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The Big Short is a 2015 Oscar-winning film adaptation of author Michael Lewis’s best-selling book of the same name. The movie, directed by Adam McKay, focuses on the lives of several American financial professionals who predicted and profited from the build-up and subsequent collapse of the housing and credit bubble in 2007 and 2008. Game online terbaik di indonesia.
Published in 2010, The Big Short: Inside the Doomsday Machine was a loose sequel to Lewis' best-selling book Liar's Poker, a chronicle of his work experiences at Solomon Brothers in the 1980s. Both non-fiction works offer a deep dive into the lives, workplaces and psychology of several Wall Street professionals and the financial world.
This article explores The Big Short, its main characters, and the stylistic tools used by McKay to explain complex financial instruments engineered by the banks during the run-up to the subprime mortgage meltdown.
The Big Short
The Big Short was not the first film adaptation of a successful non-fiction book covering the financial crisis. In 2011, HBO adapted Andrew Ross Sorkin’s crisis tell-all Too Big To Fail, which also had a star-studded cast. That story centered more on the few weeks leading up to the collapse of Lehman Brothers and the Congressional response to bail out the nation’s largest banks
The Big Short, however, is a character-driven piece that focuses not just on the events leading up to the financial crisis but also the conflicted morality of several men who foresaw the crisis well in advance. The film adaptation stars Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt.
The story chronicles the work of hedge fund manager Michael Burry (portrayed by Christian Bale), who recognizes that the U.S. Popcap bookworm deluxe free download. housing market of the early 21st century is virtually an asset bubble inflated by high-risk loans. In 2005, Burry – the manager of Scion Capital — creates a credit default swap that would allow him to short the housing market. However, his clients grow angry. When banks and creditors argue that housing is stable, and the market in fact does keep on surging, his clients grow angry and fearful as Burry continues his short plays. When they demand their money back, he places a moratorium on withdrawals.
Meanwhile, Jared Vennett (Ryan Gosling) inadvertently discovers Burry’s goal to establish the credit default swap. Hedge fund manager Mark Baum (Steve Carrell) joins Burry in investing in the credit default swap market and recognizes that poorly structured loan packages known as collateralized debt obligations (CDOs) have received AAA ratings and are exacerbating the mortgage crisis. After discovering that questionable innovation in the CDO market has fueled massive risk in the markets, Baum concludes that the housing bubble will ultimately lead to the collapse of the U.S. economy and bets big – shorting the financial sector. (Baum was based on real-life hedge fund manager Steve Eisman. Vennett was based on Greg Lippmann, a former bond salesman at Deutsche Bank.)
Finally, two investors – Charlie Geller (John Magaro) and Jamie Shipley (Finn Wittrock) – seek the investment advice of retired banker Ben Rickert (Brad Pitt) after they discover a paper written by Vennett. After Shipley and Geller make a series of successful bets against the housing market, Rickert grows angry that they have profited off the downfall of the U.S. economy and Middle America’s financial doom. Geller was based on Cornwell Capital founder Charlie Ledley, while Jamie Shipley was based on Cornwell partner Jamie Mai. Rickert was based on Ben Hockett, a former trader at Deutsche Bank.
Though they make a fortune on their trades, the duo is left highly dejected about the amount of risk taken and the moral hazard that ultimately would fuel the bailouts of several banks. Shipley and Geller would later try – and fail – to sue the ratings agencies for their misleading rankings of mortgage-backed securities and mortgages.
Burry, meanwhile, ends up producing nearly 500% returns for investors who stay with him through the duration of the housing market's collapse.
Stylistic Approaches
Financial terminology and the chronology of the financial crisis is highly complex and difficult for a traditional audience to comprehend in a two-hour movie. The film production team employs a simple, yet stylistic approach to defining the tools, from collateralized debt obligations (CDOs) and tranches to credit-default swaps and mortgage-backed securities, that helped sink the global economy.
For example, the film explains the origination and complexity of a synthetic CDO in a scene where actress Selena Gomez plays blackjack. Joined by economist Richard Thaler, they explain how increasingly larger side bets on Gomez’s hand of blackjack are great when she is winning – a metaphor for a rising housing market. However, when Gomez loses the hand – or the housing market falls – those increasingly larger side bets set off a domino effect that create larger losses at the table and the economy, respectively.
Next, audiences receive a visual aid when learning the definition of a tranche. In one scene, Ryan Gosling pulls blocks from a Jenga tower to display how tranches work in mortgage-backed securities (MBS) such as collateralized mortgage obligations (CMO). By pulling out blocks in the lower part of the tower, Gosling explains that the top-rated securities at the top end of the tower cannot stand when the lower-rated securities fail and are removed from its base.
Other examples of visual cuts and props explain the complexity of financial innovation. One cutaway features actress Margot Robbie in a bubble bath drinking champagne and explaining the frailty of mortgage-backed securities. Meanwhile, TV food personality Anthony Bourdain explains how tossing a two-day-old fish into a stew is similar to the subprime mortgages tossed into CDOs to hide their risky nature from unsuspecting customers.
The Bottom Line
The Big Short received several Academy Award nominations – including 'Best Picture' – and won for 'Best Adapted Screenplay.' Some critics, including Nobel Memorial Prize in Economics Laureate Paul Krugman, have said that the film fails to acknowledge that several people, outside of the characters profiled in the movie, also flagged the issues with subprime mortgages. Others noted that the film failed to fully acknowledge the role that the Federal Reserve played in allowing the crisis to flourish.
That said, The Big Short offers a highly engaging exploration into the years preceding the collapse of Lehman Brothers and the housing market, which led to the Great Recession. In the end, it concludes, Wall Street greed sank the global economy for years.
The financial crisis hit in 2008, bringing in its wake chaos on the world markets, economic hardship and a lot of impenetrable jargon. Once Hollywood had waded through the latter, the movies quickly followed in its wake. This week brings the Oscar-nominated The Big Short, a timely reminder that banking isn't all dwarf-tossing and Quaalude binges, as Adam McKay's adaption of Michael Lewis's book steers us deftly through the meltdown. For those that don't know their subprime from their prime ribs, these ten films offer the perfect, erm, primer.
Inside Job (2010)
Charles Ferguson's Oscar-winning doc opens with a Wall Street montage overlaid with Peter Gabriel's Big Time. As the helicopter shot spans across the awe-striking Manhattan skyline, Gabriel promises 'I'm on my way, I'm making it'. As this penetrating and scary doc soon reveals, just about everyone else was heading in the opposite direction. Skipping from Iceland, a fishing economy elevated to untold riches, to Wall Street, a madhouse of numbers, narcotics and expense accounts, Ferguson turns over the bricks of America's collapsing economy and charts the CEOs, politicians and regulators that scurry out. Angry but objective, it's the perfect primer for The Big Short.
Margin Call (2011)
Inside Job beat it to the punch by a year, but, of the feature films tackling the financial meltdown, J.C. Chandor's gripping banking parable was the first limo off the rank. Unfolding over the course of one dark night of the soul in an unnamed (but clearly Lehman Brothers-like) bank, it plays like a conspiracy thriller as Zachary Quinto's analyst stumbles upon a black hole on the bank's balance sheet - Christian Bale fills a similar role in The Big Short - before being whisked upstairs to explain things to the big wigs. Then Jeremy Irons's vampiric CEO flies in by chopper and it all turns into The Titanic. Only, this being Wall Street, the women and children go last.
I.O.U.S.A. (2008)
Billed as An Inconvenient Truth only with mountains of debt instead of imperilled icesheets, this documentary came together before the financial crisis unfolded. Responsible for this cinematic soothsaying is director Patrick Creadon, who records ex-government watchdog David Walker (think Andy Garcia's Internal Affairs character with a PhD in economics) as he lays bare America's crushing debt burden using smart interviews, impassioned vox pops and the odd SNL sketch. At the time Walker seemed like a lone voice of warning. Now? He looks a lot like a man worth listening to.
The Queen Of Versailles (2012)
A key scene in The Big Short sees Steve Carell's hedge fund manager head to Florida to investigate the parlous state of its real-estate market. If he'd driven a little further up the road, he'd have spotted the Xanadu-like monstrosity being erected by timeshare mogul David Siegel for his wife, Jackie. Styled on the real Versailles, only gaudy enough to have even Louis XIV rubbing his princely peepers, this temple of excess falls to ruin when the banking crisis hollows out the Siegels' fortune. Lauren Greenfield's documentary is sober rather than schadenfreude-filled, a cautionary reminder that, back in 2008, even paper wealth was no protection against real-life poverty.
Capitalism: A Love Story (2009)
Michael Moore, Hollywood's town crier, had one or two things to say about the 2008 crisis, too. Things that, as a polite website, we'll refrain from paraphrasing here. Suffice to say, Moore dons his ubiqitous baseball cap to tour modern America exploring the parts The Big Short fails to reach: the homeowners repossessed, the airline pilots with their pensions cut and the deliberately mystifying language of Wall Street. It's not always subtle - a matchcut from the New York Stock Exchange to a Vegas casino cuts to the nub of Alan Greenspan's economy - but it fillets the American dream with a scalpel. 'In America, sometimes you're better off working at Mickey D's,' runs the sobering conclusion.
Moneyball (2011)
Not a finance movie, sure, and a very different beast from Adam McKay's comedy-drama, but Moneyball, also penned by The Big Short writer Michael Lewis, offers a similarly journalistic command of analytics, numbers and personalities. Few can demystify and detangle such complex ideas with Lewis's panache - here it's subprime baseball players rather than stocks being traded - and when you throw in Aaron Sorkin's screenwriter, Bennett Miller's pacy direction and Brad Pitt's charisma as the Oakland A's ballpark mystic Billy Beane, the result is one-half of a terrific Michael Lewis double-bill. Yes, one day this will be a Netflix category.
99 Homes (2015)
While ultimately overlooked by the Academy, Michael Shannon's performance in this punchy property drama was definitely worth its place in the Oscar conversation. If, as The Big Short stresses, the US economy lives on its real-estate market, Shannon is its Terminator, evicting families from their homes with all the scruples and concern of a particularly impassive T-1000. A lot more polarising than Ramin Bahrani's film, Ryan Gosling's Lynchian directorial debut Lost River tackled similar themes last year in the scariest look at life in Detroit since RoboCop.
Client 9: The Rise And Fall Of Eliot Spitzer (2010)
A star turn in Charles Ferguson's Inside Job, New York Governor Eliot Spitzer, a campaigner against Wall Street sleaze with the enemies to prove it, is on the other side of the moral ledger in Alex Gibney's expansion of Peter 'The Smartest Guys In The Room' Elkind's book, Rough Justice. Thanks to some suspiciously-placed evidence of Spitzer's own penchant for hanging out in sex clubs - the smoking handjob? - this one-time crusading hero was brought crashing down in 2008. The suspicion, of course, is that Wall Street bigwigs may not have been entirely crushed to see his fall. Gibney, when he's done with Scientology and the Catholic Church, may not be done with them either.
Collapse (2010)
Whether you see him as scary in the 'herald-of-the-apocalypse' sense or just scary as in someone not to invite round for tea with your mum, ex-LAPD officer Michael Ruppert has some abrasive things to say about the future of capitalism in this one-shot documentary from indie filmmaker Chris Smith. The interviews, filmed over five days in an LA warehouse, feel like an economics lecture from the set of Reservoir Dogs. Oh, and those frightening things? That we all need to start preparing for financial armageddon. Like, immediately.
Big Short Movie Reviews
Too Big To Fail (2011)
Michael Burry
Curtis Hanson delivered this Emmy-nominated HBO movie to America's small screens as an alternative to all those depressing TV news stories about unemployment and the housing crisis. It might have been cold comfort for many. From the man who made L.A. Confidential, there are a lot of Dudley Smith and not too many Ed Exleys in evidence as the US government and Wall Street tries to save its collective skins over two months in 2008. If you have a sharp interest in the inner machinations of the Federal Reserve or just like watching bald men making phone calls, this is one to track down.