If it takes the opinions of big movie stars to shine a needed spotlight on the housing market meltdown of 2007-2008, and the subsequent broader financial crisis that followed, then so be it. Especially since the point of books and films on the crisis is to help form a new school of thinking and policies to avoid another near-calamity.
Bloomberg quoted Brad Pitt, one of the stars of the film version of Michael Lewis’ “The Big Short”, as making this key observation.
“The fact that no one was held accountable for this drives me crazy,” Pitt said at the New York premiere of the film this week. “There’s something seriously wrong. You talk to the experts now and nothing’s changed. The same practices are still going on.”
“The Big Short” is about the wise and gutsy investors who foresaw the collapse of the housing market and bet big (by selling short) the financial instruments that featured what would become “toxic” mortgages, those written during the big run-up to the housing bubble in the early the mid 2000s. The film, which also stars Steve Carell, Ryan Gosling and Finn Wittrock, is scheduled for wide release on Dec. 23.
Adam McKay, the director and co-screenwriter, said 2016 presidential candidates “are doing a terrible job” talking about banking or financial reform. That’s because some, especially among Republican candidates, say there is too much regulation of the industry in the wake of the reforms enacted by Democrats in 2010. McKay, who is a Bernie Sanders supporter, hopes the film gets “regular people, people in North Carolina, Tennessee. Real people have got to get over their intimidation with banking and have conversations about it,” according to Bloomberg.
See the trailer below for “The Big Short”