This crash detroyed our family. We lost our retail shop, we lost our home of 20 years, and we lost our construction company. We still havent recovered fully. Mom became suicidal and dad had to come out of retirement and work a fedex delivery job. I was stuck working odd jobs for years. A terrible time that destroyed everyone.
@sterlingarcher9208
9 ай бұрын
The 2008 crash destroyed our family too. My wife and I had double job losses, both Marketing exec for the Auto industry that pulled everything back. We lost our home of 10 years because our lender Countrywide went bankrupt and would not help us due to hardship. We just got an Autism diagnosis for or 4 year old son and paid out 65K for lawyers and therapy. We sold our home in a down market vs. staying and forcing eviction. I got hired back to a competitor doing the same job, but never could recover to get back into the housing market in CA with prices going out of control. Lost my job again under Trump botching COVID. 3 years later facing agism, I'm still working ad hoc programs and on unemployment draining my IRA to supplement
@mediumvillain
9 ай бұрын
People today tend to just forget that not that long ago millions of ppls lives were wrecked, some irrevocably, by a series of faraway investment banking decisions and the awful political response to it. Most of the people who actually fucked everything up walked away, the politicians walked away pretending they saved the world, and the economic system was permanently altered for the worse via a massive upwards transfer of wealth.
@edwinwilliams1119
9 ай бұрын
I also lost my home of ten years because of Countrywide. You have my condolences it really sucks rebuilding from scratch.
@edwinwilliams1119
9 ай бұрын
@anthonyscully2998 I was in construction at the time of the crash all the jobs were gone pretty much over night.
@EdriczZ_
9 ай бұрын
Sorry but how did they manage to lose a home if they owned not only a retail shop but also a construction company? Assuming both had employees?
@Jim-yn9rm
9 ай бұрын
Definitely also worth watching Margin Call which tells the story from the perspective of an investment bank at the start of the financial crisis. Incredible cast with Jeremy Irons, Paul Bettany, Zach Quinto, Demi Moore and others. Put together with The Big Short it really helps understand the whole 2008 crisis.
@seekfirst817
9 ай бұрын
How about "Too Big To Fail"
@wudruffwildcard252
9 ай бұрын
Yeah I really hope Margin Call comes too.
@artboymoy
9 ай бұрын
It's a decent movie but I feel The Big Short is much more entertaining and cuts to the point. The banks got greedy. They need to create laws and rules and the banks just need to be able to play in that space, but slowly they're pulling back those regulations and we saw it happen with that one bank a year or so ago...
@joefrog91
9 ай бұрын
I was working at Wells Fargo Institutional Trust Services at the time. I remember walking into work that morning and being told to direct all calls to corporate legal. Watching Bear Sterns fall in real time was surreal. Next was the Fannie Mae and Freddie Mac deals and then Lehman Brothers going bankrupt. It was wild. We kept wondering if we would be next. I was so stressed out by the end of the year that I got out of the financial industry.
@wozzablog
9 ай бұрын
@@seekfirst817 excellent shout on Too Big To Fail. I ad come here to say that. Excellent cast and very well done.
@kevinnguyen3680
9 ай бұрын
Mark Baum is based off Steve Eisman, whose personal life tragedy was changed for the movie. Instead of his brother commiting suicide, his baby son died after his nanny rolled on top of him during sleep. In the scene where Burry asks for the banks cups, apparently he was thinking the Banks would collapse so he thought they would be a cool souvenir/keepsake to have.
@breaker6683
9 ай бұрын
In an alternate universe, bank cups would soon become the new trade commodity, he was just getting ahead.
@ADifferentVibe
9 ай бұрын
You can say Burry was mugging them...
@RideAcrossTheRiver
6 ай бұрын
@@breaker6683 Remember, Burry is now shorting water.
@tunaonwhitenocrusts
9 ай бұрын
The fun thing about the mugs - he's not taking free mugs.... he's collecting trophies. He knows once the defaults happen, the mugs will probably be all that's left.
@actioninmyphannypack
6 ай бұрын
He was mugging the companies
@Jonathan-cm4ew
3 ай бұрын
Lmaoo literally mugging them for billions
@DiamondRain184
3 ай бұрын
I wanted to see them all in an office cabinet. Especially in his moment of doubt, and him just seething in rage at the corruption. When he left at the end, he should have put them all in a box and walked out.
@oscaroscuro
Ай бұрын
they're like skulls of his slain enemies, pretty hardcore
@paulhewes7333
9 ай бұрын
This isnt a movie about the economy. It's a horror movie. One of the scariest ever made.
@Kevin.Costner.
9 ай бұрын
and we learnt nothing lmao
@jblitzen
9 ай бұрын
I think of it as a disaster movie. It checks the boxes of one.
@darlingimscared
9 ай бұрын
He doesnt mean its literally a film belonging to the horror genre he's been hyperbolic and I agree it's a disaster film @jblitzen
@shediva5705
9 ай бұрын
Dunno, Idiocracy is pretty scary as well ❤
@BarryHart-xo1oy
9 ай бұрын
Very true.
@NHNuisance
9 ай бұрын
The 4th wall breaking is used in order to constantly pull the viewer out of just passively watching a movie and serves as a continual reminder that this really did happen and still needs to be addressed.
@Rocket1377
9 ай бұрын
So why was Margot Robbie in a bubble bath? Was that intentionally supposed to distract us from what she was saying?
@NHNuisance
9 ай бұрын
@@Rocket1377when did I say “distract?” I said it’s used to pull the viewer to pay attention.
@Fungo4
8 ай бұрын
@@Rocket1377 Yeah, imagine if it were some economics professor or media pundit. People don't want to pay attention to that.
@RideAcrossTheRiver
6 ай бұрын
@@Rocket1377 Water is the warning in this film.
@laus3543
5 ай бұрын
@@Fungo4 This is almost the main joke of the scene really. It's info EVERYONE should know but normally find too boring. I thougnt the scene with Mia Kunis gambling and people taking on the sidebets was another way they used that technique to teach a boring subjedcg.
@DavetheGrue
9 ай бұрын
One of my favorite examples of great writing happens in this movie: it explains to you how big a $15 billion exposure is not by weighing the script down with exposition, but just have Mark frame the question by asking '3? don't tell it's more than 4.' Just like that, you understand it's huge.
@CALISUPERSPORT
28 күн бұрын
It was great acting by Steve Carrell how he acted annoyed when Kathy said she couldn't share that info. It portrays "screw all the guidelines and formalities, this is Armageddon, I caught you guys in a lie, and you need to tell me right now"
@seekfirst817
9 ай бұрын
Steve Carell showed range in his acting, really liked his performance.
@pistonburner6448
8 ай бұрын
What? I can't see any difference between his role in this and his playing Brick in Anchorman... (Just kidding!)
@AK-pw3oq
8 ай бұрын
@@pistonburner6448 it's just Michel playing his finance guy character 😂
@axr7149
17 күн бұрын
The MVP for me was Christian Bale, who really nailed some of the mannerisms of someone on the autism spectrum (which Michael Burry (the guy Bale is playing) has been diagnosed with). Having been diagnosed myself, his performance hit especially hard for me. I'm so glad he got nominated from this cast.
@jfryk
9 ай бұрын
So incredibly well edited, George. Best reaction on KZitem for this film now.
@quinardosoto977
9 ай бұрын
My parents moved from Colorado to Las Vegas because my stepfather is a Union electrician; the lists in Colorado were so backed up that he wouldn't have gotten a job here for years, and he was smart enough to keep himself on the lists in multiple states just in case, so he got to work on the one project in Vegas that didn't get canceled, the Aria. I moved in with them after dropping out of college, the strip was dead and empty; there were the skeletons of a half dozen uncompleted hotels throughout, old downtown was gross and unclean, and every fenced neighborhood was 70% empty. My uncles meanwhile had taken the plunge a few years before and opened their own construction company after two decades of working for other people, they went under and got into a fight so big that until pretty much five years ago when the eldest retired they still didn't talk to each other.
@patrickkunze5083
9 ай бұрын
I‘m from Germany and my Stepfather and my mother both lost their jobs and we lost our house. Fortunately we recovered after 4-5 years of true hardship, it was an awful time!
@joelwillems4081
9 ай бұрын
Yes, Europe actually took much longer for their economies to recover after this mostly US housing market crash. And Germany was probably one of the first if not the first. It's tougher when government is too much in the economy already because then they have fewer ways to counter a slow down in consumerism. China is really going to rocked when their housing market collapses. 1990s Japan all over again but effecting billions of people. And in many ways, Japan's economy has still never recovered. It's why I believe China will not surpass the US, or if they do, it will be both brief and a mix of make believe governmental numbers. In the US, real estate counts for 15%-20% of the GDP. In China, it is 30%. That is almost double. So a significant fall there will wipe out tens of millions of families' net worths at a minimum.
@andrewreimer9160
9 ай бұрын
This is easily one of my top 5 favorite movies of all time. The humor, the teaching, the reality & the moral...you wouldn't expect it. "Spotlight" is a similar movie I'd recommend
@stirling84
9 ай бұрын
Yeah spotlight more serious tone but great movies. You seen dark waters with mark ruffalo? Pretty good movie also. Same sort of cover up idea
@andrewreimer9160
9 ай бұрын
@stirling84 haven't seen Dark Waters, but it's on my list now. Good looking out :)
@RideAcrossTheRiver
6 ай бұрын
You missed the film's prophecy and its advice. It's mentioned but once ... but it's in many scenes.
@chrisfoster27
9 ай бұрын
I was in Vegas right after it. I saw some houses going for under 100k. Our cab driver was a realtor. There were Wall Street protests around the U.S. that unfortunately changed nothing. Canada was doing fine financially and got dragged into the recession like many other countries around the world.
@bryanr8897
9 ай бұрын
When the US sneezes, the rest of the world catches a cold.
@MrHarbltron
9 ай бұрын
Canadian financial regulations were far stricter so we didn't feel the blow as hard as others, but it still hurt. We just refused as a nation to be bullied into loosening our financial system.
@CALISUPERSPORT
28 күн бұрын
Occupy Wall Street unfortunately was sabotaged, because it was the first time in our lifetime that Americans started targeting the entities truly responsible for corruption, mass exploitation and profiteering. The banks literally coordinated with the FBI who labeled OWS a terrorist organization. It was our peaceful version of a medieval peasant revolt and we were crushed by the tyrants. Our founding fathers would be sick to death if they could have witnessed that.
@fallofcamelot
9 ай бұрын
Margin Call is a great companion movie to this one if you haven't seen it. Absolute powerhouse of a film.
@aqeelsabb8292
9 ай бұрын
'Inside Job' (2010) is a fantastic documentary, narrated by Matt Damon, that goes into detail about the whole mess.
@FutureKnut
8 ай бұрын
The director of that documentary made an earlier one on the US-Iraq war called 'No End In Sight', not related but also worth a watch. The incompetence of the US adminstration during that war was breath-taking, like 'holy shit' level incompetence.
@RideAcrossTheRiver
6 ай бұрын
@@FutureKnutWell, the world enters awesome-level incompetence with an 'Honest D' win this year.
@Awhmanitsdanttv
9 ай бұрын
That question ..I immediately got flashbacks to my dad and I experiencing homelessness together, Sleeping in his car. Eating dinner from the vending machine at his job, showering at family’s houses. Eating expired bread we found when our cousin took us in and ripping the mold off. My dad being so proud, Where our cousin would make dinner and offer us to come up and he’d say no. And we’d eat cafeteria sandwiches he got from work
@Un_Debunkable
9 ай бұрын
I was 22, and had just started my trucking company. Diesel was like 5 bucks a gallon. My older brother and his family's house was foreclosed on by Country Wide even though they had offers for a short sale, Country wide wouldn't accept and foreclosed. Other than that, most of my family was fine, and my brother and his family bounced back and are doing fantastic now...If you've ever watched a movie and then watched it again and picked up on things you missed the first time, the Big Short is one of those movies. Even though they really tried to keep it simple and explain everything, it's still a movie you almost have to watch again to catch it all and understand it all. I also think it's an extremely important movie for people to see and more importantly understand.
@artenger
9 ай бұрын
The incredible irony of the American Securitization Forum annual meeting that happens in Las Vegas always was the icing on the cake. This movie radicalized me.
@jfryk
9 ай бұрын
I'm sad it's so lacking in reactions compared to Wolf of Wall Street, but I get it.
@artboymoy
9 ай бұрын
Yup. Totally made me a Bernie and Elizabeth Warren fan for sure.
@Dularr
9 ай бұрын
Curious. This happen because of radical liberal banking policy. The radicals attempted social equity through sub-prime lending. While attempting to prop up the economy with bad loans. The failure was moving away from conservative lending policies.
@johnbrown8570
9 ай бұрын
@@artboymoy boring for liberal Democrats is not radical at all.
@cthulhuwu_
9 ай бұрын
@@artboymoy Good place to start but keep looking left. You might find some more, shall we say, effective political figures to appreciate.
@Cotsos88
9 ай бұрын
I'm from Greece, so just like Brad Pitt says in the movie, we were done but our governments still pretend we're not.
@xcmvp2007
9 ай бұрын
I'm not a big Ryan Gosling fan, but I love his line reading of "I'M JACKED TO THE TITS!"
@rayceofhistory
9 ай бұрын
It bothers me deeply that not many people understand what happened. It’s not as complicated as it’s made to seem, not at its roots. And you don’t have to understand every corner of it to get the idea of what happened. But understanding what happened gives people a better idea of the world they live in.
@BarryHart-xo1oy
9 ай бұрын
Very true.
@rayceofhistory
9 ай бұрын
@K.C-2049 Matt Taibbi has a great quote about writing his story about it right after it happened. It’s something along the lines of “as a finance story I couldn’t wrap my head around it. When I started to view it as a crime story it started falling into place.”
@veeli1106
9 ай бұрын
@K.C-2049”Normal People” enables this to happen when they vote for ever-more government-deficit spending.
@TomVCunningham
9 ай бұрын
"Margin Call" and "Too Big To Fail" round out the 2008 financial crisis trilogy. Also "99 Homes" and "Inside Job" are a good watch to get an expanded view.
@pistonburner6448
9 ай бұрын
Thank you so much for doing this! I might be a bit of an outlier because I'm an economist and was in a major banking centre of the world learning finance industry security, but this is like p0rn to me. I could watch this every day. I don't know how many times I've watched this movie. For sure it's high praise when industry insiders love the movie about their industry instead of the usual which happens to other movies: insiders hating so many things ridiculously wrong in the movie. They got things right in this one, it was smart not to go in too deep into details, they sort of had different people _represent_ different institutions and characters. I literally know people exactly like almost every one of the characters in the movie...well, a few I've only known of from afar. And a few I've luckily not bumped into in those exact roles. I'm fortunate to not have mingled with insurance brokers. I rarely cry in movies but by the time they get to moving on from the insurance brokers I have tears in my eyes. (Not happy tears) (BTW the insurance brokers are doing wrong but they're not the worst people as they're simple salesmen just like most scammer-salesmen in all industries. They're the little guys you can't really blame...that much. The big guys want them to do exactly what they're doing, they set up the game for the little brokers exactly how they wanted them to act. Brokers do what they're allowed to do.)
@Quallenkrauler
9 ай бұрын
Writing this before watching: In 2008 I was 17 and in school. And in Germany. The way it affected me personally was just that I saw stuff about it on the news and learned about it in Social and Economics class. Can't say that much of it stuck. I just remember that it started with a US real estate bubble bursting and granting loans to people who never should've got one. My family wasn't really affected and neither was my extented family. But I have to add there that my entire extended family is upper middle class, as were my friends' families. I don't think any of them were really badly affected. Also (I think) Germany made it through the crisis pretty well, a lot of countries were much worse off. So yeah, going into this one almost as blind as Simone, let's see if I remember school correctly. Edit after watching: I guess I remembered the gist of it. We never went into all the details, probably because we didn't know about it at the time. All those terrible consequences....we just didn't feel them in my socio-economic bubble in 2008 Germany. Sure we learned that something bad was going on with the world-wide economy but to me it was never close enough to encourage more than a general "Fuck those bankers" attitude.
@DaltonXMusic
9 ай бұрын
I was very young at the time, almost a teenager, so I personally didn't understand the effects, but felt them. My stepdad's mood changed. Luckily, he bought the house a few years before this. He was into these home projects, gardening, the like. In 2008, it just stopped. He was working longer hours, yet getting less clients. My mom was working odd hours at this point. Tensions were high and eventually a divorce (there were other personal reasons of course). My best friend in the neighborhood moved out of city, yet his parents owned a business close by. I went to the most underfunded school in the area. A lot of my friends were just gone. It was so quiet.
@pixelsandmagic
9 ай бұрын
I'm from Zimbabwe. When the events of this movie took place, our economy was already in a death spiral due to bad governance. By '07, our currency was all but useless; supermarkets and grocery stores only had toilet paper and nothing else. However, 2007-08 was the worst and still is the lowest point in the history of the country's economy. I had always wondered why 2007-08 was so especially bad until I watched this movie. Very few countries on Earth were spared the effects of the Global Financial Crisis (GFC). Because we were already going through our own economic depression, we barely noticed when the GFC started but eventually we felt it halfway across the world. Hence, seeing how the crisis-affected people in the USA is quite interesting and sad.
@docmetal8194
9 ай бұрын
Love this movie! I was involved in commercial real estate during this time and a restaurateur. 6 weeks before the s#*t hit the rotary device, I was able to sell my restaurant. Thank God! As a commercial realtor and business broker, I had several deals fall through because banks and other lenders had started to hold back or negate previously approved loans to potential buyers and those who wanted to lease. Keep up the great reactions!
@SamFerguson
9 ай бұрын
I was "lucky" during the 2008 collapse. I was young-ish (29), didn't own a home or anything, and had a very unimportant IT job with one of the state governments here in the U.S. The job didn't pay a lot, but it was stable, and had good benefits. I may have left that job for greener pastures, but for a couple of years there...there were no greener pastures. I have a lot of friends who really struggled during that time, stringing together contract gigs for a few months at a time (at most), with no real security. And they were the lucky ones, because even though it wasn't easy, they could still keep a roof over their head.
@LogicalNiko
9 ай бұрын
I feel your pain there. I was almost in the exact same position. And pretty much just got stuck in a dead-end but still stable position for many years. Stalled probably the best time for career growth to just keeping your head down for 5 years. But better stuck than struggling.
@IntenseSarcasm
9 ай бұрын
Check out the movie Margin Call, it's about the same 2008 crash but from a banks perspective. Great film and has some excellent performances from Kevin Spacey and Jeremy Irons.
@xXBlackIce7Xx
5 күн бұрын
when he takes the mugs, he is literally mugging them. always loved that analogy in the movie.
@andrewgrant6516
9 ай бұрын
There's another movie about the crash called "margin call", a compelling watch about how the system makes sure it wins even when it loses.
@dyldog
9 ай бұрын
I just turned 6 around the time the financial crisis started in 2007, I vaguely remember anything concrete, but I do remember I started getting hand me downs from the neighbor’s kid from 2008-2012ish, we started buying a lot more food in bulk and spreading it out over long periods of time, like multiple 50lb bags of rice in a closet. A bunch of our teachers got laid off due to budget cuts. It was a sad time
@PelosiStockPortfolio
9 ай бұрын
The financial crisis hit a few years into my first job after college. As a young person with a well paying job who was looking to buy a starter house back then, I saw how absurd the affordability issue was, and I watched home prices just keep going up. I got pitched all the zero down, adjustable rate, negative amortization loans there were. I knew it was all a bunch of shit, and prices had to crash. I was able to short home builders and financial stocks through the ETFs SKF and SRS, but I didnt have a whole lot of money to make anything significant. In the end, when the government bailed all the banks out, my positions got crushed and I ended the whole fiasco with no gain or loss, but I did learn a very big life lesson in how to buy and sell stocks
@placebo5466
9 ай бұрын
I joined the military in 2008. The amount of people who came in shortly after due to losing their houses and jobs was nuts. Right around the time of the surge in Afghanistan.
@Binary79
9 ай бұрын
A great follow up to this would be "Margin Call" which shows in closer detail what companies actually did to trigger the collapse. Great Writing and a star cast.
@lobachevscki
9 ай бұрын
The reason he was collecting mugs is because he knew there was a huge chance all those firms would disappear after the crash (most indeed did) so he took a souvenir of the soon to be dead firms. He was collecting trophies of his hunt.
@RideAcrossTheRiver
6 ай бұрын
It's a metaphor for the prophecy of the film.
@christopherdale1745
9 ай бұрын
I feel like this movie has just the right amount of lighthearted content to address such a touchy and complicated subject.
@zeus5678910
9 ай бұрын
Yes, Margin Call is also a good movie about the 2007 housing crash. In 2007 I was working at a large insurance company that had a lot of mortgage backed securities on their books. I left just before the mortgage crisis and that company took a huge hit when those bonds failed. Most of the people I worked with were gone in a year and the company itself downsized drastically. I remember how confident everyone who traded securities were about how secure their jobs were , bragging about the big houses they had and the expensive cars they drove. I left because the corporate culture there was really turning toxic and I just had had enough. But even so a lot of my work friends suffered in the collapse and had to move to find a new job or lost their houses.
@camerondemarco1150
9 ай бұрын
This is simply one of my favorite movies. I loved how you two appreciated the well executed balance of difficult information with comedy. Truly makes the movie palletable and allows me to recommend it to anyone.
@kingfield99
9 ай бұрын
This is a great movie, up there with Moneyball for a film about a subject I knew nothing about previously but came away from feeling both informed, amused and infuriated.
@nexusjz
9 ай бұрын
both films adapted from books, written by the same author (Michael Lewis)
@doctornick0
9 ай бұрын
One of my favorite movies is the one that looks at this from the other side, from the inside of the I-bank that finally realized the crash was inevitable, and what they did on the night their analysts discovered this (and day after) that started the October 2008 sell-offs. It's called "Margin Call", and there are about 5 or 6 actors in that movie that could have legitimately won the Academy Award for their performances, one of the best-acted movies of all-time. It's not Lehman, they were already dead when this happened (they went Chapter 7 back on September 15), this bank actually survived intact because they were the first to dump.
@machineoutlivestheman1192
9 ай бұрын
My wife and I were lucky enough to keep our jobs during all of this. Around this time we decided to refinance our home. Our loan officer lived in our neighborhood and at the time tried to talk us out of a conventional loan (15,30 yr) and into an adjustable rate mortgage (ARM) which was an even lower interest rate but much riskier longer term. When we said no his response was “come on all of your neighbors are doing it”. Our thought was it seemed too good to be true and our neighbors were mostly idiots. They were bragging to everyone about getting a loan on stated income alone. One of the best decisions we ever made was to stay with the conventional loan. A whole bunch of people in that neighborhood lost their homes to foreclosure, including the loan agent.
@Shabutie13
9 ай бұрын
I graduated from college in 2008 with a degree in Computer Engineering. During this collapse the amount of jobs in my field that were outsourced was staggeringly high. I was going to job fairs at 21 years old competing for entry level positions that remained against 40 year old people. I ended up just finding a local place where friends worked and did data entry to make a living. I ended up staying with that company for 14 years until they laid me off. I now work for a similar company that I'm enjoying, but can't help think that my entire career trajectory is due to this event, for better or for worse. I now work in ETL/ Data Analytics/ Dashboard and Reporting, I wonder where I would be if none of the events of this movie happened. I also realize how lucky I am that I still ended up where I am compared to a lot of others.
@pluflop
9 ай бұрын
I was in college during this time, while nobody I knew was directly devastated like many people, we all felt the pinch. Probably the biggest catalyst for my radicalization, as prior to that I was closer to a centrist. Ended up marching in Boston as part of Occupy.
@MrZeek1519
9 ай бұрын
The 88th Academy Awards was such a great year for Best Picture nominations. Not one picture didn't deserve recognition in some way. "Spotlight" needs to be on your must-watch list as well. As for The Big Short, it balanced the 2008 crisis with fantastic storytelling, direction, education, comedy, mostly factual history, and great acting. Awesome movie that is far better than the credit it gets IMHO.
@joeconcepts5552
9 ай бұрын
This was such a fun, great way of explaining a complicated subject to people while keeping them entertained. Hard not to take notice when Margot's scene comes on.
@chicagoartistjon_3000
2 ай бұрын
I live near a railroad track. I remember there was a steep spike in deaths of pedestrians at the crossings. Going from like 1 every other year to 10 in 2 months.
@keyserxx
9 ай бұрын
We're still living it. Councils have been underfunded for 16 years are now starting to run out of money and going bankrupt. It used to be called austerity, but that makes it sound like it should only be temporary, except so far it's lasted 16 years and seems to be getting worse not better. So far it's affected at last 1 generation, maybe more to come. bummer.. now here's Carol with the weather. Wall Street film is also good btw :)
@bradspitt3896
4 ай бұрын
Lol I thought you wrote councils have been underfucked.
@1938superman
9 ай бұрын
12:04 That happened to my wife and I. We were renting a house and our landlord lost the house because they got behind on payments. Luckily, at least for us, the trustee who bought the house wasn't interested in trying to sell at that time (since the market was still so bad) and they wanted to continue renting to us. But obviously a lot of people weren't that lucky.
@projectmertle9625
9 ай бұрын
I was a month away from getting married when this happened. I was laid off the week before christmas, and unemployed for the ceremony. That was one of the worst and best times of my life, all rolled into one. I'm a Xennial, and it just seems like my generation keeps getting hit by crisis after crisis every few years. Eat the rich, bring on the guillotines, they have forgotten why they should fear the people.
@maloxi1472
9 ай бұрын
If you truly believe that "the rich" are the issue, then you haven't been paying attention
@bararobberbaron859
9 ай бұрын
@@maloxi1472 The rich, as in, those lobbying to ensure crooked people uphold crooked laws? Very much ARE the issue. Don't spend on mental health or prison reform or de-ghettoing or the utility network or healthcare or fairer working conditions, because that all comes at the cost of the richest of the rich not making ALL the profit.. Pretty sure you can trace back anything wrong with the country to someone or a group profiting. There's a reason y'all have so damn many prisoners per capita, because companies make profit on prisoners. Health is somehow a commodity in the US, and as such is also overpriced AF. Rich people caused a lot of the underlying issues by wanting to be richer yet. If you can't tell, then my guy, you haven't been paying attention.
@projectmertle9625
9 ай бұрын
@@maloxi1472 Seems like nobody agrees with you moron, enjoy licking those boots.
@matthewgillies7509
9 ай бұрын
I watched this unfold in slow motion as I'm plugged in to the news. I had to leave university, move home, and finally got a job at Walmart after being unemployed for two years. I was lucky, and got in a new store that had just been expanded, and where I ended up was the only county in the entirety of Ontario (and the whole of Canada east of Alberta) that actually had businesses hiring. Most of my coworkers had lost their 20-30 year jobs in factories that had shut down.
@doctaflo
9 ай бұрын
25:58 -- "i wonder if the actual people are in this movie playing other roles" Michael Burry cameos as a Scion employee
@fsustu2393
9 ай бұрын
Along with "Too Big to Fail", this is one of my favorite realistic modern horror films. All the monsters win.
@313sib
9 ай бұрын
The portrayals of the real characters are surprisingly realistic. Christian Bale met the real Michael Bury and even borrowed oms of his clothes and wore them.
@jmwild1
9 ай бұрын
Too Big To Fail is another good film about the collapse, though its timeline is after everything was hitting the fan and the banks were trying to hide it (starts in early 2008). William Hurt plays Treasury Secretary Hank Paulson and there's a stacked cast.
@matthewdunham1689
9 ай бұрын
I was out of work for 4 years. They were very hard times.
@jeremybaumeister215
9 ай бұрын
I was lucky in 2008. My job is essentially recession proof. This movie is absolutely hilarious. And pretty scary
@RideAcrossTheRiver
6 ай бұрын
Nothing is economy-proof.
@bbtboyMN
9 ай бұрын
So glad good reactors are watching this
@ljmickey4167
9 ай бұрын
This is one of those movies that gets under my skin. The greed of those bankers, who didn't care is something out of this world. I try not to wish ill will to anybody but I have no sympathy for any of those politicians, lobbyists or bankers who knew what was gonna happen and did nothing. Sorry for the rant. This movie is something else.😁
@RideAcrossTheRiver
6 ай бұрын
The opposite happened in Canada. The far-right government seized the opportunity to keep most of the population out of the housing market.
@mattgarrett2583
9 ай бұрын
I remember that .. I moved to England in 2008, just before the collapse. My mother had an anualty (sp) with everything she had saved her entire life in it.. around 80K, in 2008 she hemoraged, it dropped to about 50K USD, she was crying her eyes out thinking everything would be lost, and if it hadn't been for the bailout she would of lost it all. I told her to hold, wait, and that it would recover.. thankfully she listened, and it did because of the bailout for the banks.. they got rich, CEO's got massive bonuses, we all were outragged.. but eventually it climbed again. She's over her original savings, but not nearly as much as she should of been without the crash. But enough to where she stopped wanting to kill herself every week. So there's that...
@John-ir4id
9 ай бұрын
I was in my early twenties when this all went down. When people ask why I don't own a home or have kids or investments, I point to this film. Watching my family and my friend's families go through this - losing their jobs, losing their homes, even a few suicides for good measure, etc. - put me off the rat race and trying to be middle class. Nowadays, I don't have much but I am secure and what I do have is mine.
@lenm126
9 ай бұрын
I was the same way. Did not buy a house in 2005-2006 and my friends and family were making fun of me for not getting in the market. I couldn't understand why the home prices were increasing when there were no new jobs, no outside investment and people buying homes who couldn't afford it were allowed to buy. It did not sense to me but I was not astute to figure it out. I just stuck to my conservative plan to save money. After 2008 all those friends and family that made fun of me lost their homes, savings, and some lost their jobs as realtors (so they can flip homes).
@RideAcrossTheRiver
6 ай бұрын
TWO recessions hit Gen X. Never had a chance.
@John-ir4id
6 ай бұрын
@@RideAcrossTheRiver Oh, stop trying to win the pity olympics. Your generation caused the recession of '08. Young, dumb professionals trying too hard to be middle class and passing the buck onto my generation when it went all went tits up.
@John-ir4id
6 ай бұрын
@@RideAcrossTheRiver and Gen X banker bros turned around and screwed over my generation...
@RideAcrossTheRiver
6 ай бұрын
@@John-ir4idNope, boomers did that to you. Gen X never got that far.
@ReverseFlash23
9 ай бұрын
My oldest brother was in the ICU in a coma from a horrible motorcycle accident & fighting for his life. I was in 5th grade - my dad told me he didn’t have time to pay attention to everything that was going on, but once he was able to, he saw his 401k was cut in more than half. He’s president of a small engineering firm, and he somehow had everyone agree to take massive paycuts, and just survive through it, and it worked out. He didn’t have to lay anyone off.
@burgeeburger9328
9 ай бұрын
George’s “previous work in Vegas” sounds verrrrry interesting 😂
@jesseh8554
9 ай бұрын
The craziest part of it all is that my family lost their savings because of this and then we, the taxpayers, then bailed out the banks 🙃
@Shadowfax-1980
9 ай бұрын
I worked for title insurance company and closed a lot of subprime mortgages from 2004-2006. The mortgage brokers’ attitudes in the movie were pretty accurate to actual brokers. It was a crazy time.
@badprotocol1105
9 ай бұрын
Christian Bale claims to have NEVER gone to the gym before American Psycho and he was in incredible shape for that character.
@rocksteadyboxingwilliamsbu9109
9 ай бұрын
I was a mortgage processor in 2000-2003 and then worked for some small mortgage companies until 2005. It was not a secret, everyone knew what was going on and that it would end badly. We just did not know when or how it would end.
@Reybenn
9 ай бұрын
My dad lost his tech job around this time and was unemployed for a couple of years. I was in college then and when I came home for the summer, I couldn't get hired at any of the 40+ fast food or chain restaurants I applied to because they were already filled with all the people who had lost their 9-5 office jobs. I never connected the dots as to why all this happened until much later.
@Kashmir4455
9 ай бұрын
As grim as the 2008 recession was, I also do find it a fascinating moment in history. Margin Call is also another great film about the collapse in the pov of a bank. Too Big To Fail is also another one that focuses the collapse on the federal government side. Hell even Vice did a doc about it with HBO.
@doughbafett
9 ай бұрын
Margin Call is incredibly underrated. It's basically a 2 hour depiction of what Charlie and Jamie are describing to their a-hole reporter buddy at the WSJ who refuses to look into their claims.
@Kemper1970
9 ай бұрын
You guys should check out Margin Call. It's a fictional but realistic look at a similar financial collapse with an all-star cast that is also infuriating but mesmerizing.
@Kickinthescience
9 ай бұрын
Simone representing the right characters in the thumbnails
@quietreason8679
9 ай бұрын
Two of my really good friends started a business together in 2007. They pooled their money, and took out a big bank loan to buy some houses that needed fixing up. They spent almost a year working on those houses, and then just before they were ready to rent them out, the crash came. Housing prices tanked, and nobody would pay the rent they needed to cover their mortgages. They lost their business, they lost their own homes and by the end of it they were still over a million dollars in debt.
@sydhamelin1265
9 ай бұрын
I was in mortgage loan originations during this time, and saw my company shut down. I switched back to retail banking, in management, and had a run on the bank I went to. A serious run, millions of dollars being wired out in no time. Then that bank got gutted, and I was laid off again.
@Rufus6540
9 ай бұрын
Great reaction and I get your frustration with the system. My wife and I used to post-date checks to pay bills and prayed they didn't get cashed all at the same time. Our first time filing taxes as a married couple nearly killed us financially. We went back to our apartment and made hot dogs (the only thing we could afford). Every year after that we referred to any financial situations, like the housing collapse, as a hot dog or non-hot dog days. Flash forward a couple of years and we discovered Dave Ramsey and our lives have completely turned around. I highly recommend him not for his sparkling personality, but because his program flat out works.
@mooncaketin
9 ай бұрын
Luckily I didn't know anybody affected by the 2008 crisis, but it made me realize how little I paid attention to economic news up to that point. I watched a few Frontline episodes on PBS dissecting the crisis, and one of them included an audio clip of the guy Steve Carell's character was based on calling BS at that Las Vegas meeting, just as Ryan Gosling's characters pointed out @18:15.
@jeremyedwards1093
2 ай бұрын
At 21:25. The billboard of Martin Short. Makes me think, “ oh, the “ big” Short?”
@grdebustos
Ай бұрын
The counterparts to this movie are ‘Margin Call’ from a Banks’s perspective and ‘Too Big To Fail’ from the US Government perspective.
@MarcPagan
9 ай бұрын
From one with an Economics and hedge fund background ...the kindest thing I can say about this film, which is enjoyable, regarding its accuracy? This movie incorrectly repeats the debunked causes of the Financial Crash, promoted by Leftists. People ignorant of the financial system, or those unfamiliar with the basic hard science of Economics. The real causes of the crash: 1 - The Federal Reserve - mispricing the cost of money 2 - The Federal government - The Community Reinvestment Act. Which requires banks to loan to non-credit worthy people, if they're not White or Asian. 3 - The rating agencies rubber stamping complex derivative products, containing a range of product qualities ...as uniformly, high grade.
@jddrew00
9 ай бұрын
The real Michael Burry has a cameo for a split second when the angry investor comes in to yell at Bale's character.
@Onlytheclouds
9 ай бұрын
This movie is so overlooked lol. I absolutely love it and appreciate when people post reactions to it.
@jdanon203
9 ай бұрын
Margin Call was another good movie about this that came out around the same time. I guess it's like every disaster movie - there always has to be two competing ones that come out almost simultaneously.
@IndyTravelGuide
9 ай бұрын
You should really watch "Margin Call" now - it's a snippet of one night at one of the banks when the crash happened - amazing cast!
@OneAndOnlyOmar
9 ай бұрын
I’m glad you guys reacted to this!! I always thought this wasn’t worth watching until I finally did. It was great, I mean the subject of this is not a good thing but movie wise it’s a very great and well done movie
@TJMiton
2 ай бұрын
this movie is so well done.
@Downtime-33
9 ай бұрын
I was laid off as a result of these events and it took a decade to get back on my feet. I think a big reason they are allowed to get away with things like this is that too many people just don't understand the subject matter. This is a fantastic movie as it takes concepts and terms that are meant to intimidate people into looking the other way and making them accessible. It's an important step towards preventing this sort of thing going forward.
@ptfcgee
9 ай бұрын
Of course they're doing it again, when you control enough capital you make money from the highs and the lows. All those properties that people lost didn't disappear they were repossessed then sold again for profit. Business were hoovered up for pennies on the dollar and added to portfolios or sold off. My parents owned a small hotel, the bank screwed them over withdrawing an agreed loan during the crisis forcing them to sell. The occupy wall street movement was a step in the right direction but didn't go far enough.
@ski6913
9 ай бұрын
I’ve been waiting for you guys to do this one, especially given George’s love of data and competent people being competent! One of my favorites, though I can only watch it every so often because it’s so upsetting.
@RABrillantes
9 ай бұрын
12:30 oh Tracy Letts was the Ford guy in Ford v Ferrari. He’s like a good supporting actor like Chris Cooper.
@TheHitchboy
9 ай бұрын
OMG FINALLY! I've been waiting for this reaction from you for ages!
@nexusjz
9 ай бұрын
Not sure if it was mentioned but both this and Moneyball were adapted from books by Michael Lewis -- his other books are definitely worth checking out too
@pedroV2003
9 ай бұрын
One of the best movies I've seen in the last 10-15 years and one of the saddest.
@sntxrrr
9 ай бұрын
Please also watch ''Margin Call', same crisis but told over a period of 24 hours (I think) inside a single bank. From what I have heard the portrayal of the people working for the bank and their attitudes is very accurate.
@gilbarajas7615
9 ай бұрын
I worked for Countrywide at that time. I was in foreclosure management and was pretty much the last attempt to keep people from losing homes. However a year and half before i saw that these ARM loans were not going to be feasible and also that fraud was pretty rampant. I jumped ship two months before it all came down, i had seen it was going to be bad and nothing i could do for those people that were losing their homes, especially those older people on fixed income. Horrible situation.
@TheJabbate1
9 ай бұрын
I graduated high school in 2008. I didn’t feel the effects until after college when no one was hiring. I moved to Florida to live with my parents during the job search. No one would hire someone with no experience and everyone wanted interns but because of a dumb Florida law that neither I nor my parents knew about, I wasn’t qualified for the damn internships.
@TetsuoVI
9 ай бұрын
Great reaction! Although some liberties were taken for the sake of the cinematic format, it's pretty accurate to the book it was based of the same name by Michael Lewis who is known for being more accurate than not. If you would like a movie about the perspective of the banks during this same period, I highly recommend Margin Call. While the bank and characters are fictionalized, the scenario closely matches what actually happened within several banks, especially Goldman Sachs. The educational component is less explicit and more baked into the character exposition but the cast and performances are just as excellent if you're into stomach churning drama. Speaking of, if you want to see another amazing role where Steve Carrell melts into the character then add Foxcatcher to your list. Chilling.
@turbulentlobster
9 ай бұрын
In the early 2000s my ex-wife was working for a mortgage broker, not as sleazy as the "I used to be a bartender and now I own a boat" guys in the film, but still. One day she told me "They structure the loan any way they can to make you qualify and get their cut, they don't care what happens three years later. We are never buying a house we can't afford to put down 20% and qualify for a fixed rate." In 2006 we bought a modest house with a very conservative loan, and we sailed through the bubble just fine. But without that inside peek of how the deals got made, we could have easily fallen into the trap as well.
@artboymoy
9 ай бұрын
I bought my house in the early 2000's and went to get pre approved for an amount and they came up with 212K with a fixed rate. I had a job that paid 30K at the time and was like, yeah, I don't need that much. But I'm sure other people bought something big. Just paid off my modest home this year after refinancing to a local credit union years ago. They really should teach more finances in high school, but I remember my home economics classes and wondered, why we're being taught all this boring stuff. But back then, we didn't have an entertaining movie to show us how important it is.
@pnut3844able
Ай бұрын
I was 22 during the crash, and luckily enough the crash didn't affect my small town at all.
@goldiebackwash
9 ай бұрын
The Big Short, for me it has a rewatchability that I can't really explain given the context of the plot. Maybe just the acting is so good it is easy to digest over and over. If you want more about the collapse, I highly recommend Margin Call.
@RideAcrossTheRiver
6 ай бұрын
I just figured out why we see Martin Short's face on a bill board. It's such a deep play on words I wonder that they didn't frame the whole film around it.
@robertshields4160
9 ай бұрын
I've read the book and saw the movie and other media about the collapse. What I hated were all the pundits, after the event who were more interested in placing blame for the collapse than actually finding out what went wrong.
@SouthernAssault
9 ай бұрын
This is a great movie and deals with a situation that I very much lived thru. It was a scary time.
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