Ever since I saw The Big Short last week I've been telling everyone I know to go and see it as it does a pretty good job of explaining what happened during the run-up to the Great Financial Crisis in 2007-2008. It is, however, far from perfect. The primary defect is that it glamorizes those who took advantage of the massive criminal fraud which ginned up the mortgage bubble to bet against it as being some kind of heroes. And they most certainly were not. It also fails to really identify the real culprits behind the fraud as well as many of the victims. Having said that it is still, I believe, an important movie because it does make some of the scams which almost led to the collapse of the world economy at least somewhat visible to average viewers who have generally been misguided or simply perplexed by what happened and why.
Attached are two articles – one of a particularly bad and misleading review of the movie clearly intending to divert attention away from regulatory and financial culprits; and one critical of the book and movie themselves. I encourage you, if you haven't already done it, to both see the movie and read these two articles. In the end you will have a much clearer understanding of just what happened and why this kind of financial crime should never be tolerated in a democratic society.
This post first appeared on Mark Rauterkus & Running Mates Ponder Current Even, please read the originial post: here