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Has anyone seen the movie "The Big Short"?

Posted: Jan 1, 2016

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I have seen it yet but it gets 90% favorable reviews. smv - VTMT

[ In Reply To ..]
I did see this interesting article by the conservative Washington Times.

I'll make a point to watch it but none of the reviews I've read - indicate that the film addresses the real causes.

[ In Reply To ..]
The financial crisis was caused by the collapse of the mortgage derivative market.

Derivatives were a way for banks to spread the enormous risks involved in underwriting subprime mortgages - which were not the invention of the banks nor the mortgage lenders, but rather the result of pressure from Democrats like Barney Franks and Chuck Schumer, who virtually forced Sallie and Fannie Mae into guaranteeing ill-advised mortgages to people who could not afford them.

The cry was: "Everyone should be able to buy a home." This was the nonsense upon which the subprime mortgage was based.

With huge portfolios of these lousy mortgages, what banks did was to bundle thousands of mortgages together as a single bundle, and sell what were essentially "shares" in the bundle to large investment firms.

The idea was simple, namely that it was considered highly unlikely that ALL the mortgages in this bundle would go south, which would of course make the "shares" in the bundle worthless to the "shareholders".

This went on throughout the late 1990s and the 2000s. Three times, Republicans introduced bills trying to tighten up the standards for these mortgages, and three times the bill never came to the floor thanks to Franks, Schumer and many other Democrats. They were riding the popularity of "making it possible for everyone to own a home" and they sure weren't going to kill it.

Well, a lot of mortgages DID start to go bad because of the way they were structured, namely as fixed rate for a few years followed by rate increases OR balloon demands. Franks' and Schumer's big idea was that by the time the rates were adjusted (to reflect the actual bad credit of the borrower) or a balloon came due, the borrower would have some equity in the home and thus would be eligible to get a "conventional" loan.

THIS THEORY DEPENDED IN LARGE PART ON A CONTINUATION OF THE BOOM IN REAL ESTATE VALUES, which was a ridiculous notion on its face - and was exactly what worried the Republicans. Real estate markets have ALWAYS had cycles of rising prices and dropping prices.

Well, it happened. At about the same time a lot of the mortgages hit the end of their low-rate periods and either faced big increases in the loan rates (which borrowers couldn't pay) or those balloon payoffs, the next, perfectly normal and highly predictable housing bust occurred.

It was the perfect storm, and suddenly those risk-spreading derivatives really did become worthless. Practically overnight, a catastrophic loss of value occurred in the derivative portfolios of both banks and large investment firms.

Now - were bankers (or those large investment firms) faultless in this? Of course not. In the first place, they should have never bought into the BIG LIE on which this whole house of cards was based, as mentioned above. In the second place, they should have never invested such a disproportionate amount of their assets in this one type of investment. They bought the lie, and they overinvested, because they were greedy and even more than greedy, they were foolish.

So here we have a film that purports to "expose" the "big banks" - and I certainly don't mind them taking their licks for what happened. Let's just make sure we tell the WHOLE STORY if we're going to pretend to be presenting a factual analysis - and it doesn't look like this film meets that basic standard of truth, not by a long shot. If that's the case, then you know exactly what's happening here and the game the film producer and backers are playing at.

That isn't even the whole story. Fannie Mae and Freddie Mac were huge - donors to Dems - and the #2 recipient was

[ In Reply To ..]
(drum roll)...Barack Hussein Obama. Although only in the Senate for a mere 4 years, BO shoved himself to second spot on the Fannie/Freddie gravy train.

One of the chief sponsors of legislation for tighter regulation of mortgage lending practices was John McCain (Rep). The legislation that he introduced in 2005 never even made it out of the regulatory committee, thanks to the chairman at the time - Christopher Dodd (Dem).

Now this will kill you: When running against McCain in 2008, Obama made numerous false statements (which he absolutely had to know to be false) about the role of the Republicans in the financial collapse, and remember, this is the #2 recipient of money from Fannie and Freddie.

It's beautiful, isn't it? Fannie and Freedie, in their present form, were creations of congressional Democrats and the Clinton White House, designed to make mortgages available to more people, and as it turned out, many people who couldn’t afford them.

Then, Fannie and Freddie spread payola around - and not just that, but were also places were Democrat heavy-weights went to work after leaving government and pocketed $millions. Clinton White House budget director Franklin Raines went over to run Fannie, and collected $50 million. Jamie Gurilli from the Clinton Justice Department, popped over to Fannie and took home 26 million dollars. Democrat inner circle bigshot Jim Johnson, who was most recently on Obama’s VP search committee, hauled in about $19 million from his Fannie Mae C.E.O. job.

Comes now the Presidential campaign of 2008, fresh out of the financial crisis, and what does Obama do? He lies. He puts out ads and makes speeches attacking McCain and Republican policies for the financial turmoil, when the causative policies and practices were demonstrably NOT of Republican origin nor approval, AND BARACK HUSSEIN OBAMA KNEW IT, going on to become President and Liar-In-Chief.

Even in 2008, Sanders voted to increase the mortgage limits - for Fannie and Freddie!

[ In Reply To ..]
You would hardly believe it, but he did.

Here's a kicker: Sanders voted AGAINST a bill that would have limited federal loan subsidies available to upper income borrowers, meaning that mortgages as large as about $775,000 were eligible for low-rate loans. It's not hard to see the fine hand of Fannie and Freddie behind that vote, who wanted big "good loans" to offset the crappy "little loans".

It's too rich. The man goes around all self-righteous and he's just another corrupt gomer.

That was added onto an economic stimulus bill in early 2008...sm - VTMT

[ In Reply To ..]
that gave tax credits to every working American, $600 for adults, and $300 for each of their children. He wanted to see that go through and it would not have without the raise for Fanny, Freddie and FHA. Obviously the "economic stimulus" was not enough to save us from the ultimate crash.

I checked the record and there's no mention of Sanders - objecting to the provision whatsoever.

[ In Reply To ..]
Nice to see that someone's looking a little deeper into Sanders' nefarious voting record, though, even if you don't quite grasp what you're looking at.

Well you didn't look hard enough. Done here. - nm

[ In Reply To ..]
.

Yes, you are done. - nm

[ In Reply To ..]
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