thought this has an almost null chance of happening.
How to do homework on something that has never happened? That was the amazing insight Dr. Burry exhibited. To see and believe that something which never happened could happen and be so sure of his intellect to bet the house on it.
@@oceantumethey most likely saw easy money and based on a flawless history... as usual, Banks are greedy and backed by the government
Comes down to another line said by different people in the movie.. "People don't like to think about bad things happening, so they underestimate their likelihood." 💯
People always paid their mortgages. It’s that simple because the alternative was homelessness. The issue was that was based on the people who up until 2002ish had been able to afford the loans they had been given. What changed was people who couldn’t afford them were being given them. Very different risk profile. This is the issue with treating precedent as a trump card for everything.
This man was a genius definitely ahead of his time
It’s so wild how everyone was certain he was out of his mind, but all he did was look at all of the available information. He didn’t have some secret formula or info
I need to rewatch this.
Impressive, very nice…let’s see Paul Allen’s credit default swap.
My god, the off-white coloring, the sublte texturing of it. It's even made of Triple C Traunches
That's silian rail
Stolen comment
I worked at a firm when a friend in the legal department called me to say Lehman Brothers was going to be announcing their bankruptcy. I said reorganization? He said nope 🙅♀️ 🙅♂️are you sitting down? ...its liquidation. The entire investment bank has collapsed as well as all the investments.
I fell out of my chair 💺.
The stock market crashed the next day and 50 people at my firm were laid off. Each week one department after another lost 2 or 3 people. By the end of the year everyone I knew either lost their job or lost their house. Things did not get better for nearly four years. That was 14 years ago. Most people I work with now under 35 have never worked at a time where their job was about to be eliminated at a time when no one was hiring.
Love, love love this movie.
I’ve never seen a Wall St meeting where the decision was arrived at in the same meeting 😂
i shorted luna and people said i was out of my mind.... whos laughing now. Everyone was wrong.
Hows Maureen doing?
and the results, how you end up making? $$
how do you short crypto
@@canobenitez you can’t short it after it crashes
@@jasonhenry8067 that's not what I asked
Those bonds wont fail unless millions dont pay their debts.....
Loooooool
Guess what happened????!!!
But it had happened before starting in 1929. Hundreds of thousands of families lost their homes.
the fact that walk out like ganster, when they were laughing, he gets to smile but still sad to at the end.
The fact that he collected the cups.
Coz irl he thought those banks and firms would cease to exist after the crash and he would keep them as memento (their last symbol of existence)
But we all know what happened😅😅😅
These are the same guys that gave Paul Allen the Fischer account
The compliment was sufficient Louis....
It's amazing how history is about to repeat itself but in a slightly different way.
Moass
@@uku7883 what does that mean?
AMC
@@garthwiebe574 I don't understand what amc means
Yes, soon. Very soon.
I think the government and banks should watch this video!!
Everybody was a winner in that room. The bank execs made a lot of bonus even after their banks failed.
How they laughed when he cast doubt on their future solvency , and how little future their solvency had .
This is the equivalent of holding a royal flush nd everyone thinking your bluffing so they call your all-in bet.
Well what they missed out is the lengthy due diligence and compliance in between the conversations.
3:24 the little guys is more concerned about the client than the boss, epitome of wall street.
The way he says 200 million as if he’s about to burst into tears😂😂😂
he collects cups of those he destroys.
Legendary scene!!!
I did'nt understand about the cups he was collecting, until now. It was his trophies.
Lately i got interested in financial market but have no idea on how to go about it. How does it work please..
seek professionals support not some very cool and semi-knowledgeable guy on RUclips. Personally, I gather information on RUclips but verify with Stacey Macken . If it doesn't align with her report, I avoid getting involved. This way i've been able to save a lot of money while making a lot of money
I am surprised that this name is being mentioned here, I stumbled upon some of her clients testimonies on CNBC news last week..
What impresses me most about Stacey Macken is how well she explains basic concept of winning before actually letting you use her trade signals. This goes a long way to ensure winning trades.
Her technical analysis is excellent and hid interpretation/projections of the market is so accurate I sometimes ask myself if she is human haha. Point is, Stacey is the perfect trader to follow for advise and daily signals.
Getting advice from financial advisors, like Stacey Macken , can be a smart move to reshape your portfolio. She has the expertise to help you make informed decisions.
I learned basic economics terms from the Big Short & Margin Call
One of the best movies made. Sad but accurate about the absolute corruption within the US Financial sector
This and Margin Call .
Walking out the door with such a mug look on his face 😤
Bale is great in this you forget it's him. Also in The Prestige he does the character well and you forget.
WHEN the bonds fail
darmok and jalad ... at tanagra
When a person speaks with that level of certainty, it's best to believe them.
Excellent movie by the way.
You'll see it all a show, keep on laughing as you go. Just remember that the last laugh is on you - Monty Python :)
If someone comes in the door playing with that much money and apparently off their rocker, perhaps you should in fact listen to what he is saying.
He wasnt the first to raise serious concerns but almost nobody will put down the money and stand in the way of a gravy train like this, he could have gone broke as well. I watched a program on mainstream tv pointing out a large amount of fraud occurring, nice story good reporting with evidence, it broadcast and then it was forgotten till the bust a few years later
2022 repeat
2022 is different. Yes there's speculation as Wall St is buying up SFR property and there are ~16 million EMPTY units in the US, mostly in the Sunbelt. But please remember bad loans are no longer being issued. People buy homes with average to excellent credit, hard money lending options, and a slew of properly vetted mortgage options.
this is an even better book
remember that it was the federal government who practically created quotas for lending to people who were unlikely to pay their mortgages, and it was the federal government who limited which rating agencies could be used to rate bonds
It's funny how she says "...you want to bet against the housing market and you're worried we won't pay you?..." because that's exactly what could happen. She says it like the bank wouldn't be in deep trouble in a collapse of the housing market. It shows that she not only didn't believe it would happen, but that she also had no idea how it could happen. Warren Buffet bailed out some part of Goldman Sachs at that time, if I remember right.
Mug mementos
Like the mugs, when the crisis hit, I walked from 92nd to the financial district to the see the immediate damage of places already closing. I went into one of these banks that was in danger. I thought it would be interesting to track the crisis in the calendar of a dead bank. I found a guy who worked there. I asked him if they made those calendars that banks give away to new clients. He said, "We used to."
Not momentos. Trophies. Symbols of his victory over corporate stupidity.
@Fly Fruit Oh my god... The epiphany has stricken.
"They called me a mad man" -Burry probably
And the laughed and laughed and laughed, until they didn't.
Then they laughed at the tax payers for being suckers and bailing them out.
Little did they know what was coming ahead. 😂😂
Perfect time to do it again right now….
He almost looks like Al Pachino’s Tony Montana
Tony Bateman. Patrick Montana, Christian pachino
“When the bitcoin fails I want to be guarantee payment in case of insolvency issues”
Don't forget this same guy start investing in bottled water, before all those companies started buying up the fresh-water aquifers around the country.
Great Video! Love it!
Everyone with a finance degree is like these clowns.
Love it. this is such a great scene
He is taking the cups as potential souvenirs. When those banks fail those cups would make a sweet souvenir maybe even worth something.
Diggin that pic of Boulder at 341
Its funny how they try to blame the people for not paying their mortgages.
As if, by coincidence, millions of people, in the same period, with no precedent, stopped paying for the house they loved and the only house they had.
Those millions of unpaid mortgages came after the fact when interest rates had already skyrocketed, on paper. House owners had already been notified of their payment dues for that period and those dues had tripled in less than one period.
F**k the grading agencies 100%: Moodys, standard and poors, Fitch; for grading OTC derivatives as AAA. If the grading agencies didn't know what they were grading then why grade them AAA and if they did know then they are corrupt. Anyway, they acted in the most corrupt manner
You're basically correct. The problem with the rating agencies' thinking was with their thinking. They thought the bonds couldn't fail because they had never failed. There was no historical precedence on which to effectively base their rating but they didn't think it through.
SO Bateman's real job.
This movie is so fun...they took a horrible financial global disaster and crafted a rock and roll style fun movie around it...while still giving us the cold hard truth
"I like these cups can i take one" is essentially "I have to return some videotapes"
He shorted Dorsia's stock.
He walked away with over five billion dollars in wallstreet bank mugs.
The worst thing is, demand for CDS against mortgage bonds is actually what gave the big banks the idea for creating synthetic CDOs . That way they sold their side of CDS. So they made money again...
"They are called synthetic CDOs."
"That's fucking crazy!"
And the guy is still HATED by Wall Street because they were wrong 😂
Experts will only be experts until they're wrong
Excellent
If you are wondering what he's saying to himself, is that he's realizing that they aren't reading the summaries, and are so blindly confident they gladly threw a $100 million at it without thinking.
5 coffee cups and a reservation at Dorcea’s…NICE. 👌 😎 💵
What is so funny is how places like Goldman knew those mortgage backed bonds were already ticking shit bomb.