IGX

BLUF: i am a huge Michael Lewis Fan. This and Liar's Poker are two must read books to understand the Wall Street bubble and meltdown that was the 80s through the 2008 shit show.

Movie a rare exception to the Book is way better rule. Christian Bale and Steven Carrell, Brad Pitt and Ryan Gosling all do a great job playing their real life weirdo characters. Does a good job of explaining what went down that caused the mortgage meltdown. (and what is starting over again right now). Pretty straight up on the story except at the end where movie has a strange PC riff about meltdown being blamed on poor people and immigrants. Investment bankers, greedy mortgage brokerages, and folks borrowing on adjustable Rates what they couldn't make the first payment on get tagged correctly.

Terrific movie. Some of the cameos were hilarious.

powerlifter54 wrote: Pretty straight up on the story except at the end where movie has a strange PC riff about meltdown being blamed on poor people and immigrants. Investment bankers, greedy mortgage brokerages, and folks borrowing on adjustable Rates what they couldn't make the first payment on get tagged correctly.

Eh, I remember people spinning it as Clinton's fault for helping poor people get mortgages they couldn't afford. There was an election, so that certainly played a role, but here's an example of downplaying the Wall Street role.

Plenty of blame to be shared.

Certain politicians pressured institutions to lower lending standards. Fannie & Freddie led the charge and many followed. This ultimately degenerated to "liar's loans" where anyone with a pulse could qualify for a mortgage. Then financial institutions bundled the subprime mortgages and sold them as secure investments, which the ratings companies signed off on. Gullible investors gobbled up the shaky securities.
Tick, tick, tick...BLAMMO.

Some tried to stop it.

[youtube]http://www.youtube.com/watch?v=LPSDnGMzIdo[/youtube]


Today's standard journalistic mantra is that greedy financial institutions caused the meltdown. Little more.

where anyone with a pulse could qualify for a mortgage.

Replace pulse with major and mortgage with student loan, and you have our next slow motion train wreck.

Just saw it, excellent and fun movie.

Grandpa's Spells wrote:Terrific movie. Some of the cameos were hilarious.

powerlifter54 wrote: Pretty straight up on the story except at the end where movie has a strange PC riff about meltdown being blamed on poor people and immigrants. Investment bankers, greedy mortgage brokerages, and folks borrowing on adjustable Rates what they couldn't make the first payment on get tagged correctly.

Eh, I remember people spinning it as Clinton's fault for helping poor people get mortgages they couldn't afford. There was an election, so that certainly played a role, but here's an example of downplaying the Wall Street role.

Actually, Bush and Kemp started the subprime lending. The idea was to improve people's lot in life by getting them into home ownership. Back then "subprime" didn't mean the family dog could get a mortgage.
Clinton and Cuomo did double down on it, and somewhere along the way standards disappeared. Not the only factor, and plenty of fingers could be pointed plenty of ways.
The movie was great, so was the book.

nafod wrote:

where anyone with a pulse could qualify for a mortgage.

Replace pulse with major and mortgage with student loan, and you have our next slow motion train wreck.

And since student loan interest is one of the big payers for Obamacare...

Great movie. Best analysis I've seen, aside from the collaboration between Planet Money and This American Life on the 'giant pool of money' episode. Still worth a listen six years on.

http://www.thisamericanlife.org/radio-a ... l-of-money

The Ginger Beard Man wrote:

Grandpa's Spells wrote:Terrific movie. Some of the cameos were hilarious.

powerlifter54 wrote: Pretty straight up on the story except at the end where movie has a strange PC riff about meltdown being blamed on poor people and immigrants. Investment bankers, greedy mortgage brokerages, and folks borrowing on adjustable Rates what they couldn't make the first payment on get tagged correctly.

Eh, I remember people spinning it as Clinton's fault for helping poor people get mortgages they couldn't afford. There was an election, so that certainly played a role, but here's an example of downplaying the Wall Street role.

Actually, Bush and Kemp started the subprime lending. The idea was to improve people's lot in life by getting them into home ownership. Back then "subprime" didn't mean the family dog could get a mortgage.
Clinton and Cuomo did double down on it, and somewhere along the way standards disappeared. Not the only factor, and plenty of fingers could be pointed plenty of ways.
The movie was great, so was the book.

Yes but Bush and Kemp did not make it so Orcs who had no hope in hell of ever paying the loan got them, so a good idea got turned into bad policy by the Democrats.

but it's not like it all did not allow greedy bastards to make a killing and fuck us all either.

Fuckery!

Turdacious wrote:

nafod wrote:

where anyone with a pulse could qualify for a mortgage.

Replace pulse with major and mortgage with student loan, and you have our next slow motion train wreck.

And since student loan interest is one of the big payers for Obamacare...

The profits from student loans are divided as follows: $8.7 billion goes to pay for ObamaCare; $10.3 billion goes to pay down the federal debt; and $36 billion goes to Pell Scholarship grants.

Funny how you can tell where a person gets their news from by reading just a single sentence.

Yes I Have Balls wrote:

Turdacious wrote:

nafod wrote:

where anyone with a pulse could qualify for a mortgage.

Replace pulse with major and mortgage with student loan, and you have our next slow motion train wreck.

And since student loan interest is one of the big payers for Obamacare...

The profits from student loans are divided as follows: $8.7 billion goes to pay for ObamaCare; $10.3 billion goes to pay down the federal debt; and $36 billion goes to Pell Scholarship grants.

Funny how you can tell where a person gets their news from by reading just a single sentence.

I'm guessing from the quote above, and all the other nonsensical horseshit you post, that you get yours from berniesanders.com.

powerlifter54 wrote:BLUF: i am a huge Michael Lewis Fan. This and Liar's Poker are two must read books to understand the Wall Street bubble and meltdown that was the 80s through the 2008 shit show.

Movie a rare exception to the Book is way better rule. Christian Bale and Steven Carrell, Brad Pitt and Ryan Gosling all do a great job playing their real life weirdo characters. Does a good job of explaining what went down that caused the mortgage meltdown. (and what is starting over again right now). Pretty straight up on the story except at the end where movie has a strange PC riff about meltdown being blamed on poor people and immigrants. Investment bankers, greedy mortgage brokerages, and folks borrowing on adjustable Rates what they couldn't make the first payment on get tagged correctly.

I finished viewing the DVD last night. I read the book in 2012 and found it quite interesting.

We must learn things a very different way as I found the movie extremely poor compared to the book.