Holiday Movie Going: The Big Short

United States
December 25, 2015 8:55am CST
Why are several really good movies lumped into one small period of time? We go weeks with just garbage out there in the theaters, then all of a sudden, bam! Many terrific movies appear all at once. I have five movies I want to see in theaters before they disappear. I prefer seeing movies on the big screen with an audience all around me. Yesterday I saw The Big Short. It is a true story about several people who saw what was happening in the real estate market leading up to the huge worldwide meltdown. There is a narrator in the movie who breaks the fourth wall. He tells viewers that only a small number of insiders and weirdos figured out that this would happen. Since I am not a banking insider, count me among the weirdos. In 2006, I was looking to buy a house in the neighborhood where I now live. The prices doubled on these homes in less than one year. The entire area was priced well above what any public school teacher could ever afford. I asked the realtor who was helping me how the prices on so many homes could rise so far above what anyone in the middle class could pay. She told me about sub-prime loans, and the fact that banks were not checking out the finances of buyers. I was horrified. I could clearly see that this was a disaster getting ready to happen. I said to her, “But this is impossible. It will create a huge financial problem in the country when this bubble bursts.” The movie shows clearly that the bankers, the SEC, and real estate industry were/are stupid and greedy. Although this might not seem like a good time to watch a movie about how corporate greed ruined the lives of so many “common folk”, it should be seen by everyone. Nothing has changed, and this could/will very well happen again. When it does, maybe do what I did. I told the realtor that I didn’t want to involve myself in anything so corrupt. Did you see the writing on the wall during the boom before the bust?
13 people like this
11 responses
@marlina (154103)
• Canada
25 Dec 15
Didn't see the movie yet, but read a lot about that period.
3 people like this
• United States
27 Dec 15
You experienced that period. It was just eight years ago.
2 people like this
@marlina (154103)
• Canada
28 Dec 15
@ElizabethWallace I lived during that time but did not have any problem myself in the real estate business. Our house was paid in full years ago.
1 person likes this
@marlina (154103)
• Canada
28 Dec 15
@ElizabethWallace I did read a lot of books about that period too, honestly.
@scheng1 (24649)
• Singapore
25 Dec 15
The bankers will tell you that they are just doing their jobs. It is their jobs to lend money out and it is their jobs to earn commissions for themselves. They will blame the house buyers for getting the big house, and taking up a loan that they cannot afford.
3 people like this
• United States
25 Dec 15
Once upon a time banks required buyers to prove that they could repay the loan. Since they were/are allowed to package and sell their loans, they do not care if the buyers are in over their heads. The problem was exacerbated when banks lied/lie about the qualifications of the buyers to those who bought/buy these packages. It was/is fraud, and was/is illegal, but all too common.
3 people like this
@Dalane (691)
• United States
31 Dec 15
@ElizabethWallace Not only were the subprime loans defaulting but after so many people lost their jobs during the Recession, more had to default on their mortgages even though they were once well qualified. So sad what happened and is still happening today. Good for you for seeing what was coming.
1 person likes this
• United States
31 Dec 15
@Dalane I was appalled that the government allowed this to happen. At the time I was just floored, but smart enough not to believe what the "experts" told me. I knew I could not afford a home costing six times my income. Three is the magic number, always has been!
1 person likes this
@Asylum (47893)
• Manchester, England
25 Dec 15
Offering mortgages to people who are clearly unable to keep up the payments is insane, it will be guaranteed to cause a vast number to be repossessed.
3 people like this
• United States
27 Dec 15
Yes, but those who gave the mortgages didn't care, since they sold them to others after lying about the backgrounds of the buyers.
1 person likes this
@jstory07 (148734)
• Roseburg, Oregon
26 Dec 15
I usually just buy the dvd instead of going to the movies.
3 people like this
• United States
27 Dec 15
Some people I know do this, or watch on Netflix. I like going to theaters, probably because I live alone. Having an audience around me makes the movie experience more enjoyable.
@amadeo (111937)
• United States
25 Dec 15
Yes,I have heard a lot about this movie and so want to see it.Thank you
3 people like this
• United States
25 Dec 15
Steve Carrel and Christian Bale should be nominated for an Academy Award for their acting in this movie. They are superb.
2 people like this
@troyburns (1405)
• New Zealand
25 Dec 15
Interesting to read this so soon after it's been announced that the average house price in Auckland has just hit one million dollars. It's not just corporate greed that drives prices up though - some of the responsibility surely lies with community greed - and need? No matter how informed the public may be, this situation is sure to happen again.
3 people like this
• United States
27 Dec 15
In the U.S. some of the recent uptick in home prices is because corporations and foreign buyers are investing. This raises the prices out of the range common folk can afford. Sad.
1 person likes this
@simone10 (54180)
• Louisville, Kentucky
27 Dec 15
I think I was kind of oblivious to what was going on at that time. It sounds like it's a really good movie to see and I agree, there are so many good ones out there right now. I really want to see Joy.
2 people like this
@simone10 (54180)
• Louisville, Kentucky
2 Jan 16
@ElizabethWallace I know you can't go by the commercials on TV about the movie but at the same time, it does look like it would be good.
1 person likes this
• United States
27 Dec 15
That's on my list too!
1 person likes this
• United States
2 Jan 16
@simone10 Actually the clips they show do give you the essence of the movie, at least most of the time. Then I always check out the reviews. I don't always agree with the reviewers, but at least they give me a heads up.
1 person likes this
@GreatMartin (23670)
• Ft. Lauderdale, Florida
27 Dec 15
Of the 8 movies that opened I want to see 6--already saw "The Danish Girl" (very disappointing) Monday will see "Joy" Most reviews I have read have emphasized how hard it is/was for even financial wizards to follow what happened but that it was a good movie.
2 people like this
• United States
27 Dec 15
I found it easy to follow the money in the movie. They do something very clever, and humorous. They have cameos of unlikely people explaining specific activities in common language. It's very effective.
@Tampa_girl7 (54715)
• United States
26 Dec 15
I am so glad that we had purchased our homes already.
2 people like this
• United States
27 Dec 15
You were very lucky, but the economic crash affected everyone.
@TheHorse (238317)
• Walnut Creek, California
17 Jan 16
I did. I even called my broker. I told him it was time to thin. He talked me out of it. Eventually, I fired him.
@Auntylou (4262)
• Oxford, England
27 Dec 15
I read a book about this and it appears that very few of the "players" in the sub prime markets had really considered the likely disaster that would ensue. We really need to know these sorts of things .