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[Film] The Big Short - a fine telling of the financial crisis story



Bold Seagull

Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,797
Hove
Currently on Amazon Prime. Some great performances, and a reasonable telling of sub prime loans, securities, CDOs etc. Cracking film as well, an impressive cast.

If you still think Labour were responsible for the financial crash and the bank bail outs in 2008, it's probably not for you. :hilton:
 




S

SeagullDubai

Well-known member
May 13, 2016
3,551
Bold Seagull said:
Currently on Amazon Prime. Some great performances, and a reasonable telling of sub prime loans, securities, CDOs etc. Cracking film as well, an impressive cast.

If you still think Labour were responsible for the financial crash and the bank bail outs in 2008, it's probably not for you. :hilton:
Click to expand...
Was it the tories

Sent from my MI 6 using Tapatalk
 


dazzer6666

dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
52,471
Burgess Hill
Bold Seagull said:
Currently on Amazon Prime. Some great performances, and a reasonable telling of sub prime loans, securities, CDOs etc. Cracking film as well, an impressive cast.

If you still think Labour were responsible for the financial crash and the bank bail outs in 2008, it's probably not for you. :hilton:
Click to expand...

Very good film, worth watching....
 




WATFORD zero

WATFORD zero

Well-known member
NSC Patron
Jul 10, 2003
25,849
Funnily enough it's another one of those things that people with very little understanding of, seem to have very strong opinions on.

I wonder how that happens :angel:
 






vegster

vegster

Sanity Clause
May 5, 2008
27,894
Looks like it is happening again already, https://www.bbc.co.uk/news/business/market-data


The last 4-5 months have seen steady falls in share prices around the world, the Perfect Storm is coming again..... and just in time for Brexit !
 


Leighgull

Leighgull

New member
Dec 27, 2012
2,377
The book is utterly brilliant.

Even a financial incompetent like me could follow it...and really enjoy the hilarious writing.
 




C

cunning fergus

Well-known member
Jan 18, 2009
4,747
Bold Seagull said:
Currently on Amazon Prime. Some great performances, and a reasonable telling of sub prime loans, securities, CDOs etc. Cracking film as well, an impressive cast.

If you still think Labour were responsible for the financial crash and the bank bail outs in 2008, it's probably not for you. :hilton:
Click to expand...


Interesting, perhaps Ed Balls shouldn’t have apologised in Parliament due to the part the Labour Govt played in mishandling of UK financial services.

https://www.theguardian.com/politics/2011/sep/12/mps-shocked-ed-balls-says-sorry

All the indulgment of RBS, the facilitation of sub prime U.K. mortgages, the loading of buy to let mortgages, the rise and rise of the 125% and last but not least the fundamentalist belief that Labour’s economic policy had abolished the cycle of boom and bust.

You stick to the films, evidently the facts concerning the cause and effects of the 2008 crash in the U.K. is not for you.
 


Lower West Stander

Lower West Stander

Well-known member
Mar 25, 2012
4,753
Back in Sussex
I worked (and still do) in the markets which crashed so massively during those times.

I love Michael Lewis and it’s a great film, but I think it loses some of its edge by presenting the Steve Carell character as some kind of moral crusader. This guy was shorting the shit out of the sub prime market - short sellers are the main creators of panic in a declining market and he took massive advantage. Perfectly legal but morally questionable?

I’m getting more and more concerned it’s going to happen again given some of the garbage in the structured credit market at the moment.


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beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,310
cunning fergus said:
All the indulgment of RBS, the facilitation of sub prime U.K. mortgages, the loading of buy to let mortgages, the rise and rise of the 125% and last but not least the fundamentalist belief that Labour’s economic policy had abolished the cycle of boom and bust.
Click to expand...

yes, the accusation isnt they were responsible for the crash, but they had believed they were responsible for some economic alchemy, and they had budgeted years of spending increases on the back of this.
 




M

Machiavelli

Well-known member
Oct 11, 2013
16,653
Fiveways
Lower West Stander said:
I worked (and still do) in the markets which crashed so massively during those times.

I love Michael Lewis and it’s a great film, but I think it loses some of its edge by presenting the Steve Carell character as some kind of moral crusader. This guy was shorting the shit out of the sub prime market - short sellers are the main creators of panic in a declining market and he took massive advantage. Perfectly legal but morally questionable?

I’m getting more and more concerned it’s going to happen again given some of the garbage in the structured credit market at the moment.


Sent from my iPhone using Tapatalk
Click to expand...

I saw it a while ago, and my memory is dire, but I really have no recollection of the Carell character presented as such. From memory again, it didn't exactly portray any of those within the industry as pleasant, something which you might find problematic.
 


beorhthelm

beorhthelm

A. Virgo, Football Genius
Jul 21, 2003
35,310
Machiavelli said:
I saw it a while ago, and my memory is dire, but I really have no recollection of the Carell character presented as such. From memory again, it didn't exactly portray any of those within the industry as pleasant, something which you might find problematic.
Click to expand...

moral crusader might be strong but Carell character definatly portrayed as someone trying to teach banking a lesson. they (the real life people) were all in it for the riches.
 


C

cunning fergus

Well-known member
Jan 18, 2009
4,747
beorhthelm said:
yes, the accusation isnt they were responsible for the crash, but they had believed they were responsible for some economic alchemy, and they had budgeted years of spending increases on the back of this.
Click to expand...


I certainly wouldnt argue that they were the root cause, as with all crashes the root cause is rapacious greed
facilitated via the capitalist system. It would have been no different had the tories been in charge, but then Labour under Blair/Brown were tories.

There were specific policy decision made by Labour around this time that meant the impact was more severe in the IK than it needed to be, and as a consequence the cost of bailing out the banks was greater, as was the resultant austerity.

The FCA were directed to take a light touch approach to regulation, a position that Brown congratulated himself on in his 2007 mansion house speech, a speech that also thanked the city for their contribution to the UK’s growth. No mention of bonuses etc. in that one.

This light touch meant RBS acquired ABN AMRO without meaningful due diligence, Bradford and Bingley had a mortgage book with over 50% of loans self certificated and Norhern Rock pimping its 125% mortgage.

The failings of Labour were laid bare in the subsequent reports on RBS and the failures of NR and B&B.......those who think Labour did not pkay a part in how the crisis occurred here are simply mad.
 




Horses Arse

Horses Arse

Well-known member
Jun 25, 2004
4,571
here and there
cunning fergus said:
I certainly wouldnt argue that they were the root cause, as with all crashes the root cause is rapacious greed
facilitated via the capitalist system. It would have been no different had the tories been in charge, but then Labour under Blair/Brown were tories.

There were specific policy decision made by Labour around this time that meant the impact was more severe in the IK than it needed to be, and as a consequence the cost of bailing out the banks was greater, as was the resultant austerity.

The FCA were directed to take a light touch approach to regulation, a position that Brown congratulated himself on in his 2007 mansion house speech, a speech that also thanked the city for their contribution to the UK’s growth. No mention of bonuses etc. in that one.

This light touch meant RBS acquired ABN AMRO without meaningful due diligence, Bradford and Bingley had a mortgage book with over 50% of loans self certificated and Norhern Rock pimping its 125% mortgage.

The failings of Labour were laid bare in the subsequent reports on RBS and the failures of NR and B&B.......those who think Labour did not pkay a part in how the crisis occurred here are simply mad.
Click to expand...
Think this sums it up. Labour following Tory party to get into power. The policies followed to get into power opened us up to the full pain. Lucky we had Tory light rather than the full fat capitalism version at that time or it could have been much worse. The 90s version was very painful.

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Stat Brother

Stat Brother

Well-known member
NSC Patron
Jul 11, 2003
73,716
West west west Sussex


Bozza

Bozza

You can change this
Helpful Moderator
Jul 4, 2003
55,741
Back in Sussex






Bold Seagull

Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,797
Hove
cunning fergus said:
Interesting, perhaps Ed Balls shouldn’t have apologised in Parliament due to the part the Labour Govt played in mishandling of UK financial services.

https://www.theguardian.com/politics/2011/sep/12/mps-shocked-ed-balls-says-sorry

All the indulgment of RBS, the facilitation of sub prime U.K. mortgages, the loading of buy to let mortgages, the rise and rise of the 125% and last but not least the fundamentalist belief that Labour’s economic policy had abolished the cycle of boom and bust.

You stick to the films, evidently the facts concerning the cause and effects of the 2008 crash in the U.K. is not for you.
Click to expand...

:lolol:

The best straw man on these boards. :thumbsup:
 


Bozza

Bozza

You can change this
Helpful Moderator
Jul 4, 2003
55,741
Back in Sussex
Bold Seagull said:
:lolol:

The best straw man on these boards. :thumbsup:
Click to expand...

Having worked with [MENTION=12825]cunning fergus[/MENTION], and knowing what he still does for a living, I'm aware he has a very intimate working knowledge of the regulation of financial markets and firms that operate within it. He lives and breathes it at a level I could not imagine, nor want to deal with.

I'm not sure anyone could really make a case that the UK financial sector was adequately prepared for what unfolded. I understand why you personally would like to see the Labour government as entirely blameless but, respectfully, I think you're wrong.

Did they cause the global financial crash? Of course not.
Was their lack of governance responsible for elements of the impacts of that on the UK? Abso-bloody-lutely.
 


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