@Jon K How is it their fault for trusting in a system that allows this? I guess it's just like the video said... immigrants and poor people end up being blamed... it's so sad.
@@nothuman3083 lol yes it is. Don't you see? That's the beauty of the wall street scam. At its core its because people hand their money to someone else and say "make more at any cost". Look in the mirror if you want a scapegoat.
@@Chris-es3wf yes because the child that grew up and moved across the country like a nomad with their family looking for work obliviously what's to hurt the people that destroyed their entire generation's lives. Welcome to capitalism my friend, I learned the rules along time ago.
Pay attention to the last part at the end of this clip and go check the news headlines. Water futures are now being traded. Covid isn’t even the tip of the iceberg.
@@samsonsoturian6013 It is strictly illegal under US penal code to sell something broken or worthless with the knowledge that it is. The fact that they got off scott-free after robbing the body republic blind just testifies to the cancer metastasizing through the government.
this scene is so poignant and so well played. The manipulation just continued and continued and continued till today. Bailout after bailout. No jail time and the psychopaths get richer.
@@rafaelb1095 it's out there right in front of you if you want to read it rather than blame shift. I recall as a kid hearing people talk about how a lot of people flip houses because there's good money in it. I also recall people saying the cost of properties "goes nowhere but up." That was in the mid 2000's and that's the attitude that inflated the bubble.
The only way these people will get justice is when the poors wont have enough money to feed themselves and starve to death. My parents went through the dictatorship of romania, you wont see anyone here in the western protesting and wanting heads to roll as long as they have their table with food even if its poison that slowly kills you. The moment everyone is hitted, this will be the moment everyone in the higher buildings get brutal justice even the innocent just because they wear a suit or work there.
It is kind of ironic that Mark is being all mopey and philosophical about the corruption and then they show him sitting outside his palatial residence overlooking Central Park. Steve Eisman whom Mark was based off was a complete nepotism baby too, his first job was literally handed to him by his broker parents at the same firm where they worked. It's corruption all the way down.
In 2008 my best friend, his sister, and I visited their family on break from college. Went into his house and through the kitchen window saw his step-dad HANGING in the shed. Robert ran outside and lifted him, undid the cord, and saved his life. It's all a game to those at the top, real life to us. His step dad suffered permanent damage, but is still part of the family to this day.
@@fredvasquez4201 lol ... your wife's husband was weak. Losing everything you worked for doesn't mean you give up living. That fucking guy didn't understand what was truly valuable in life.
Your friends stepdad was weak. Losing everything you worked for doesn't mean you give up living. That fucking guy didn't understand what was truly valuable in life.
"When the dust settled from the collapse, 5 trillion dollars in pension money, real estate value, 401K, savings and bonds had disappeared. 8 million people lost their jobs, 6 million lost their homes. And that was just in the USA." So we aren't even close to payback on these people. Not even close.
Not even a little dent. But obviously the touches and pitchforks can still be mounted digitally.for the first time we can collectively have a chance at kicking em in thee teeth.from anywhere in the world.
Because we don't live in a republic or democracy. We live in a corporate oligarchy, your vote means nothing when every person on the ballot is paid for.
I'm really lucky I was still young and had five years left on my military enlistment in 2008. The whole country was in total doom and gloom mode and I was completely insulated. I remember our officers telling us how lucky we were to not be out there battling on the streets for money and housing.
I was an E4 in 2008 and some asshole was trying to get me to buy a 175k house on an adjustable rate loan. It seemed too good to be true and fortunately a settled for continuing to live in the barracks
September of 08 I had the advantage of being dead ass broke , with no debt. When I heard about a potential bank shut down I realized I only had 32 dollars in the bank, good times.
Imagine being so goddamn broke even the economy didnt hit you like it should have, hope you're still debt free
Před 2 lety+147
I lived through this period without understanding what it was. It seemed like just news on TV. Never imagined the big scale of damage it was until I learned a thing or two about finance and the economy.
same with me, but now, after I took a business course where we had a somewhat decent conversation on it, it's opening my eyes. Truly sad that some people care more about money than the well being of society.
"I have a feeling that in a few years people are going to be doing what they always do when the economy tanks - they will be blaming immigrants and poor people."
I don't know anyone who blamed migrants or poor people. However, even after the Obama alphabet agencies let the banks off the hook and kicked let millions of people be evicted, he was still reelected and to this day is a hero.
Jared had said "you still have some faith in the system dont you?" and Vinnie said "I don't". Here we see he did, believing some people would go to jail, but to no avail
@@Andrew-wh4qm You have to much faith that a bunch of complete strangers on reddit are actually gonna hold instead of getting rich. You are gonna be left holding the bag. And any retard that thinks you get to set the price by holding cause you can choose not to sell, well they can chose not to buy. Literally a million other companies for them to put their money into while you are holding worthless stocks that no one wants to buy at the asinine price you think you are gonna set. I'm all for sticking it to the man but don't be naive. There were people on WSB that were holding from 5 and were telling people to hold, not because that actually give a shit about wall street, bit because they know they can play to your emotions and pump up the price. But it's a bubble by every conceivable metric. Don't have the same mentally of a bank. They have the government to bail them out. You don't. Pull out your money and go put it into the actual economy of your local community.
@@imnotacat5299 do you actually understand what's going on? It's okay if you wanna keep doing what people have been doing for years, but when regular people find a way to hurt the rich they don't care about the money, they just wanna say "I was part of it!", They were part of the more than 50% losses of Mervin Capital, or was it Melvin? Well if they keep holding it'll eventually be Nothing Capital. That's a small victory for the little guy, but at least they know now how to play the game, that is if the game doesn't get rigged completely like it's been happening in the past week...
@@romanempire8705 They using hedging strategies to prevent losses. That's why they are called "hedge" funds. They most likely have a box spread by this point or have just completely closed the position. It's not likely they are retarded enough to go back into a net short position. They have a million other ways to make that money back. Only a moron doubles down out of spite. Which you are fooling your self if you think they are dumb. There is a reason why rich people trust them with their money, they aren't idiots. But yes, continue thinking that a reddit community of day traders, who literally risk they life savings at a chance to get rich quick, have your best interest in mind.
26 million people have lost their jobs in the last five weeks and this thing will hang over us for at least two years, regardless of what states decide to do.
I was 1 of 8 mil that made millions and I’m from Canada and must of my friends ( 2 ) made huge money we need this wouldn’t sustain it was a matter of time and we cashing not has much has billion but million and I feel bad for ppl who lost. I am cashing in again ringgit now for 12 months almost since covid millions 100 of million. That’s 2 time in my young life. seems like USA gov like to fuck their ppl real good. Unfortunately with every tragedy there is an opportunity.
@Nekolover you do realize..most of the shares held are held by other hedge funds. This is merely hedge fund vs hedge fund and the “little guy” is just a scapegoat and an exit hold. (Little guy = retards that hold).
Was thinking of doing a parody of this movie but about the recent GameStop stock situation, but honestly, there’s no point. This clip as is summarizes it perfectly. Love this movie.
That line about we will do what we always do when the economy is bad, blame immigrants and poor people. Bang on the money. The people at the feast throw some scraps, and instead of banding together people just fight over the scraps and hate the other person in the same position as them rather than turning it on to people who actually cause the problem. We learned nothing from 1929, and we realised it by 1945, same now.
Except that now, we are in the system's end game. It's not just housing. The entire US dollar is facing permanent collapse and people are calling BS on it as we speak and they are uniting. It's going to get very ugly. Like financial Armageddon.
The stimulus was never a bad thing. It saved the country from a lot of economic hardship. The criminal thing was not punishing anyone who was responsible for the crisis in the first place.
And the vast majority went to corporations that didn't need it, while The People and small businesses were tossed scraps, added only due to Dem's "fighting" for it. Corporations already made out like bandits in the 2008 crisis. They took their many billions of bailout money and gave themselves bonuses and made huge stock buy-backs. And since then their stocks have done exceedingly well AND they got HUGE tax cuts from Trump and the GOP. They could EASILY have simply sold some of the stock they had bought back in 2008. But did you see how quickly that bailout happened?? It happened in the blink of an eye, before the people even realized what was going on. They, once again, used OUR money to bailout the big corporations WHO NEEDED NO BAILOUT. PENNIES to the people who desperately needed it, STILL NEEDS IT, and billions that can be leveraged into TRILLIONS for the big corporations. Dem's made their usual weak and spineless "fight" for the people, but they're bought off by the same corporate donors and voted along with the pro-corporate GOP bailout bill. Moscow Mitch promised that the 2nd bailout would be for the people, and now he/the GOP refuses. Not that it matters since Pelosi's failed 2nd bailout bill proposal didn't really help the people significantly anyway. The People got screwed again. Yawn. So what else is new?
I remember this. I was only a kid at that time and my cousin had just graduated college. Couldn’t get a job anywhere. He ended up having to join the army because thats the only thing that would hire immediately at the time. Completely killed off his dream but he had to do what he had to do to get by.
Another cog in this whole scam was the company MERS, Mortgage Electronic Registration Systems. They were formed in 1994 and used after the Glass-Steagall act was reversed by Bill Clinton. My family was unfortunately one of those families who lost their home because of the whole mess. My dad was a general contractor that built most of his houses by himself. His company got ran over by the banking industry, and his lawyer. Long story short, my dad ended up with no seat after the music stopped and he lost everything including our home. The biggest thing to take from all of this was that the banks never had any standing to foreclose on any mortgage was that given to them by the company MERS. They wrote MERS in the mortgage as a mortgager for the purposes of recording the mortgage ONLY. What happened was a lot of banks started tanking and MERS was "selling" the mortgages by signing over their rights to the mortgage and banks used this as "I own the mortgage and can sue for foreclosure.". They never did own servicing rights because MERS was never given the right to foreclose on a mortgage, so whatever assignment that the bank received, it wasn't enough to foreclose on the mortgage. The worst thing to take from this were the words of the actual judge in foreclosure court for my parents "what about the bank?". No shit, the judge didn't care if the bank fucked up, they were worried about what would happen to the bank.
I'll never forgive those who caused it. I'll never forgive those who refused to go after the banks afterwards. That there were those in this country that deliberately sought to destroy my life is something i will not forget, and I will never forgive.
@@Scheboygan8767 soldiers are armed with equipment so they can fight back in an attempt to win a war. I was a poor schmuck that got run over by a bunch of bulldozers operated by a small group of people who discovered they could make their lives a lot better if they just ran over a bunch of people, and then happily did it.
Anthropologist David Graeber made a claim in one of his talks that the government could’ve just bailed out the homeowners and that money would’ve trickled down into the banks. But the government gave it directly to the banks instead. I’m not knowledgeable enough to know if this is true or what the consequences would’ve been from this. So I’m curious what you in the comment section think about it.
Its been very clearly shownmany many comprehensive studies now that trickle down economics doesn't work. Even now, theres the same sentiment to give the money to the corporations instead of giving stimulus to citizens. Cutting taxes or giving money for wealthy businesses doesn't translate to increased rates of long term employement or consumer spending. In fact, the only thing its commonly shown to do is increase the wealth disparity.
@@akachiokafor2338 Okay, i think because I wrote "trickled", it led to some confusion. I meant that Graeber said the government could've given money to the people/citizens/homeowners. That money would be used to pay off the homes and the mortgages would be paid. This would supposedly keep the banks from failing. My question was if this would have been feasible at the time.
@@28isagreatnumber Not a bot man, but yeah you are correct in Graeber's assumption. It definitely would've been feasible and certainly in many ways would've been the right move. Whether that would've been rolled out in a proper manner with all the politics involved in DC is something someone of more knowledge would probably know. I haven;t seen it, put apparently the movie
It wouldn't have worked. Bailing out homeowners - The bail out funds were a couple hundred billion, but the failed market value was in excess of trillions. Also the bailouts were a loan. Just meant to buttress the system. And banks not at risk for collapse had to take the money to, because they didn't want their to be a run on the in-danger banks and cause them to collapse anyways. Leverage is dangerous for the same reason that bailing out the banks actually got you more bang for the dollar. A $400 trillion backstop turned into something like $5 Trillion worth of firepower, and the tax payer did get their money back as a result.
@@NotBroihon correct, but there was this ONE asshole who made the hatred on those demographics his political platform and well, things just got much worse now that the whole country is divided, because it's 2023 now and everything is shaping up to happen once again, and you bet that once again the immigrants and the poors will be blamed, no lessons will be learned and nobody will be going to jail except for the designated scapegoats. And the insane, sociopathic criminals that did all of this WILL make their billions again. You got money on the system? Do yourself a favor and cash out, move it to crypto or something, shield yourself from the incoming chaos that is going to come.
The part of history described here I remember the most vividly is "the banks took the money the American people gave them and they used it to pay themselves huge bonuses" [1:20]. That's exactly how I remember it. First the GFC - I was concerned for others, but it didn't affect me. Then the bailouts - I thought it looked dodgy, but maybe it was necessary. And then the bankers were in conferences in Switzerland and other swanky places, giving themselves huge bonuses. I was LIVID!!! I thought that surely Obama wouldn't let this happen. Nope. He criticised them, but they kept their bonuses.
When the dust settle from the collapse 5 trillion dollars in pension money, real estate value, 401K, savings, and bonds disappeared. 8 million people lost their jobs, 6 million lost their homes. And that was just in the USA.
2:51 I'm not that interested in SELL IT ALL but I love that central park view apartment. It may seem The Beresford near American Museum of Natural History. I love it.
Resist green new deal then *wink* all these billionaires are the ones buying beach front property telling you, "hey you need to sacrifice or else the beach front is gonna disappear"
@@ILOVEXJAPANXXXX I agree with the hopefully, would make for a good entry point to real estate. I predict it to happen in 18-24 months. Indicators are there. Values are peaking. I know because I am an REO asset manager. Look it up. I've sold over 1k houses in the past 3 years. A correction is coming.
The watchdogs were not only complicit but were also a driving force behind the crisis, so the folks who did the heavy lifting (banks) had little to worry about.
The debt was transferred from the banks to the Fed. Then the dollars and inflation were exported by those same banks that caused the crash via the petrodollar system by jacking up oil prices after the 2008 crash to almost 4 times the price. That exported the inflation that should have happened because of the bailout.
Yep. But there is no feedback loop like there was with RE, so it will not create a collapse. It will just put working class people into permanent debt servitude.
Now they're doing it with apartment buildings rather than homes. And in 2019 Burry predicted a bubble in passive index funds especially for large cap stocks
Um we don’t. At least not all. The Obama Administration passed many regulations on Wall Street in response, and yes Trump did repeal many of these regulations but it shows where the American attitude is. Also Occupy Wall street was a completely useless and ultimately kind of dumb idea. Economic inequality is a natural part of capitalist systems. What we should be concerned about is maintaining general growth and economic mobility.
Basically a small group of people magically inherit all of the assets/wealth of a staggering amount of people just because they can. Though it may not have been intentional they realize they just basically robbed unreal amounts of money from regular everyday people.
@@ernestohernandez116 Because the petrodollar is failing as we speak and is being dismantled. When it ends entirely, US treasury markets collapse, and all those dollars that we exported come home with the real inflation attached. New dollars for servicing the debt will no longer be exportable. The entire US dollar will crash into hyper-inflation. It will be the biggest monetary shock in history.
The only way Baums grief and regret mean anything is if he takes a good chunk of that money and uses it to help people who got screwed. Otherwise he’s just an emotionally fragile hypocrite.
Credit default swap means that the swap buyer will pay the swap seller the lost principal and interest in the event that a borrower defaults (in exchange for fees of course). It’s a method of transferring risk, kind of like insurance. The buyer pays quarterly fees, but they are insured IF a default occurs. Baum used the swap to protect against a housing crash, and the money came from the swap sellers… not the borrowers. By closing his position, he was forcing the swap sellers - people who were so confident in the bubble and profit machine to keep going forever - to pay up. The crisis wasn’t his fault, it was theirs. He was just smart enough to see it coming, and they were silly enough to agree to a swap.
For some reason I occasionally get obsessed with finding locations of stuff in films or videos on Google Earth. So I can tell you that Steve Carrell is on the roof of the building on the corner of West 83rd and Central Park. To be honest, this wasn't a tough one to find.
Key point- "they weren't being stupid, they just didn't care" They knew the government would bail them out from the beginning which played it's part into it.
@@christianvachon2235 To say it is a private institution is a very strong way of putting it. It still doesn't discredit what I said. They knew they could do this with zero consequences since an agent like the Fed or the government would bail them out. Was this not the case they would likely not structure loans this way.
@@bencheveryday I am not discrediting what you said; sorry for that. You're right: of course they knew someone would save them. They really didn't care. But the Federal Reserve is a private independent entity. They orchestrated this - going to the White House just made it appear legitimate; like putting vomit in fine dinnerware. Beyond not structuring that way, even the way it is presented, you find out who really leads. The private Fed went to the USG with a ready made plan and got the president of the USA to sign on it, making the citizens pay for the mistake of the bankers. Very disturbing....
Can anyone explain why the banks bought the swaps. The guys sold the swaps because they thought the banks would become insolvent and wouldn't pay. Why did the banks that bought the swaps not think like this?
@@matheenarif8645 hey so what i mean is this. Those two guys say had 100 mill swaps they then sold it to another bank for 50million. Why did the other bank buy it because that bank is risking 50mill to make another 50 mill if they do pay. They sold it early to ensure that they got paid
@@testsubjectzz A credit default swap (CDS) consists of an agreement by one party to pay the lost principal and interest of a loan to the CDS buyer if a borrower defaults on a loan. Usually it was the bank who was the CDS buyer but in this case it was guys like Michael Baum and Dr Burry. And 50% of the bond is fixed while the rest is variable. And to your question why bank bought is because if they refused. The buyers have every right to sue the bank and can authorize the WIND-UP of the Bank. This is all according to my understanding. I may be wrong. Though this is the best I can put it.
Couldn't we have used FDIC to make the depositors at those banks whole and then allowed credit unions and community banks to reboot the financial sector?
The bonds weren't the issues, it was the bets. Like it said in another scene - for 50 million in bonds, over 1 billion was betting. They were saving the banks - the people didn't matter.
People don't get this scene. The dilemma is Mark knows about the bailout and that the swaps are going to be worthless because of that. If he sells he's (somewhat) the same as big banks liquidating their MBS's on "stupid" public when they knew they are going to be worthless.
People act like this is a tragedy but people love the drama. It's happening now and it's over and over. People are bored and everyone wants something for nothing.
@@JH4RPlp Burry said he's no longer short Tesla, that it was a trade based on asymmetric spreads. But he did also say 800b valuation was "ridiculous." On the other hand Tesla is doubling deliveries every year and a half, and has a higher profit margin than other carmakers.
It's estimated the 2008 Financial Crash led to over 10,000 suicides. Terrible.
40000 deaths as said by brad pitt character every 1% unemployment. a lot of people got unemployed back then.
@Jon K How is it their fault for trusting in a system that allows this? I guess it's just like the video said... immigrants and poor people end up being blamed... it's so sad.
Weak
I’d reckon even more
@Hakim Habib there are already many more upside of US
they knew. they knew taxpayers would bail them out. they weren't being stupid. they just didn't care.
Yeah cuz they’re fucking crooks.
@@jimmy22334 But, at least we're gonna see some of them go to jail. Right?
And we made them bleed, listen it's not our money we fuck with if we crash the stock market.
@@nothuman3083 lol yes it is. Don't you see? That's the beauty of the wall street scam. At its core its because people hand their money to someone else and say "make more at any cost". Look in the mirror if you want a scapegoat.
@@Chris-es3wf yes because the child that grew up and moved across the country like a nomad with their family looking for work obliviously what's to hurt the people that destroyed their entire generation's lives. Welcome to capitalism my friend, I learned the rules along time ago.
I see they are making a sequel to this movie in 2020, and we are all in it.
And your just a bitch extra in it.
Fuckin covid, man
We're fucked
Pay attention to the last part at the end of this clip and go check the news headlines. Water futures are now being traded. Covid isn’t even the tip of the iceberg.
@@lordabstract82 everything is being traded as a future it dosnt mean anything
ur right GME
Steve Carell was absolutely brilliant in this movie.
Steve Carell is the bomb in everything i have ever seen him in. Such a gem.
if you liked this movie you'll like Vice too, also starring Christian Bale & Steve Carell playing very different roles just as convincingly
Meh. Overacting.
“At least we get to see them go to jail.”
Lmao
🤣🤣😂😂
That would require a crime to begin with.
@@samsonsoturian6013 Securities fraud is a very big crime.
@@quyiter as far as theft goes yeah. It sure ain't a capital crime.
But in this case there was none.
@@samsonsoturian6013 It is strictly illegal under US penal code to sell something broken or worthless with the knowledge that it is. The fact that they got off scott-free after robbing the body republic blind just testifies to the cancer metastasizing through the government.
this scene is so poignant and so well played. The manipulation just continued and continued and continued till today. Bailout after bailout. No jail time and the psychopaths get richer.
There was no manipulation. Just a speculative bubble that we were all in.
@@samsonsoturian6013 It's all speculative huh? I'm starving for truth.
@@rafaelb1095 it's out there right in front of you if you want to read it rather than blame shift.
I recall as a kid hearing people talk about how a lot of people flip houses because there's good money in it. I also recall people saying the cost of properties "goes nowhere but up." That was in the mid 2000's and that's the attitude that inflated the bubble.
The only way these people will get justice is when the poors wont have enough money to feed themselves and starve to death.
My parents went through the dictatorship of romania, you wont see anyone here in the western protesting and wanting heads to roll as long as they have their table with food even if its poison that slowly kills you.
The moment everyone is hitted, this will be the moment everyone in the higher buildings get brutal justice even the innocent just because they wear a suit or work there.
It is kind of ironic that Mark is being all mopey and philosophical about the corruption and then they show him sitting outside his palatial residence overlooking Central Park. Steve Eisman whom Mark was based off was a complete nepotism baby too, his first job was literally handed to him by his broker parents at the same firm where they worked. It's corruption all the way down.
In 2008 my best friend, his sister, and I visited their family on break from college. Went into his house and through the kitchen window saw his step-dad HANGING in the shed. Robert ran outside and lifted him, undid the cord, and saved his life. It's all a game to those at the top, real life to us.
His step dad suffered permanent damage, but is still part of the family to this day.
I'm sorry to hear that story. Hope they're doing better. Was it related to the 2008 crash? What happened?
@@fredvasquez4201 lol ... your wife's husband was weak. Losing everything you worked for doesn't mean you give up living. That fucking guy didn't understand what was truly valuable in life.
Your friends stepdad was weak. Losing everything you worked for doesn't mean you give up living. That fucking guy didn't understand what was truly valuable in life.
Who’s they?
@@donvandamnjohnsonlongfella1239 ah yess someone who hasnt experienced the struggles of life… your mom still paying for your undies?
Steve Carell is a great actor. This movie showed me he's more than just a comedic relief.
Well many comedic actors can do drama like for example Robin Williams
Check out Little Miss Sunshine (2006) for another example of Carell masterful drama acting. His scenes with Paul Dano are heartwrenching
Pretty sure he was nominated for best actor for his role in foxcatcher.
@@bn3121I was gonna recommend this haha
"When the dust settled from the collapse,
5 trillion dollars in pension money, real estate value, 401K, savings and bonds had disappeared.
8 million people lost their jobs, 6 million lost their homes.
And that was just in the USA."
So we aren't even close to payback on these people. Not even close.
Not even a little dent. But obviously the touches and pitchforks can still be mounted digitally.for the first time we can collectively have a chance at kicking em in thee teeth.from anywhere in the world.
All aboard! Last ship to the moon, leaving soon! Can't stop won't stop Gamestop
@@fryncyaryorvjink2140 bruh GameStop isn't going to do shit to anyone.
@@vighneshkannan7896 Its steadily rising, at 180 right now, still plenty of open shorts
@@fryncyaryorvjink2140 I know, but it's not really going to affect much in the long term, I do think it'll make a few people some decent money.
"You know, this place makes me wonder: Which would be worse, to live as a monster or to die as a good man" Shutter Island
“You either die a hero or live long enough to see yourself become a villain.” Dark Knight
no man is good. God is good….
"I like turtles" - Zombie kid
How we still allow these companies to operate blows my mind
Because we don't live in a republic or democracy. We live in a corporate oligarchy, your vote means nothing when every person on the ballot is paid for.
pokeman5000 Spot on great comment
BTIG has a lawsuit filed against them as we speak. HODL YO AMC
To big to fail, and simply put they control it so.... yeah
@@pokeman5000 this 😑
Pure perfection from Steve Carrell. One of the most poignant scenes ever made.
I'm really lucky I was still young and had five years left on my military enlistment in 2008. The whole country was in total doom and gloom mode and I was completely insulated. I remember our officers telling us how lucky we were to not be out there battling on the streets for money and housing.
I was an E4 in 2008 and some asshole was trying to get me to buy a 175k house on an adjustable rate loan. It seemed too good to be true and fortunately a settled for continuing to live in the barracks
I was homeless and jobless and didn't see any difference.
Welcome to 2022 where its probably going to happen soon.
You're just as much of a thief as the bankers, welfare queen.
Yea I got into the cell phone market in 2008, same year as iPhone came out. I never felt a thing.
Now GME avengers are back.
As you were saying ? 🤣🤡
@@PumpedUpJam as you were saying 🤡🤡🤡
@@mnightshamalan2118 I wasn’t wrong ? 🤨
@@PumpedUpJam you're right price didnt jump back 🤡
@@mnightshamalan2118 what ? 🤨 GME was literally market manipulation.
September of 08 I had the advantage of being dead ass broke , with no debt. When I heard about a potential bank shut down I realized I only had 32 dollars in the bank, good times.
u pull the $32 out?
Imagine being so goddamn broke even the economy didnt hit you like it should have, hope you're still debt free
I lived through this period without understanding what it was. It seemed like just news on TV. Never imagined the big scale of damage it was until I learned a thing or two about finance and the economy.
same with me, but now, after I took a business course where we had a somewhat decent conversation on it, it's opening my eyes. Truly sad that some people care more about money than the well being of society.
this movie proved that Steve Carell is a legend...fantastic dynamic in acting
"I have a feeling that in a few years people are going to be doing what they always do when the economy tanks - they will be blaming immigrants and poor people."
I'll be buying
I don't know anyone who blamed migrants or poor people. However, even after the Obama alphabet agencies let the banks off the hook and kicked let millions of people be evicted, he was still reelected and to this day is a hero.
Every time I see this happen, over and over again, I think back to this scene and remember that it’s happened before and it’s going to happen again.
Lol no one did that
@@kylebelardo2554the banks and media did, as they always do
Jared had said "you still have some faith in the system dont you?" and Vinnie said "I don't". Here we see he did, believing some people would go to jail, but to no avail
One of the saddest scenes ever
“Once we sell we will be just like the rest of them” don’t sell! 💎 🙌
Enjoy losing money
@@gingerlicious3500 ok 🌈 🐻
@@Andrew-wh4qm You have to much faith that a bunch of complete strangers on reddit are actually gonna hold instead of getting rich. You are gonna be left holding the bag.
And any retard that thinks you get to set the price by holding cause you can choose not to sell, well they can chose not to buy. Literally a million other companies for them to put their money into while you are holding worthless stocks that no one wants to buy at the asinine price you think you are gonna set.
I'm all for sticking it to the man but don't be naive. There were people on WSB that were holding from 5 and were telling people to hold, not because that actually give a shit about wall street, bit because they know they can play to your emotions and pump up the price. But it's a bubble by every conceivable metric.
Don't have the same mentally of a bank. They have the government to bail them out. You don't. Pull out your money and go put it into the actual economy of your local community.
@@imnotacat5299 do you actually understand what's going on? It's okay if you wanna keep doing what people have been doing for years, but when regular people find a way to hurt the rich they don't care about the money, they just wanna say "I was part of it!", They were part of the more than 50% losses of Mervin Capital, or was it Melvin? Well if they keep holding it'll eventually be Nothing Capital. That's a small victory for the little guy, but at least they know now how to play the game, that is if the game doesn't get rigged completely like it's been happening in the past week...
@@romanempire8705 They using hedging strategies to prevent losses. That's why they are called "hedge" funds.
They most likely have a box spread by this point or have just completely closed the position.
It's not likely they are retarded enough to go back into a net short position. They have a million other ways to make that money back. Only a moron doubles down out of spite. Which you are fooling your self if you think they are dumb. There is a reason why rich people trust them with their money, they aren't idiots.
But yes, continue thinking that a reddit community of day traders, who literally risk they life savings at a chance to get rich quick, have your best interest in mind.
His reluctance...and knowledge of the criminal activity took place....Steve Carell is one awesome actor.
I was one of the 8M who lost a job and of the 6M who lost a home..way more impactful to me, than Pandemic '20..
26 million people have lost their jobs in the last five weeks and this thing will hang over us for at least two years, regardless of what states decide to do.
@@cghodo I meant financially (to me) the Real Estate Bubble impacted me more.
tensphreak might be but the worst of the pandemic has not hit yet. Wait a few years and then decide.
I was 1 of 8 mil that made millions and I’m from Canada and must of my friends ( 2 ) made huge money we need this wouldn’t sustain it was a matter of time and we cashing not has much has billion but million and I feel bad for ppl who lost. I am cashing in again ringgit now for 12 months almost since covid millions 100 of million. That’s 2 time in my young life. seems like USA gov like to fuck their ppl real good. Unfortunately with every tragedy there is an opportunity.
So sorry you had to suffer this
The sequel: "The Big Squeeze"
As you were saying ? 🤣🤡
@@PumpedUpJam stfu bot
@@codenamemigrane9731 stay coping loser
@@PumpedUpJam You spoke too soon boyo.
@Nekolover you do realize..most of the shares held are held by other hedge funds. This is merely hedge fund vs hedge fund and the “little guy” is just a scapegoat and an exit hold. (Little guy = retards that hold).
Was thinking of doing a parody of this movie but about the recent GameStop stock situation, but honestly, there’s no point. This clip as is summarizes it perfectly. Love this movie.
Would it be a like a parody what Mel Brooks would somewhat do ?
There actually is a movie about it. It’s called Dumb Money.
DIAMONDS HANDS EVERYONE. HODDDLLLL
As you were saying ? 🤣🤡
AMC IN THIS BITCH
@@PumpedUpJam LOL WE SAYING WE OWN THE FLOAT DIPSHIT
That line about we will do what we always do when the economy is bad, blame immigrants and poor people. Bang on the money. The people at the feast throw some scraps, and instead of banding together people just fight over the scraps and hate the other person in the same position as them rather than turning it on to people who actually cause the problem. We learned nothing from 1929, and we realised it by 1945, same now.
Except that now, we are in the system's end game. It's not just housing. The entire US dollar is facing permanent collapse and people are calling BS on it as we speak and they are uniting. It's going to get very ugly. Like financial Armageddon.
And the teachers. Don’t forget about also blaming teachers.
I didn’t understand much in this movie my first watch, but the acting is just that great
ASlso watch Margin Call
2020: $6 trillion dollar stimulus package passed by senate
Thirteen 🤬
@@logicpolice2451 Can't wait to see a 50T stimulus
The stimulus was never a bad thing. It saved the country from a lot of economic hardship. The criminal thing was not punishing anyone who was responsible for the crisis in the first place.
@@Frellnikky No... Stimulus is always bad. Artificially propping up failed businesses and sectors is not only ineffective, it's morally wrong.
And the vast majority went to corporations that didn't need it, while The People and small businesses were tossed scraps, added only due to Dem's "fighting" for it. Corporations already made out like bandits in the 2008 crisis. They took their many billions of bailout money and gave themselves bonuses and made huge stock buy-backs. And since then their stocks have done exceedingly well AND they got HUGE tax cuts from Trump and the GOP. They could EASILY have simply sold some of the stock they had bought back in 2008. But did you see how quickly that bailout happened?? It happened in the blink of an eye, before the people even realized what was going on. They, once again, used OUR money to bailout the big corporations WHO NEEDED NO BAILOUT. PENNIES to the people who desperately needed it, STILL NEEDS IT, and billions that can be leveraged into TRILLIONS for the big corporations. Dem's made their usual weak and spineless "fight" for the people, but they're bought off by the same corporate donors and voted along with the pro-corporate GOP bailout bill. Moscow Mitch promised that the 2nd bailout would be for the people, and now he/the GOP refuses. Not that it matters since Pelosi's failed 2nd bailout bill proposal didn't really help the people significantly anyway. The People got screwed again. Yawn. So what else is new?
I remember this. I was only a kid at that time and my cousin had just graduated college. Couldn’t get a job anywhere. He ended up having to join the army because thats the only thing that would hire immediately at the time. Completely killed off his dream but he had to do what he had to do to get by.
Another cog in this whole scam was the company MERS, Mortgage Electronic Registration Systems. They were formed in 1994 and used after the Glass-Steagall act was reversed by Bill Clinton. My family was unfortunately one of those families who lost their home because of the whole mess. My dad was a general contractor that built most of his houses by himself. His company got ran over by the banking industry, and his lawyer. Long story short, my dad ended up with no seat after the music stopped and he lost everything including our home.
The biggest thing to take from all of this was that the banks never had any standing to foreclose on any mortgage was that given to them by the company MERS. They wrote MERS in the mortgage as a mortgager for the purposes of recording the mortgage ONLY. What happened was a lot of banks started tanking and MERS was "selling" the mortgages by signing over their rights to the mortgage and banks used this as "I own the mortgage and can sue for foreclosure.". They never did own servicing rights because MERS was never given the right to foreclose on a mortgage, so whatever assignment that the bank received, it wasn't enough to foreclose on the mortgage.
The worst thing to take from this were the words of the actual judge in foreclosure court for my parents "what about the bank?". No shit, the judge didn't care if the bank fucked up, they were worried about what would happen to the bank.
I'll never forgive those who caused it. I'll never forgive those who refused to go after the banks afterwards. That there were those in this country that deliberately sought to destroy my life is something i will not forget, and I will never forgive.
Do u even know who ur mad at?
@@ricya1982 i just explained who
I don’t blame you
You sound like you think you’re a soldier and had to go through hell😂
@@Scheboygan8767 soldiers are armed with equipment so they can fight back in an attempt to win a war. I was a poor schmuck that got run over by a bunch of bulldozers operated by a small group of people who discovered they could make their lives a lot better if they just ran over a bunch of people, and then happily did it.
I'M NOT SELLING! TO THE MOON!
I used to hate this actor but what did i know ?Man you deserve best .
2019: Burry predicts index bubble for large cap stocks
So this happened to Michael Scott after moving to Colorado
And to know that one day, money will be worthless, and men who cling to it will be forgotten for eternity.
Not likely. There will always be an upper class, and the serfs doing the hard work to make them rich.
2022 and nothings changed.
Anthropologist David Graeber made a claim in one of his talks that the government could’ve just bailed out the homeowners and that money would’ve trickled down into the banks. But the government gave it directly to the banks instead. I’m not knowledgeable enough to know if this is true or what the consequences would’ve been from this. So I’m curious what you in the comment section think about it.
Its been very clearly shownmany many comprehensive studies now that trickle down economics doesn't work. Even now, theres the same sentiment to give the money to the corporations instead of giving stimulus to citizens. Cutting taxes or giving money for wealthy businesses doesn't translate to increased rates of long term employement or consumer spending. In fact, the only thing its commonly shown to do is increase the wealth disparity.
@@akachiokafor2338 Okay, i think because I wrote "trickled", it led to some confusion. I meant that Graeber said the government could've given money to the people/citizens/homeowners. That money would be used to pay off the homes and the mortgages would be paid. This would supposedly keep the banks from failing. My question was if this would have been feasible at the time.
Wait, are you a bot that responds to keywords? If so, I'm super impressed. The context is sorta weird though.
@@28isagreatnumber Not a bot man, but yeah you are correct in Graeber's assumption. It definitely would've been feasible and certainly in many ways would've been the right move.
Whether that would've been rolled out in a proper manner with all the politics involved in DC is something someone of more knowledge would probably know. I haven;t seen it, put apparently the movie
It wouldn't have worked. Bailing out homeowners - The bail out funds were a couple hundred billion, but the failed market value was in excess of trillions.
Also the bailouts were a loan. Just meant to buttress the system. And banks not at risk for collapse had to take the money to, because they didn't want their to be a run on the in-danger banks and cause them to collapse anyways.
Leverage is dangerous for the same reason that bailing out the banks actually got you more bang for the dollar. A $400 trillion backstop turned into something like $5 Trillion worth of firepower, and the tax payer did get their money back as a result.
That guy had to be sponsored by Juicy Fruit in this movie.
I think it’s chewing tobacco is what he’s chewing
@@beanbag5433 nobody chews it like that, it sticks in your bottom lip
"And then they blamed immigrants and poor people" - Perfectly describes the politics of the world pretty much since ~2016.
Long before 2016
Buddy, pretty much since… ever…
@@NotBroihon correct, but there was this ONE asshole who made the hatred on those demographics his political platform and well, things just got much worse now that the whole country is divided, because it's 2023 now and everything is shaping up to happen once again, and you bet that once again the immigrants and the poors will be blamed, no lessons will be learned and nobody will be going to jail except for the designated scapegoats.
And the insane, sociopathic criminals that did all of this WILL make their billions again.
You got money on the system? Do yourself a favor and cash out, move it to crypto or something, shield yourself from the incoming chaos that is going to come.
Trump never blamed poor people though.
I guess history does repeat itself....
I love this movie.
2008 repeating all over again in 2022.
The part of history described here I remember the most vividly is "the banks took the money the American people gave them and they used it to pay themselves huge bonuses" [1:20]. That's exactly how I remember it. First the GFC - I was concerned for others, but it didn't affect me. Then the bailouts - I thought it looked dodgy, but maybe it was necessary. And then the bankers were in conferences in Switzerland and other swanky places, giving themselves huge bonuses. I was LIVID!!! I thought that surely Obama wouldn't let this happen. Nope. He criticised them, but they kept their bonuses.
He didn't actually sign a single reform bill. It was all lies. They literally just renamed the subprimes and kept doing it EVEN MORE than before.
When the dust settle from the collapse
5 trillion dollars in pension money, real estate value, 401K, savings, and bonds disappeared.
8 million people lost their jobs, 6 million lost their homes.
And that was just in the USA.
The best movie ever made.
2:51 I'm not that interested in SELL IT ALL but I love that central park view apartment.
It may seem The Beresford near American Museum of Natural History. I love it.
Gotdamn history repeats itself
It's time to see billionaire tears my friends.
Resist green new deal then *wink* all these billionaires are the ones buying beach front property telling you, "hey you need to sacrifice or else the beach front is gonna disappear"
Lol I'm sure they're VERY worried with their armed security, gated communities, and mansions.
in 2008 banks were "to big to fail" in 2021 its "too little to win"
Part 2 soon
@@ILOVEXJAPANXXXX I agree with the hopefully, would make for a good entry point to real estate. I predict it to happen in 18-24 months. Indicators are there. Values are peaking. I know because I am an REO asset manager. Look it up. I've sold over 1k houses in the past 3 years. A correction is coming.
Not really. There needs to be a feedback look. There is none now. Economic stagnation...yes. Mania, crisis and collapse? Not going to happen.
Organ trafficking and corpses in storage facilities.
@@shooter7a This comment has aged well...
🍿
I like this stock
Spoiler: The Big Short sequel will star Bill Ackman
Damn I was waiting for Led Zeppelin to crank up there at the end
I was 24 then and NO ONE got in trouble! Yet to this day.... none of them have been punished but caused over 10k suicides because they defrauded us.
The watchdogs were not only complicit but were also a driving force behind the crisis, so the folks who did the heavy lifting (banks) had little to worry about.
This is coming soon
History repeats itself. Amc and gme to the moon 🤲🏽💎🦍🚀
GORILLA GANG 🦍
Not even close my guy😭
You wish, AMC and GME are nuts
@@mrjustice2136 amc will stay at $30-50 going up and down will never “shoot to the moon”
What is coming soon will be a trillion times worst.
All that money didn't just "disappear." It got transferred to someone else.
The debt was transferred from the banks to the Fed. Then the dollars and inflation were exported by those same banks that caused the crash via the petrodollar system by jacking up oil prices after the 2008 crash to almost 4 times the price. That exported the inflation that should have happened because of the bailout.
I must say that the ceramic sub is a post 2010 watch... Just noticed it.
Should make a sequel on Robinhood, Reddit, and Wall Street
Never forget this boys. All these stocks to the moon. Get em!!
Hold GME 🌙🚀
Edit: Hold Ethereum...
How’s that working?
u good?
He's dead
@@joshuaizly5502 :(
SOLD ALL MY CRYPTO BTC, ETH, SAFEMOON BEFORE THE CRASH AND BOUGHT AMC
Just a preamble, the people still haven’t held those responsible accountable.
This is one of the sadddest scenes in a movie
Now they're doing it with credit cards...
Yep. But there is no feedback loop like there was with RE, so it will not create a collapse. It will just put working class people into permanent debt servitude.
Now they're doing it with apartment buildings rather than homes.
And in 2019 Burry predicted a bubble in passive index funds especially for large cap stocks
👏👏👏👏
Why do the America people allow this to continue? We need to protest in every major city across the country. Occupy Movement, take 2!
Um we don’t. At least not all. The Obama Administration passed many regulations on Wall Street in response, and yes Trump did repeal many of these regulations but it shows where the American attitude is. Also Occupy Wall street was a completely useless and ultimately kind of dumb idea. Economic inequality is a natural part of capitalist systems. What we should be concerned about is maintaining general growth and economic mobility.
Also, America’s relatively lax policies on the wealthy does lead to innovation and productivity so that is also something to consider
Completely disagree
@@carrotcake6572 innovation? Like the new iphones?
BUY MORE AND HOLD
Arguably the healthiest ENTJ i've seen in a movie.
Bernacke now works as an advisor for Citadel. And now, we're coming for them.
They're winning.,.,.
That didn't work out.
We will get a remake of this with DFV and a WSB mod having this same convo
I remember and this being a senior in college. The following year I purchased a home for $199k. Home now worth 450k.
Basically a small group of people magically inherit all of the assets/wealth of a staggering amount of people just because they can. Though it may not have been intentional they realize they just basically robbed unreal amounts of money from regular everyday people.
1:23 oh oh HE HAD US IN THE FIRST HALF 😅😅
Gum must've gotten old by the end......
I Like When Adam McKay Makes Rated R Movies Like Drama Biopics With Christian Bale 2 Movies Based On A True Story The Big Short And Vice!
If they made a billion dollars, why didn’t they set up funds to help the new homeless and poor from the fallout? Or did they donate?
2022 is gonna make 2008 seem like nothing.
How so?
@@ernestohernandez116 Because the petrodollar is failing as we speak and is being dismantled. When it ends entirely, US treasury markets collapse, and all those dollars that we exported come home with the real inflation attached. New dollars for servicing the debt will no longer be exportable. The entire US dollar will crash into hyper-inflation. It will be the biggest monetary shock in history.
@@ernestohernandez116 sit back and watch. You’ll see
@@imsmitton do you think it’s to late to start investing?
Maybe 2024 huh
✨AMC 🦧 2021 ✨
When it keeps on raining......
If you're here come join the fight. The squeeze is back on AMC to the moon!!!
Came back just for this. #AMC
The only way Baums grief and regret mean anything is if he takes a good chunk of that money and uses it to help people who got screwed. Otherwise he’s just an emotionally fragile hypocrite.
Goddamn good point
not really, he took advantage of the fraudulent banks, not the people.
Credit default swap means that the swap buyer will pay the swap seller the lost principal and interest in the event that a borrower defaults (in exchange for fees of course). It’s a method of transferring risk, kind of like insurance. The buyer pays quarterly fees, but they are insured IF a default occurs. Baum used the swap to protect against a housing crash, and the money came from the swap sellers… not the borrowers. By closing his position, he was forcing the swap sellers - people who were so confident in the bubble and profit machine to keep going forever - to pay up. The crisis wasn’t his fault, it was theirs. He was just smart enough to see it coming, and they were silly enough to agree to a swap.
For some reason I occasionally get obsessed with finding locations of stuff in films or videos on Google Earth. So I can tell you that Steve Carrell is on the roof of the building on the corner of West 83rd and Central Park. To be honest, this wasn't a tough one to find.
Happening all over again.
Only they pumped out trillions to keep it going twice as long so it will crash twine as hard this time around. If my more
Key point- "they weren't being stupid, they just didn't care"
They knew the government would bail them out from the beginning which played it's part into it.
The government didn't bail them out, the Fed did, and the Fed is private. Then the people paid for it.
@@christianvachon2235 To say it is a private institution is a very strong way of putting it. It still doesn't discredit what I said. They knew they could do this with zero consequences since an agent like the Fed or the government would bail them out.
Was this not the case they would likely not structure loans this way.
@@bencheveryday I am not discrediting what you said; sorry for that.
You're right: of course they knew someone would save them. They really didn't care. But the Federal Reserve is a private independent entity. They orchestrated this - going to the White House just made it appear legitimate; like putting vomit in fine dinnerware.
Beyond not structuring that way, even the way it is presented, you find out who really leads. The private Fed went to the USG with a ready made plan and got the president of the USA to sign on it, making the citizens pay for the mistake of the bankers. Very disturbing....
@@christianvachon2235 my point is the "it's because of capitalism" completely ignores the fact that these elements do not exist in a free market model
@@bencheveryday Great point! You're absolutely right!
go to jail that's funny!
Interest rate buy downs is the new variable rate mortgage.
and now credit suisse needed another bail out / buy out - just two days ago.
goverment debt = ♾
Can anyone explain why the banks bought the swaps. The guys sold the swaps because they thought the banks would become insolvent and wouldn't pay. Why did the banks that bought the swaps not think like this?
To save face.
@@2jcward i don't know what that means. Banks care about money and since they caused this collapse nothing you can do can save face
@@testsubjectzz As an agreement if banks did not buy it then they can sue them and it will become even more costly to the bank.
@@matheenarif8645 hey so what i mean is this. Those two guys say had 100 mill swaps they then sold it to another bank for 50million. Why did the other bank buy it because that bank is risking 50mill to make another 50 mill if they do pay. They sold it early to ensure that they got paid
@@testsubjectzz A credit default swap (CDS) consists of an agreement by one party to pay the lost principal and interest of a loan to the CDS buyer if a borrower defaults on a loan. Usually it was the bank who was the CDS buyer but in this case it was guys like Michael Baum and Dr Burry. And 50% of the bond is fixed while the rest is variable. And to your question why bank bought is because if they refused. The buyers have every right to sue the bank and can authorize the WIND-UP of the Bank.
This is all according to my understanding. I may be wrong. Though this is the best I can put it.
Always watch this after a trend reversal
Does anyone know where this final scene with Mark was filmed?
Couldn't we have used FDIC to make the depositors at those banks whole and then allowed credit unions and community banks to reboot the financial sector?
Nope. That only covers deposits. The bonds were investments.
The bonds weren't the issues, it was the bets. Like it said in another scene - for 50 million in bonds, over 1 billion was betting. They were saving the banks - the people didn't matter.
I wonder how many of the houses and condo that stripper lost..😉
Should have titled this film, “Take It in the Shorts,” because that’s what happened to your average middle class worker.
Bernanke got the Nobel!
This ain’t nothin on 2020
Nah 2008 was definately worse come on.
:cries in Rolex:
People don't get this scene. The dilemma is Mark knows about the bailout and that the swaps are going to be worthless because of that. If he sells he's (somewhat) the same as big banks liquidating their MBS's on "stupid" public when they knew they are going to be worthless.
People act like this is a tragedy but people love the drama. It's happening now and it's over and over. People are bored and everyone wants something for nothing.
Burry predicted the housing market crash and he predicted Gamestop. What's next?
Tesla
@@Thuhglegend27 I agree, overvalued stock held up by government subsidies. Tesla made twice as much money in 2020 selling credits than electric cars
US dollar collapse. Happening as we speak.
@@JH4RPlp Burry said he's no longer short Tesla, that it was a trade based on asymmetric spreads. But he did also say 800b valuation was "ridiculous."
On the other hand Tesla is doubling deliveries every year and a half, and has a higher profit margin than other carmakers.