I remember B of A's response to me when I was approved for the little cottage I wanted to buy. They begged me to reconsider getting something 300k more than what I needed because I was approved for so much more money.😆 I told them I couldn't afford that and it was crazy and I bought the little house. The market crashed, but I could still struggle and pay my bills. Then I sold 10yrs later after the market recovered. Thank God I didn't get greedy....for once.😛
@@ReelinwithAsiaandBJ Brad Pitt is wearing a mask arriving at the airport for the two younger guys to pick him up. I'm also the Sasquath woman with the fake unibrow at the spa in Bad Moms Christmas, if you watch that film on your channel...lol.
One of the very best films in the past few years and one of my personal favorites of all time! An absolutely brilliant film on so many levels! I appreciate the efforts of anyone who was involved in its making. Thank you!
This is one of the few films I’ve actually gotten my dad to see in theaters and I remember towards the end, when everything is really starting to spell disaster, he just hunched forward in his seat with his head in his hands. I was just leaving high school when the crash happened so I didn’t really understand what was happening, but I watched him relive those years in that theater.
I was pregnant with our second during the crash. My husband had a great job with amazing pay, then all of a sudden he was laid off and I was eight months pregnant working two jobs to feed our family. If it hadn't been for our family's strong support system, we would've been living out of our car. We came closest to that during my two weeks healing after childbirth, because we had no income for those weeks. They wanted me off my feet for 8 weeks because I nearly died, but I went back after only two. In short, the Great Recession fucked a LOT of us, and badly.
I'm pretty impressed how sharp you guys were in absorbing everything this movie throws at you. A lot of people need an explanation or to watch it again👍
Right? I was glad to hear them say that they had a loan analysis background because they picked everything up pretty quick. Made me feel dumb for needing a couple viewings before I really got it 😂
I felt the same! The finance sector has a lot of jargon to make it hard for average people to follow what they are talking about. I loved that Asia and BJ got it. It was so satisfying to feel their frustration with how crooked the players were that caused the crash. Like, has anything really changed? It's upsetting
No kidding. I read the book, then watched the movie, then read the book again. Michael Lewis is a great writer, but some of these concepts are very esoteric.
I'd say it's more of a testament to how well this movie is made. The director takes concepts that should be pretty difficult to understand, even for above-average intelligence people, and makes them digestible, even for average folks like me.
I am so glad that you good people watched this movie. Your commentary was rich. To whomever suggested this watch I give big praise. Y'all are the only folks to comment on this important, important, important movie. It is a tiptoe through the tulips down memory lane Thank You Asia & Thank You BJ. Lotta Luv :)
There is a similar movie called Margin Call which is about the banks perspective and the unloading of the bad cdo's on the market right before the collapse. Its a good movie to watch after this one .
If you look at 36:30, when Christian Bale is frustrated with the prices not changing and the scene changes to Jamie and Charley again and they explain really quickly that the smart banks were selling off their investments and then they were buying a short position from the slower banks. Only once they were in a position to make money would they correctly price it. This is called FRAUD. And Margin Call is a movie about that day when they figured it out and sold off everything. In this the scene changes and at 37:30 Christian Bale explains what happened, so they go by it so quick. BJ just comments it's a domino effect, but it's more than that. It's a really important thing that happened.
Margin call is a movie of survival of the fittest. When people will lie openly to friends for many years and sell them products they know is garbage. Or they lose their jobs. The most unconscionable wins.
Written by Michael Lewis, The Big Short is a fantasticly easy to book about a complicated event in history, and should be required reading. He did a series following this you’d fine worth reading. Matt Taibbi also did some of the best writing on Goldman Sachs at that time, for Rolling Stone magazine. Worth knowing about. Thanks for bringing this to more people.
The reason why Christian Bale's character (Michael Burry) is acting oddly is that Burry had Asperger's syndrome, which is defined in this way: "Common symptoms of people with Asperger syndrome may seem like their body language may be off; They may speak in a monotone voice; They may not respond to other people's comments or emotions. They may not understand humor or a figure of speech. They may speak too loudly in social settings."
It's always SO fascinating to hear what youtuber's do/did for work. Had no idea yall worked in credit analysis. Very cool! I bet you didn't need the popout explanations from Margot Robbie etc lol Thanks for the reaction!
I'm actually pretty proud of Asia and Bj that they understood what was happening the whole time. I originally watched this with people who didn't have a clue. I'm an Accountant.
This is a movie where you don't really have to understand all the technical details to understand what's happening. The important things are really how the people taking part in the business talk about making deals that are worthless, and how the characters investigating things react to hearing it. Steve Carell's face alone tells you when a new information is disastrous and that everything just got so much worse.
I was unemployed for 2 years during this period of time. It is what it is. But, the strong always survives. The Big Short is a great film. Great reaction! 👍🏿
I wish i knew these people on how to short the market. I worked at Fedex ground and couldn't believe my eyes seeing how people lived. Beautiful houses ,had thd nice expensive cars and no furnishings in their houses. Just a nice roped off area wthats done up nice. I asked how are you affording these houses? They said "interest only payments" . So basically the pay interest on the loan for 5 years and sell the house at a higher price and make 50 thousand or higher and keep doing it over and over.
I can remember temping at CountryWide in the fall of 2006 to earn some extra money for Christmas, and even then some of the calls they'd get were people complaining about their variable rate loans ballooning too high for them to pay. I could see a crisis was coming just from those calls, but I had no idea what the extent of it would be. The whole world economy could've collapsed, so the government had to bail out the banks to prevent a worldwide Great Depression unlike anything ever seen. But yeah, it's aggravating that the banks got so much help while individuals lost their homes and jobs and received no help at all. Loved your commentary on this film! I also found it very educational when I watched it. Heavy stuff. Love and peace!
There is another great movie most people haven't seen called 99 HOMES that shows the other side of this issue. So both Ken ad Barbie were in THE BIG SHORT. 🤔 I wonder what you should watch next...
I was 29 at the time of the Crash. My wife and I had just had our second baby. I remember watching the news about the Lehman Brother collapse; then the word went to shit. Compared to many others, I got off pretty good. I only lost my job. I owned my house and was able to hold on to it. But almost instantly, so many people had underwater mortgages--home equity that people had been building for decades was lost almost instantly. The one thing the made me so outrageously angry was that the government bailed out the companies that caused it all, and the executives used that money to give themselves multi-million dollar bonus.
This movie is great because it explains complicated and obscure financial concepts in terms everybody can understand. It is great that you two have some industry knowledge to appreciate this on a deeper level.
Fantastic movie!!! I hope ya'll follow it with one named "Margin Call". Its on the same subject but very zoomed in on one particular firm :) Its a ensemble cast too, LOTS of A list actors!
I work in this field. Never go by what a confident advisor "tells you". Have him "show you" what he says in writing, ask tons of questions, and never never never sign anything you don't understand. There's some genuinely great things out there, but the crap usually pays them better and they know it.
I won't be afraid to admit that it took me a few rewatches to fully comprehend what was happening in this film. But honestly, I think that's the mastery of it. It gets better every time because you get another go at understand it properly, and it never loses pace. Excellent film, important film, about an unbelievable event in our recent history.
You guys should watch “Margin Call” next which shows the reaction from the firms, banks and regulators when this all goes down. Shows you the other side.
I was living south of Miami in that hard hit area…more foreclosed homes than people living in my neighborhood. Developments with 2 or 3 houses built and then ran out of money…all that stuff. Luckily I was active duty military and was protected a decent amount. But house went from value of $425k to $90k by 2012. So horrible
I remember watching this with my wife for the first time. Credits rolled, I just sat back on the couch after being on the edge of my seat for most of it, and said “I feel sick. I might throw up.”
This movie literally just makes me angry every time I watch it, and it's so good. Preventing this type of scenario is the reason behind so much regulation of the financial industry, which is why I also get angry every time I see some politician talk about 'deregulation' and getting the government less involved in managing the financial industry.
This is a movie I recommend to everyone just based on how much it made me understand just how the 2008 collapse happened. I was 12/13 during the events of this movie and it really blew my mind to see what was happening behind all those news stories in the background. Really appreciated your guys’s perspective with your professional knowledge and expertise 👏🏻
Thank you for sharing your outro about the car example and people not understanding the terminology, that makes your subscriber information to ask more questions. Thanks for this recommendation.
In 2009 I was looking to purchases a home. The shit I saw was horrible. One of the worst things was many people that lost their homes left their pets in the homes. See the thought was that some nice person would come and make sure that the family was out of the house, feel guilty that some dog or cat was stuck in the house and would end up taking the animal. What people didnt realize was there were so many homes being forclosed on, those pets ended up dying of dehydration in the homes. Even worse many homes had many pets and those pets would end up going canible on each other. So when the banks finally showed up you had excriment and blood stained floors. Carcases of pets and vermin everywhere and the smell would stay in the house even after the clean up was done.
Another movie that pairs extremely well is "Margin Call" I heavily recommend checking that out as well if you haven't seen it. Gives another perspective to this mess.
I think there are three movies anyone should watch enough times to absorb it fully, and gain very valuable wisdom about how things get manipulated at a high level... The Big Short, The Insider, and the Fincher remake of The Girl with the Dragon Tattoo. I'm so glad you reviewed this movie so well! Thank you!
Great reaction and good choice guys! If you’re a finance/accounting person like I am, this is a horror movie.😮 eta - if anyone is still confused on the terminologies used in the movie, I would suggest checking out the book this movie is based on (author - Michael Lewis). Another great source is "All The Devils are Here" by Bethany McLane and Joe Nocera.
I watched this movie for about the 4th time back in September. Love it. Being from financial backgrounds, I thought you'd enjoy it. The other good movie about the Sub-Prime crash was 2011's, "Margin Call," which is set in 1 un-named mega Investment Bank. Fascinating stories. Hope you see it, too.
I'm glad you guys watched this movie and you seemed and understand a lot of the complicated financial talk better than most people. This and the excellent movie "Margin Call" which I highly recommend really show how the people responsible for these kinds of economic disasters are never the people who actually face the real world consequences.
Asia your immediate reaction to say "What are we doing?" hit me so hard. I feel that. We all need to wake up and come together. It's the greed of a few that keeps the many apart.
Good choice! I wish more people would see this. It is such a good explainer about what happened then, and I don't think people who lost their houses really get it. Back when I worked in a banking-adjacent field, they would say "you can be approved if you can fog a mirror".
I used to watch this movie back to back to back to back... it became "background noise" in my house. It's SO good when you actually understand what's happening (a lot of people don't, unfortunately... which was Mark Baum's frustration!) SN: Ryan Gosling's tantrum always folds me! "I'm jacked to the tits!" 😭😭
Same here that sticks in my head and makes me chuckle often, the way he screeches it hahaha... and I agree you have to watch this a few times to really, really get it. Amazing.
I met a girl in 2013 who told me she had been a mortgage broker for Fifth Third Bank in the early 2000’s and became a regional manager of their mortgage department from 2006-2008. She was a stripper when I met her. She said it was the only way she could afford to maintain the farm she bought and her mom’s med bills that she took responsibility for while at the bank.
This movie is so good, but also very difficult to recommend to a lot of people. It's not every day you can tell someone "You have to see this movie about the inner workings of the 2008 financial meltdown"
This is my favorite financial movie. Margin Call (2011) is on the opposite side of the spectrum where its inside the ones collapsing and shows a bit about how they operated. Has a great cast as well.
You guys nailed the key take away from this movie: lack of regulation. It's what allowed this to happen in the first place, and allows the same failures to occur today. The philosophy of allowing the open market to self regulate is always catastrophic, particularly as we saw with the GFC where the public stepped in and saved the banks to stop the entire world imploding. Unfortunately, until we embed integrity in our politics, prevent politicians from being bankrolled by the interests of the rich and connected, we'll be doomed to repeat these mistakes again. Very sobering and disturbing thoughts.
32:48 “Everybody’s just falling in line”. So true. It was a massive group of people taking advantage of the system and not doing their jobs; that made this crash possible.
It's greed exemplified. I saw it in progress. New fancy homes going up in a middle income and low income area. I asked my husband while we were driving by on our way to work. ...how is this happening? Who's buying these expensive homes here? It didn't make sense...And then the bubble burst.
@@nancygodsey8312 my sister bought a house before the bubble burst. I asked why she would buy now? She said if she didn’t buy now soon they would be too expensive. Which makes no sense. If it’s too expensive then the prices have to come down. Which it did. After she bought it for more then its worth.
@@nancygodsey8312it's happening again. Where I live the new homes that are being built are going for $700k+. This is in an area where the average home price was around $200k just a few years ago.
One thing that gets a little lost in this awesome movie is that the banks just create money out of thin air to loan out, it's only backed by a very small percentage of deposits. So they make loans to builds/buy houses and real property and when those loans go into default, they confiscate the property. It's large scale asset acquisition by basically fraudulent means. Government does the same thing in even more creative ways.The book for this movie is awesome as well.
@41:58 "It almost makes you mad..." Almost? It makes me plenty mad... and NO ONE went to jail behind that nonsense. I was living overseas in 2008 working in a US Embassy and had my first single family home in Sacramento rented out while out of the country. It plunged $200,000 in value in 18 months as a result of the housing crisis. My ten years of retirement savings, halved in value as the market sank.... It was sickening. I continued to rent the house out for another four years and it recovered so we finally sold it for a $130,000 loss. We've since recovered all that through the ownership of other homes and my investments all recovered as well. I was able to ride this out and recovered very well and am now retired in my 50s.... BUT, many many many people were wrecked by this. Homes lost. Credit ratings destroyed. Pensions folded. And NO ONE went to jail..... Sorry, but this was criminal. There were just so many people doing it at the same time it was hard to point out responsible people to prosecute (and we don't honestly have enough jail cells for them).
I am a realtor and managed to keep afloat through the collapse. Living in Texas and watching people move from California with no job and buying a 500k home on "stated income" was the craziest shit I had ever seen. You could see this coming from a mile away.
Sometime in the 90s someone in banking found a formula by a Chinese mathematician (I think his name was David Xi). The formula was designed to evaluate outcomes in chaotic natural systems but if you applied it to financial data you could bunch a lot of high risk stuff (like subprime mortgages) together and suddenly the formula classed them as low risk. Mortgages aren't chaotic systems, so the formula doesn't apply, but nobody cared about that.. well a few people did call it out, but nobody important listened to them.
The big banks understood one term, "to big to fail". They could make a lot money real quick and when it collapsed, they understood the Government would have to bail the system out.
I was in my freshman year of high school when the market tanked. A lot of my classes were spent not doing any actual learning and just watching the news and talking about how the Great Depression was happening all over again. My family delayed getting a fresh house for 3 years after that, and we got a good deal on a house we could own instead of rent, and came off not that much worse for the wear.
For me, as you may recall, the saddest and most infuriating part about that whole situation was that the regulators, banks, and investors all took their cues from the Hearings in Congress on the Sub-prime Loan matter - three words, in particular, sum it all up...Congressman Barnie Frank!!! Ughhh
I love the part where Asia said, "it's because there's no regulator". It puts into perspective all the Regulatory Agencies that are always being Defunded or attacked as having too big a budget. Less regulators equals more corruption. Think about that the next time you hear a politician say there are too many "regulations" or why some people want to defund places like the IRS.
Wrong the regulators were purposefully not doing their jobs because they were all looking for opportunities to make more $ with the banks and they new that the banks would have to be bailed out by the taxpayers, the IRS isn’t a regulatory agency and has nothing to do with this
On the optimistic good side of things... I spent $140,000 on a 2021 Leisure Tavel Van - Unity RV during the pandemic and have been living rent free and travel all around L.A. mortgage free. None of this applies to me. 😁
2008 market crash. It happened. Many of the big finance companies were selling the Subprime mortgages to European Banks. So, it spread worldwide. You have to ask where its heading with the US $33 Trillion in debt and quantitative easing with no end in sight.
You guys really gotta watch "Fun with Dick and Jane" with Jim Carrey and Tea Leoni. It's legit hilarious with the kind of dark humor you have to have to get through hard times, and what people are willing to do to get by. It's about a couple with a family trying to get through what's supposed to be like the Enron crash, but also what happens to everyone in that economy like the housing market collapse. One of the most underrated movies ever. It's brilliant and has you laughing.
There is an interview with the writer of the book, the director of the movie and Ryan Gosling, Christian Bale and Steve Carrel. The interviewer asked if the movie caused any of them to buy more in the stock market and all of them said "NO".
Kudos to y'all for taking this one on. Everyone needs to see it and make the attempt to understand what's going on here. Common sense can be more of a friend to you than any bank or ratings agency or government will ever be. When they hand you a deal too good to be true, guess what?
It's a delight to see people reacting to this who can follow the movie, let alone speak to the atrocities of the stuff happening like the variable rate mortgages. What I think is fascinating about the movie is that we're still living through the consequences of the 08 crisis. No one knows if there will one day be a reckoning but this free-money debt machine we've become since the crisis feels like a slow-motion trainwreck though the party could last through our lifetimes, who knows.
I remember B of A's response to me when I was approved for the little cottage I wanted to buy. They begged me to reconsider getting something 300k more than what I needed because I was approved for so much more money.😆 I told them I couldn't afford that and it was crazy and I bought the little house. The market crashed, but I could still struggle and pay my bills. Then I sold 10yrs later after the market recovered. Thank God I didn't get greedy....for once.😛
"When others are fearful, be greedy. When others are greedy, be fearful."
Good job sir, enjoy your profits. Ready to do it again next year? 😂
Thank god
@@joecee6862I bet he invested in something like Lockheed Martin stocks
@@rustemzholdybalin6210 Wait till the resource wars are about to ramp up, then invest in all the military contractors.
I think the best commentary on this movie is the look on Asia’s face as she watched this!
If they were going to make another ad for this movie, they should put that “what?” look of hers in it somewhere!
😃👍
The best commentary on this movie is that they didn’t even discuss the movie afterwards. They just talked about the subject of the movie.
I worked on this film. I am on the escalator behind Brad Pitt. We filmed it in New Orleans. This is a great film!
No way!! Really??!! We gotta go back and watch this one again just to see you. What part was Brad Pitt on the escalator??
@@ReelinwithAsiaandBJ 24:27
@@ReelinwithAsiaandBJ Brad Pitt is wearing a mask arriving at the airport for the two younger guys to pick him up. I'm also the Sasquath woman with the fake unibrow at the spa in Bad Moms Christmas, if you watch that film on your channel...lol.
One of the very best films in the past few years and one of my personal favorites of all time! An absolutely brilliant film on so many levels! I appreciate the efforts of anyone who was involved in its making. Thank you!
That is awesome! Congrats on landing such a great movie!
That family getting evicted is gut wrenching. Every time.
Ya but the Christmas Eve eviction in Roger & Me is worse.
So many people lost their homes, their savings and their businesses. All because of those greedy &@=+^*#!!
@@meminustherandomgooglenumbers I worked for some attorneys who laughed at people getting evicted during the holiday season. It was awful.
This is one of the few films I’ve actually gotten my dad to see in theaters and I remember towards the end, when everything is really starting to spell disaster, he just hunched forward in his seat with his head in his hands. I was just leaving high school when the crash happened so I didn’t really understand what was happening, but I watched him relive those years in that theater.
I was pregnant with our second during the crash. My husband had a great job with amazing pay, then all of a sudden he was laid off and I was eight months pregnant working two jobs to feed our family. If it hadn't been for our family's strong support system, we would've been living out of our car. We came closest to that during my two weeks healing after childbirth, because we had no income for those weeks. They wanted me off my feet for 8 weeks because I nearly died, but I went back after only two.
In short, the Great Recession fucked a LOT of us, and badly.
My dad is a real estate agent and had 2 of us kids with another on the way, and he said this was the hardest time of his life and he was lucky
I'm pretty impressed how sharp you guys were in absorbing everything this movie throws at you. A lot of people need an explanation or to watch it again👍
Right? I was glad to hear them say that they had a loan analysis background because they picked everything up pretty quick. Made me feel dumb for needing a couple viewings before I really got it 😂
Very complex, but the movie was intense.
I felt the same! The finance sector has a lot of jargon to make it hard for average people to follow what they are talking about. I loved that Asia and BJ got it. It was so satisfying to feel their frustration with how crooked the players were that caused the crash. Like, has anything really changed? It's upsetting
No kidding. I read the book, then watched the movie, then read the book again. Michael Lewis is a great writer, but some of these concepts are very esoteric.
I'd say it's more of a testament to how well this movie is made. The director takes concepts that should be pretty difficult to understand, even for above-average intelligence people, and makes them digestible, even for average folks like me.
This is a very underrated movie. I'm so happy you reacted to it.
I love this movie. I'm impressed with you all for being able to follow it all the way through. Most reactors don't.
I am so glad that you good people watched this movie. Your commentary was rich. To whomever suggested this watch I give big praise.
Y'all are the only folks to comment on this important, important, important movie. It is a tiptoe through the tulips down memory lane
Thank You Asia & Thank You BJ. Lotta Luv :)
There is a similar movie called Margin Call which is about the banks perspective and the unloading of the bad cdo's on the market right before the collapse. Its a good movie to watch after this one .
Hella cast in that movie.
If you look at 36:30, when Christian Bale is frustrated with the prices not changing and the scene changes to Jamie and Charley again and they explain really quickly that the smart banks were selling off their investments and then they were buying a short position from the slower banks. Only once they were in a position to make money would they correctly price it. This is called FRAUD. And Margin Call is a movie about that day when they figured it out and sold off everything.
In this the scene changes and at 37:30 Christian Bale explains what happened, so they go by it so quick. BJ just comments it's a domino effect, but it's more than that. It's a really important thing that happened.
Yes. Also Too Big to Fail, from the govt POV. These 3 movies together are like a trilogy of the 2008 failure
Margin call is a movie of survival of the fittest. When people will lie openly to friends for many years and sell them products they know is garbage. Or they lose their jobs. The most unconscionable wins.
Written by Michael Lewis, The Big Short is a fantasticly easy to book about a complicated event in history, and should be required reading. He did a series following this you’d fine worth reading. Matt Taibbi also did some of the best writing on Goldman Sachs at that time, for Rolling Stone magazine. Worth knowing about. Thanks for bringing this to more people.
Omg ‘he looks familiar’ when speaking about Christian Bale. I am dying 😂
Christian Bale looks more like Christian Bale than Ryan Gosling looks like himself, but the one I had a problem identifying was Brad Pitt.
Amazingly didn't lose my home but came close . It's scarier than most people can imagine.
Fall/winter 2015 cinema was epic: The big short, The Martian, Spotlight, and The Revenant.
Ryan Gosling's lackey cracks me up. Just gets shit on mercilessly 🤣🤣🤣
My top 5 favorite film-documentary movies of all time. Blending entertainment and real life so easily. I’ve seen this movie like, multiple times
The reason why Christian Bale's character (Michael Burry) is acting oddly is that Burry had Asperger's syndrome, which is defined in this way: "Common symptoms of people with Asperger syndrome may seem like their body language may be off; They may speak in a monotone voice; They may not respond to other people's comments or emotions. They may not understand humor or a figure of speech. They may speak too loudly in social settings."
It's always SO fascinating to hear what youtuber's do/did for work. Had no idea yall worked in credit analysis. Very cool! I bet you didn't need the popout explanations from Margot Robbie etc lol Thanks for the reaction!
I wasn’t sure if BJ’s whistle during Robbie’s speech was for her or the $ amount
About halfway through the movie India's face changed. You could see the anger/disgust watching the reality of our so called "system"
This movies was one of the most incredible movies I ever saw. The look on your faces priceless.
I'm actually pretty proud of Asia and Bj that they understood what was happening the whole time. I originally watched this with people who didn't have a clue. I'm an Accountant.
This is a movie where you don't really have to understand all the technical details to understand what's happening. The important things are really how the people taking part in the business talk about making deals that are worthless, and how the characters investigating things react to hearing it.
Steve Carell's face alone tells you when a new information is disastrous and that everything just got so much worse.
@@Yora21 yeah, not wrong. All you really need to understand is that the banks are scumbags and the government bails them out.
I was unemployed for 2 years during this period of time. It is what it is. But, the strong always survives. The Big Short is a great film. Great reaction! 👍🏿
Fraud is never just what it is but, unfortunately, it's what too many of us will accept in the name of greed.
I believe this movie should be mandatory watching
Margin Call was a great one also!
One of the greatest movies of the last decade.
Thank you for reacting and bringing attention to this movie, more people need to see it.
Too Big to Fail is a good companion movie to this one.
So is margin call
Reading that book was like watching a train wreck in slow motion.
I wish i knew these people on how to short the market. I worked at Fedex ground and couldn't believe my eyes seeing how people lived. Beautiful houses ,had thd nice expensive cars and no furnishings in their houses. Just a nice roped off area wthats done up nice. I asked how are you affording these houses? They said "interest only payments" . So basically the pay interest on the loan for 5 years and sell the house at a higher price and make 50 thousand or higher and keep doing it over and over.
I can remember temping at CountryWide in the fall of 2006 to earn some extra money for Christmas, and even then some of the calls they'd get were people complaining about their variable rate loans ballooning too high for them to pay. I could see a crisis was coming just from those calls, but I had no idea what the extent of it would be. The whole world economy could've collapsed, so the government had to bail out the banks to prevent a worldwide Great Depression unlike anything ever seen. But yeah, it's aggravating that the banks got so much help while individuals lost their homes and jobs and received no help at all. Loved your commentary on this film! I also found it very educational when I watched it. Heavy stuff. Love and peace!
this movie is so slept on I'm always telling people to watch it but they don't
There is another great movie most people haven't seen called 99 HOMES that shows the other side of this issue.
So both Ken ad Barbie were in THE BIG SHORT. 🤔 I wonder what you should watch next...
I'm telling you it's probably one of the best movies I've ever seen and it's got a message powerful
I was 29 at the time of the Crash. My wife and I had just had our second baby. I remember watching the news about the Lehman Brother collapse; then the word went to shit. Compared to many others, I got off pretty good. I only lost my job. I owned my house and was able to hold on to it. But almost instantly, so many people had underwater mortgages--home equity that people had been building for decades was lost almost instantly. The one thing the made me so outrageously angry was that the government bailed out the companies that caused it all, and the executives used that money to give themselves multi-million dollar bonus.
This movie is great because it explains complicated and obscure financial concepts in terms everybody can understand. It is great that you two have some industry knowledge to appreciate this on a deeper level.
Fantastic movie!!! I hope ya'll follow it with one named "Margin Call". Its on the same subject but very zoomed in on one particular firm :)
Its a ensemble cast too, LOTS of A list actors!
The final "You're welcome." on the email is still one of the best "F U!"'s ever!! 😂
I work in this field. Never go by what a confident advisor "tells you". Have him "show you" what he says in writing, ask tons of questions, and never never never sign anything you don't understand. There's some genuinely great things out there, but the crap usually pays them better and they know it.
This movie has such a great balance of comedy/real/sad.
I showed this movie to my 10 and 13 year old kids and they loved it. Hopefully more people will get to see it.
You're a good Dad! The Big Short should be required watching in the education system!
I won't be afraid to admit that it took me a few rewatches to fully comprehend what was happening in this film.
But honestly, I think that's the mastery of it. It gets better every time because you get another go at understand it properly, and it never loses pace.
Excellent film, important film, about an unbelievable event in our recent history.
Ooh!! Yes! I love this movie. They simplified everything. No banks for me. 😊
You guys should watch “Margin Call” next which shows the reaction from the firms, banks and regulators when this all goes down. Shows you the other side.
This movie is soooo good. And so true. And so frightening.
I went with my father to see this in theaters. After… I told him “thanks for bringing me to a horror film.”🤦♂️🤷♂️
Hahahaaa nice one. I hope your dad understood.
So few people understand that this IS a horror movie. Every time i watch it it gets scarier and scarier.
@@paulhewes7333 the sequel is being filmed.
I was living south of Miami in that hard hit area…more foreclosed homes than people living in my neighborhood. Developments with 2 or 3 houses built and then ran out of money…all that stuff.
Luckily I was active duty military and was protected a decent amount. But house went from value of $425k to $90k by 2012. So horrible
I remember watching this with my wife for the first time. Credits rolled, I just sat back on the couch after being on the edge of my seat for most of it, and said “I feel sick. I might throw up.”
This movie literally just makes me angry every time I watch it, and it's so good. Preventing this type of scenario is the reason behind so much regulation of the financial industry, which is why I also get angry every time I see some politician talk about 'deregulation' and getting the government less involved in managing the financial industry.
This is a movie I recommend to everyone just based on how much it made me understand just how the 2008 collapse happened. I was 12/13 during the events of this movie and it really blew my mind to see what was happening behind all those news stories in the background. Really appreciated your guys’s perspective with your professional knowledge and expertise 👏🏻
Nominated for 5 Oscars including Best Picture, but won for Best Adapted Screenplay.
"It almost makes you mad"
It certainly should!
Whenever people post asking what the top films are where the bad guys win, I always say this film.
Thank you for sharing your outro about the car example and people not understanding the terminology, that makes your subscriber information to ask more questions. Thanks for this recommendation.
This is where Asia's big beautiful smart brain comes in handy!!
In 2009 I was looking to purchases a home. The shit I saw was horrible. One of the worst things was many people that lost their homes left their pets in the homes. See the thought was that some nice person would come and make sure that the family was out of the house, feel guilty that some dog or cat was stuck in the house and would end up taking the animal. What people didnt realize was there were so many homes being forclosed on, those pets ended up dying of dehydration in the homes. Even worse many homes had many pets and those pets would end up going canible on each other. So when the banks finally showed up you had excriment and blood stained floors. Carcases of pets and vermin everywhere and the smell would stay in the house even after the clean up was done.
Another movie that pairs extremely well is "Margin Call"
I heavily recommend checking that out as well if you haven't seen it. Gives another perspective to this mess.
I think there are three movies anyone should watch enough times to absorb it fully, and gain very valuable wisdom about how things get manipulated at a high level... The Big Short, The Insider, and the Fincher remake of The Girl with the Dragon Tattoo. I'm so glad you reviewed this movie so well! Thank you!
Great reaction and good choice guys!
If you’re a finance/accounting person like I am, this is a horror movie.😮
eta - if anyone is still confused on the terminologies used in the movie, I would suggest checking out the book this movie is based on (author - Michael Lewis). Another great source is "All The Devils are Here" by Bethany McLane and Joe Nocera.
Exactly!
I watched this movie for about the 4th time back in September. Love it. Being from financial backgrounds, I thought you'd enjoy it. The other good movie about the Sub-Prime crash was 2011's, "Margin Call," which is set in 1 un-named mega Investment Bank. Fascinating stories. Hope you see it, too.
I'm glad you guys watched this movie and you seemed and understand a lot of the complicated financial talk better than most people. This and the excellent movie "Margin Call" which I highly recommend really show how the people responsible for these kinds of economic disasters are never the people who actually face the real world consequences.
Asia's laugh is the best.
Asia your immediate reaction to say "What are we doing?" hit me so hard. I feel that. We all need to wake up and come together. It's the greed of a few that keeps the many apart.
Good choice!
I wish more people would see this. It is such a good explainer about what happened then, and I don't think people who lost their houses really get it.
Back when I worked in a banking-adjacent field, they would say "you can be approved if you can fog a mirror".
I'm glad you're doing this. It's a great movie but over the heads of most reactors. Thanks.
I used to watch this movie back to back to back to back... it became "background noise" in my house. It's SO good when you actually understand what's happening (a lot of people don't, unfortunately... which was Mark Baum's frustration!)
SN: Ryan Gosling's tantrum always folds me! "I'm jacked to the tits!" 😭😭
Same here that sticks in my head and makes me chuckle often, the way he screeches it hahaha... and I agree you have to watch this a few times to really, really get it. Amazing.
I met a girl in 2013 who told me she had been a mortgage broker for Fifth Third Bank in the early 2000’s and became a regional manager of their mortgage department from 2006-2008. She was a stripper when I met her. She said it was the only way she could afford to maintain the farm she bought and her mom’s med bills that she took responsibility for while at the bank.
The Grand Finale of Reaganomics
This movie is so good, but also very difficult to recommend to a lot of people.
It's not every day you can tell someone "You have to see this movie about the inner workings of the 2008 financial meltdown"
The end of the film is incorrect. The Dodd-Frank reforms were passed in 2010 that directly addressed the 2008 crash.
And then they were rolled back post 2016.
This is my favorite financial movie.
Margin Call (2011) is on the opposite side of the spectrum where its inside the ones collapsing and shows a bit about how they operated.
Has a great cast as well.
this is one of the best horror movies of all time
But it was real. Horrible but real.
@@nancygodsey8312 I know, I lived through it. That's what makes it a horror movie
You guys nailed the key take away from this movie: lack of regulation. It's what allowed this to happen in the first place, and allows the same failures to occur today.
The philosophy of allowing the open market to self regulate is always catastrophic, particularly as we saw with the GFC where the public stepped in and saved the banks to stop the entire world imploding.
Unfortunately, until we embed integrity in our politics, prevent politicians from being bankrolled by the interests of the rich and connected, we'll be doomed to repeat these mistakes again. Very sobering and disturbing thoughts.
This is one of the most important movies ever made.
32:48 “Everybody’s just falling in line”.
So true. It was a massive group of people taking advantage of the system and not doing their jobs; that made this crash possible.
It's greed exemplified. I saw it in progress. New fancy homes going up in a middle income and low income area. I asked my husband while we were driving by on our way to work. ...how is this happening? Who's buying these expensive homes here? It didn't make sense...And then the bubble burst.
@@nancygodsey8312 my sister bought a house before the bubble burst. I asked why she would buy now? She said if she didn’t buy now soon they would be too expensive.
Which makes no sense. If it’s too expensive then the prices have to come down. Which it did. After she bought it for more then its worth.
@@nancygodsey8312it's happening again. Where I live the new homes that are being built are going for $700k+. This is in an area where the average home price was around $200k just a few years ago.
One thing that gets a little lost in this awesome movie is that the banks just create money out of thin air to loan out, it's only backed by a very small percentage of deposits. So they make loans to builds/buy houses and real property and when those loans go into default, they confiscate the property. It's large scale asset acquisition by basically fraudulent means. Government does the same thing in even more creative ways.The book for this movie is awesome as well.
@41:58 "It almost makes you mad..." Almost? It makes me plenty mad... and NO ONE went to jail behind that nonsense. I was living overseas in 2008 working in a US Embassy and had my first single family home in Sacramento rented out while out of the country. It plunged $200,000 in value in 18 months as a result of the housing crisis. My ten years of retirement savings, halved in value as the market sank.... It was sickening. I continued to rent the house out for another four years and it recovered so we finally sold it for a $130,000 loss. We've since recovered all that through the ownership of other homes and my investments all recovered as well. I was able to ride this out and recovered very well and am now retired in my 50s.... BUT, many many many people were wrecked by this. Homes lost. Credit ratings destroyed. Pensions folded. And NO ONE went to jail..... Sorry, but this was criminal. There were just so many people doing it at the same time it was hard to point out responsible people to prosecute (and we don't honestly have enough jail cells for them).
Fun fact: at 19:37 (in this TH-cam video ) the person answering the phone saying, "Dr. Burry's office" is the real Dr. Michael Burry.
I am a realtor and managed to keep afloat through the collapse. Living in Texas and watching people move from California with no job and buying a 500k home on "stated income" was the craziest shit I had ever seen. You could see this coming from a mile away.
One of the other things that pisses me off so much is that 1 guy went to jail. A patsy. When the whole damn system is corrupt.
I put this film in the Horror category and every time I see it it just gets more frightening
Great choice!!
Important true events to understand!!
Sometime in the 90s someone in banking found a formula by a Chinese mathematician (I think his name was David Xi). The formula was designed to evaluate outcomes in chaotic natural systems but if you applied it to financial data you could bunch a lot of high risk stuff (like subprime mortgages) together and suddenly the formula classed them as low risk. Mortgages aren't chaotic systems, so the formula doesn't apply, but nobody cared about that.. well a few people did call it out, but nobody important listened to them.
"What are we doing?" You said it.
I have never seen anyone EVER get "I smell money" like that! 😂😂🤣🤣
Love that you 2 are going out of the box reacting to movies that the mass majority is not
Keep up the great work
The big banks understood one term, "to big to fail". They could make a lot money real quick and when it collapsed, they understood the Government would have to bail the system out.
Love Jeremy Strong in this.... Humble beginnings before succession....
would love to see Asia and BJ reacting to succession if they haven’t seen it
I was in my freshman year of high school when the market tanked. A lot of my classes were spent not doing any actual learning and just watching the news and talking about how the Great Depression was happening all over again. My family delayed getting a fresh house for 3 years after that, and we got a good deal on a house we could own instead of rent, and came off not that much worse for the wear.
you two made this movie a lot more fun!!
Another very good film on the 2008 crash is “Margin Call.” Terrific movie.
For me, as you may recall, the saddest and most infuriating part about that whole situation was that the regulators, banks, and investors all took their cues from the Hearings in Congress on the Sub-prime Loan matter - three words, in particular, sum it all up...Congressman Barnie Frank!!! Ughhh
I love Christian Bale in this movie lol. His character is so intriguing to me
I love the part where Asia said, "it's because there's no regulator". It puts into perspective all the Regulatory Agencies that are always being Defunded or attacked as having too big a budget. Less regulators equals more corruption. Think about that the next time you hear a politician say there are too many "regulations" or why some people want to defund places like the IRS.
Wrong the regulators were purposefully not doing their jobs because they were all looking for opportunities to make more $ with the banks and they new that the banks would have to be bailed out by the taxpayers, the IRS isn’t a regulatory agency and has nothing to do with this
This is one of my favorite movies if the last ten years
On the optimistic good side of things... I spent $140,000 on a 2021 Leisure Tavel Van - Unity RV during the pandemic and have been living rent free and travel all around L.A. mortgage free. None of this applies to me. 😁
2008 market crash. It happened. Many of the big finance companies were selling the Subprime mortgages to European Banks. So, it spread worldwide. You have to ask where its heading with the US $33 Trillion in debt and quantitative easing with no end in sight.
You guys really gotta watch "Fun with Dick and Jane" with Jim Carrey and Tea Leoni. It's legit hilarious with the kind of dark humor you have to have to get through hard times, and what people are willing to do to get by. It's about a couple with a family trying to get through what's supposed to be like the Enron crash, but also what happens to everyone in that economy like the housing market collapse. One of the most underrated movies ever. It's brilliant and has you laughing.
There is an interview with the writer of the book, the director of the movie and Ryan Gosling, Christian Bale and Steve Carrel. The interviewer asked if the movie caused any of them to buy more in the stock market and all of them said "NO".
Kudos to y'all for taking this one on. Everyone needs to see it and make the attempt to understand what's going on here. Common sense can be more of a friend to you than any bank or ratings agency or government will ever be. When they hand you a deal too good to be true, guess what?
Like other commenters here, I too recommend Margin Call. In fact, I can’t recommend it enough. It’s like a master class in acting if nothing else
It's a delight to see people reacting to this who can follow the movie, let alone speak to the atrocities of the stuff happening like the variable rate mortgages. What I think is fascinating about the movie is that we're still living through the consequences of the 08 crisis. No one knows if there will one day be a reckoning but this free-money debt machine we've become since the crisis feels like a slow-motion trainwreck though the party could last through our lifetimes, who knows.
Awesome. I'm glad your watching this one.