1. “What needs to be remembered here,” he wrote the next day, after he’d done [the trade], “is that this is $100 million. That’s an insane amount of money. And it just gets thrown around like it’s three digits instead of nine.”
2. “In retrospect, their ignorance seems incredible—but, then, an entire financial system was premised on their not knowing, and paying them for this talent.”
3. “The ability of Wall Street traders to see themselves in their success and their management in their failure would later be echoed, when their firms, which disdained the need for government regulation in good times, insisted on being rescued by government in bad times. Success was individual achievement; failure was a social problem.”
The scene in The Big Short that encapsulates the entire sad, tragic, enraging economic failure it covers is a short one. After Lehman Brothers collapses, the dejected horde of laid-off employees are shown streaming out of the building, bewildered and holding their bankers boxes of personal items, as an executive (which in the script is described as “diminutive”) shouts robotically:
“Go straight to your transportation! Do not talk to the press! Go straight to your transportation! Do not talk to the press!”
I don’t know if this actually happened or not, but it sure sounds like it could have. The Move along, nothing to see here attitude pretty much sums up the events in the film, and the Great Recession in general. Malfeasant banks, obeisant credit agencies and watchdogs, reckless homebuyers, deceitful executives all agreed there was nothing wrong, that bad things are only done by bad people and not Good Americans just doing their jobs.
I was a junior in college when the crash hit in September 2008, so I was largely (and luckily) isolated from its worst effects. By the time I was looking for a “real” job, after a gap year and two years in grad school, it was 2013 and economic conditions were much more favorable. Still, I remember that time very well: GOP presidential nominee John “The fundamentals of our economy are strong” McCain, the bailout, the bonuses, Jon Stewart vs. Jim Cramer.
People my age have witnessed many events over the last decade and a half that I think will remain deeply instructive for our foundational understanding of the world: 9/11, the Iraq War, Abu Ghraib, the Catholic Church sex abuse, Hurricane Katrina, the Great Recession, Trayvon Martin, and the NSA a few among them. Controversies like these often reveal the partisan fault lines that determine what you ought to believe about them, depending on whether your county is red or blue. But to me they all proved, just as The Big Short proves, that the game is rigged, that the truth is not as it is reported to be.
Move along, nothing to see here.
This is a lamentable conclusion. The film dresses it up with good actors delivering savvy exposition at a caper’s pace, but it is there nevertheless. At the heart of this film are farsighted money-men trying to profit off the greed of shortsighted money-men. This makes them no better than Captain Renault in Casablanca, and yet we root for them because they’re not Major Strasser.
I wasn’t planning on getting so down while writing about this film, but the underlying melancholy that pervades it stuck with me, and ought to. Perhaps that’s why I responded to this much more than The Wolf of Wall Street, which treads similar territory yet repulsed me. (I get that Scorsese was trying to do that: congrats, I feel disgusted by Belfort and his life; now I will never watch it again.) The Big Short made me understand and made me give a damn; The Wolf of Wall Street spat in my face. Who would have thought Adam McKay would create a more well-rounded take on American avarice than Martin Scorsese?