From the 60 Minutes Archive: Inside the Collapse

[@goma3]

"The Big Short" and "Margin Call" should be MANDATORY viewing in high schools and college universities across the entire USA. This should be part of mandatory curriculum.

[@Zhaturianvisionz]

Americans do nt demand it so its not happening

[@STELLASCUTENESS]

Except that they’re both FANTASY!

[@100perdido]

I agree. These kids should be taught at an early age that hard work and honestly leads to a life of poverty whereas learning to think like John Tuld in Margin Call will make you rich.

[@Therussianthreat]

Can't sell useless college degrees to teens if they're educated. That's why this will never happnen.

[@STELLASCUTENESS]

@@Therussianthreat The buyer plays a part in that sale too. The useless part starts when they declare their oh-so-woke major.

[@picklerix6162]

I knew there was a problem when banks were lending $800k to people who were making less than $50k/year.

[@forgotmyname4971]

And the husband was in a 5 series BMW, the wife in a Rover. Fully loaded.

[@andysommerlot5123]

Exactly. When buying my house in '04, my bank approved me for way more than I knew I could ever afford to pay back. Figured they just made a mistake with it, but now these days I think they were just lazy in their info gathering on me.

[@johnnybates7580]

That never happen. Stay stoopid my friend!

[@forgotmyname4971]

@@andysommerlot5123 no they got bonuses for how many loans they approved.

[@King1614]

I was making $8.50 an hour in 2014 and got approved for $300,000 home loan. I bought an $80,000 house. Today I make $75,000 a year and got approved for $600,000. They’re still waving impossible amounts of money in peoples faces

[@davemanningreviews]

I didn't know much about finance or real estate until one day in 2002 when I just happened to catch George Bush on TV talking about how credit standards were now loosened and everyone was getting a home. I told my wife, let's wait to buy a house until all the bankruptcies hit the market and we did. Now I'm fascinated by finance and love everything Michael Lewis has written.

[@HotrodDan]

One of the few truly bipartisan acts of the past 20 years. The left strong-armed banks to provide mortages to people who couldn't afford them, the right saw this as a huge investment opportunity. A perfect storm of incompetence from both sides.

[@jgg204]

most of the lending requirement programs were relaxed under Clinton, not Bush. in fact, Democrats at the time accused Bush of taking credit for Clinton-era programs which just so happened to kick in when Bush took office. ironically, then years later Democrats blamed Bush for the housing collapse.

[@davemanningreviews]

@@jgg204 Cool story. Y'all keep on arguing over who is to blame and move out of my way so I can exploit every financial loophole and dumb decision for my benefit.

[@jgg204]

@@davemanningreviews You're the one who wanted to give everyone a history lesson, albeit an incorrect and highly inaccurate one. You were simply being corrected, no need to get defensive. I couldn't care less what you do or don't do with your finances.

[@davemanningreviews]

​@@jgg204 I don't see Bill Clinton anywhere in this video. Sit down and shut up. History lesson over. kzbin.info/www/bejne/h4rZpamZd7Caf7M

[@astroemerald3175]

The greatest crime was none of these sociopaths went to jail . eluded all legal ramifications with their big fat bonuses intact . Disgusting. .

[@clarestucki5151]

Astro Emerald Of course nobody went to jail, Obama announced on the Jay Leno show that "It appears no laws were broken"!

[@stacknsat]

@@clarestucki5151 it’s called sarcasm ....things aren’t always what they appear to be....you know what a qubit is?

[@Zhaturianvisionz]

@@stacknsat clearly it was not sarcasm. Stop being a stan

[@papasquat355]

Nothing illegal was done. People, especially the rich, always find a way to, not color outside the lines, but change the lines.

[@goaskyourmom7671]

Seems a bit odd that 60 minutes would reissue this report, perhaps to deflect on the rough start for President Biden’s administration. Lots of little little videos designed to make you think it’s all good.

[@aol11]

Never say "suffers" from aspergers, it's a gift. It gives you the ability to see things from a perspective no one else can see.

[@243wayne1]

Idiot savant.

[@kathyannpardi9888]

Completely agree Brian B.

[@jonathanpiwright3435]

Kroft's smile through the entire segment is amazing.

[@alexthompson9516]

He's a good boy.

[@trumplostlol805]

This guy is such an unbelievable writer. His ability to convey complex stories with such wit, and ease, is remarkable.

[@dr.c7679]

love you name lol

[@Eric06410]

History repeats itself. They are at it again.

[@brahmburgers]

....and now they can add digital currency to the mix.

[@napent]

3 2 1

[@DontUputThatEvilOnMe]

Hopefully this time they aren’t giving out as many bad loans. But the market is still way overpriced.

[@AlexanderDunetz]

They are at it again.

[@bdflatlander]

With all the stimulus money in the economy and the current craziness of the real estate market, this has bubble written all over it.

[@Arteolike]

In 5 years there will be an interview like this about how the federal reserve allowed the US dollar to be susceptible to massive inflation and further grow the wealth gap.

[@andybaldman]

Ding ding ding.

[@jimboslice99]

If interest rates go up on our 40 trillion in debt, the whole thing goes under.

[@TimEssDub]

Not only are prices up but corporate profits are up. CEOs have announced price increases on their products. There are so few companies now that they can raise prices with impunity. What do you expect when a government does not enforce its anti trust laws?

[@selah71]

I remember watching this unfold on TV and hearing a junior executive who'd had a pay cut bemoan, "How am I going to live on only six million dollars a years?!?"

[@martinlutherkingjr.5582]

He knew covid and hyperinflation were coming

[@dkupke]

I remember the AIG execs sitting in front of the senate looking flabbergasted, like they had no idea why they were being yelled at

[@243wayne1]

+Selah- That was because the jr. exec you speak of was exceeding his means by $2 Million dollars per year.

[@JohnHoffman65]

Bonuses on Wall Street: An elegant form of theft.

[@laudanum669]

My wife was a mortgage broker back in the 2000's. She used to tell me there were so many people buying homes they were never going to be able to afford. I asked how they were getting approved she told me that the lenders didn't really care if the interest rates were high enough. She was making money hand over fist and we lived very good. We got divorced right before the crash and the company she worked for was under a federal lawsuit and eventually shutdown. Now she works at a bank for a 5th of what she made back then.

[@banksterkid5930]

Do you have any stocks?? Market grew quickly after 2010

[@evinchester7820]

I knew in the late spring of 04 that the housing business was going to crash. It was when I found out that they were using variable loans. Where we had an office, one of the guys who worked there was a preacher. I hadn't seen him for a few weeks then he showed up. Asked what he was doing and he was a mortgage broker. I asked him if he had a license. He said no. This guy could not tell you the difference between straight interest or compound interest. But he could quote the bible. That's not business. So when the crash came, I knew he would be standing there with his pants around his ankles.

[@creolelady182]

people only care about whats happening at the moment- they dont consider the consequences

[@creolelady182]

@@evinchester7820 I did too. Doesn't tale a rocket scientist to figure these things out

[@JOKICisdGOAT]

Kewl bruh 😎

[@malcolmlarri9073]

The Big Short is such a great film !

[@jamesdarnell8568]

It is, but I had to make myself a cheat sheet to keep track of who was who. Steve Eisman in the book = Mark Baum (Steve Carell) in the movie, etc. The only character that kept his real name was Michael Burry. Michael Burry in the book = Michael Burry (Christian Bale) in the movie.

[@ApriliaRacer14]

Phenomenal movie.

[@rogerknights857]

@@jamesdarnell8568 I agree that the movie was hard to follow: there should have been captioned breaks explaining what thread was now being picked up.

[@warringtonfaust1088]

"If you are paying people not to see things, they won't see them". "Tell me how a man is paid and I will tell you how he works" J.P. Morgan

[@sheilajohnson6478]

I thought the picture was Michael J Fox at first glance.

[@Mexicobeanpole]

Me too.

[@marce11o]

Same

[@gaberoyalll]

looks like him for sure

[@stylz1]

Me too. I was like "Man MJF looking rough"

[@rw8990]

You too

[@idonotcare8822]

Michael Lewis has quickly become one of my favorite authors. His work in The Fifth Risk is second to none in importance when compared to his other books.

[@musheopeaus4125]

What's the fifth risk

[@garygallant5390]

Deregulation is the perfect crime.

[@starchf]

Quotable quotes “People don’t see because they only see what they’re incentivised to see..😧” How true..

[@themoonisaspacestation]

Micheal Lewis is one of the legends, inspired thousands by his books.

[@leetcodeking4859]

Anyone else here in the 2022 Great Depression Crash?

[@tommyboy1653]

@@leetcodeking4859 Yes indeed ,was watching Big Short clips and then this popped up.

[@geekmeee]

As one reviewer stated: “Michael could write a treatise on a phone book, and I would read it” 📖 I was victimized in Atlanta in 2002 of one of these remortgaging contracts. I was unemployed since the 2000 stock market crash, when I was making over $100,000 a year and had been a home owner for over 16 years. I got out before the 2008 housing crash. Before I read his book, I wanted to read every book and become an expert on what happened. After I read “The Big Short” I realized I knew everything I needed to know about the people who caused it. He had humanized what had happened. Everything else, was just details or history of what happened. Michael Lewis is truly, one of the great writers of our time. (BTW, the movie was terrible. Do yourself a favor and experience the book 📕)

[@JohnHoffman65]

Michael Lewis is a sage, an Oracle, a truth-sayer, … in short, someone we should be paying attention to, and reading everything he writes.

[@leetcodeking4859]

Anyone else here in the 2022 Great Depression Crash?

[@alandavis9644]

I saw it coming June of 2008. Those that listened did not lose. Those that did not lost big time. This time its gonna be 20 times worse.

[@abrahamdecruz5128]

Superb lecture. Lewis understands finance and the markets very well. No wonder his books are best sellers.

[@karliebellatrixyoung6359]

When idiocy becomes institutionalized, it _becomes_ corruption.

[@acer3573]

I worked in a Washington Mutual mortgage call center until early 2008. I'd get calls from crying homeowners who knew they were in a hopeless situation. I saw many negative amortization loans and couldn't help thinking "these are some of the dumbest things I've ever seen! They're not even paying off all of the INTEREST each month! They're just digging a deeper and deeper hole!"

[@luyombojonathan6688]

This should have million of views

[@Mark-tb1zq]

Not one of them went to jail.

[@brahmburgers]

It's akin to the Trump administration: If you're high enough of the totem pole, there's nothing so illegal that can put you in the big house.

[@Mark-tb1zq]

@@brahmburgers I am not a fan of Trump, but several of his people were at least arrested and convicted and went to jail. It's really not even a close comparison.

[@jude999]

Anyone who had the curiosity to ask, "How can people afford this house?" suspected something was amiss.

[@lindalewis8503]

I have an 8th grade education and could see what was going on so no one can tell me it's not 100% greed.

[@andrewdavid5928]

Michael Lewis is the non-fiction version of Stephen King. Lewis writes the way people "think" and it draws you right in.

[@scottlupo7733]

Some of the topics he writes about can be as scary as King’s

[@outterboxthinker]

I’m watching this clip as of May 18, 2021. This clip serves as a reminder of 2009 crash, which will repeat itself in the coming months.

[@Cccc-ky4vq]

Agreed it’s coming

[@apm9507]

It hasn't hit yet. I think a housing bubble burst will come in 2023 to 2024, probably in May after Christmas credit card spending goes over 90 days past due.

[@obey2dmax]

@@apm9507 Pandemic will accelerate the housing bubble reduex, but yes it will happen again. The only difference is a false perception of lack of housing supply despite of being a seller's market.

[@ronmiller6270]

Well, nothing yet. Just wait longer..

[@BlazedOnHaze]

Its a year later and prices only went up another 20%. So much for that prediction

[@brucelee4996]

The Big Short: Brad Pitt, Christian Bale, Steve Carell. Good movie. 👍 Directed by: Adam Mckay SNL, Anchorman, Talladega Nights (Ricky Bobby),Vice (Cheney).🎥🎬👏

[@malcolmlarri9073]

not brad pitt - Ryan Gosling :-) great film !

[@TheDudeAbides1776]

@@malcolmlarri9073 Brad Pitt is in it too

[@malcolmlarri9073]

@@TheDudeAbides1776 Oh yes ! you're right ! I had forgotten his character - thanks for reminding me !

[@1vw4me]

Fantastic movie that really explained it so that anyone can understand it.

[@michaelcollins3313]

And no one went to jail, but thousands lost their homes.

[@devinross14]

This dudes wife is more famous than him. She interviewed 2Pac!

[@rickschucker9697]

Who????

[@MRVISTA-wz7vj]

Every wall street disaster can be traced back to investor's that put greed before country. PERIOD.

[@MerkleAkrunphleuphle]

How could they not know!?!?

[@scottodonnell7121]

They didn't want to know. They were making too much money to question it and case it to stop

[@gregparrott]

So this was originally aired on 3/14/2010, over 11 years ago. The absurd bonuses have not changed and what little was done to limit very speculative 'investments' (such as the Dodd-Frank act) has largely been eliminated. So, we're back to square one.

[@Maria.9094]

Yes. The little regulation put in place was rolled back by Trump. History will be repeating itself. In fact look what's happening now with the housing market? Feels a little similar that these homes are very overvalued.

[@Queenofdacastle]

@@Maria.9094 I was thinking the same thing.

[@lillagahnavich7700]

Yeah but not like this.... The banks were leveraged 30:1 back then... Now they themselves know that's so dumb they are only letting themselves like 10:1

[@gregparrott]

@@lillagahnavich7700 My understanding was that the Dodd-Frank bill WAS one of the key legislated changes which limited how much the banks could leverage. It may not have returned to 30:1, but soe of the regulations have loosened and it's to be expected that those in finance specialize at gaming the system.

[@lillagahnavich7700]

@@gregparrott true

[@hestergreen2031]

. Michael Lewis & Michael Barry.. Both very smart men..

[@jameretief8327]

Because of junk bonds credit was everywhere. I worked at a company that handed out credit like Halloween candy. Once a guy who worked at McDonald’s for about two months was at the cash register buying some AA batteries filled out a credit application and got 5k line. That was insane, a 18 year old getting that much credit, I saw his eyes light up as he went around the store and started buying electronics and other high ticket items. It made me sick to see, this kid shouldn’t have gotten a penny in credit and I know he defaulted or mommy and daddy bailed him out after ruining his credit. This was in 2006 and I mentioned to the store manager this couldn’t keep going on, he sighed and agreed but said the company didn’t seem to care.

[@brahmburgers]

I went to reside in Thailand right after their economy went belly up. If you drive around Thailand, you see thousands of unfinished buildings (concrete crumbling, and often vine-covered) - all a result of easy lending in the late 1990's.

[@bruceperkins7253]

Typical attitude of the Big corporations

[@teddykiefer6432]

I had friends who were getting $25k for just one student loan that would be deposited in their checking accounts as cash who’s parents already planned on paying their school costs and they’d just use it to move in to an overpriced living arrangement and a few months of partying in college before they’d start applying for more financial aid and student loans that the govt and banks still give out without worrying about using it to pay for what it’s approved for and guaranteeing they’re not just funding long term debt and then more future bailouts.

[@jgg204]

credit was everywhere bc of the Fed printing money at low rates

[@jamesdarnell8568]

@@teddykiefer6432 By 2001, when my kids started college, Federal student loans went straight from the government to the university. Neither I nor my children ever got to touch that money, so it could not be spent on other items. I did have some relatives who took out "student loans" from private banks and they definitely could use the money to buy a car. They have also spent most of their lives trying to pay back those loans.

[@lorenhamstra5964]

The avarice of these people is unbelievable.

[@kinngrimm]

After the crash some restrictions were put up and meanwhile a few years later they were largly put to rest again. Soooo there we go again.

[@jgg204]

what requirements were eliminated? have you applied for a mortgage recently?

[@kinngrimm]

@@jgg204 I was refering to restrictions for banks which were removed if i remember correctly again in november 2012, not for individuals trying to get a mortgage. My bad that i implied people could know my train of thought there, i should have been more specific.

[@jgg204]

@@kinngrimm if you are applying for a conforming mortgage (one that meets or exceeds Fannie/Freddie guidelines), your mortgage lender is actually required to meet even more guidelines than during the 2005 bubble. which restrictions are you specifically talking about being put to rest?

[@kinngrimm]

@@jgg204 If you want specifics i would refer you to the timeframe put forth and you would need to search for notes on congress in the newspaper from then which is where i read about it.

[@jgg204]

@@kinngrimm You seem to be aware of the requirements since you said the requirements are no longer enforced. I was simply asking which requirements are you referring to? It's a simple enough question really. If you can't remember, then just say so. But you seem pretty sure when you made the claim in your original post

[@jimbarrofficial]

I didn't know that one of their daughters was killed in a car accident earlier in 2021. A shame.

[@sinebar]

I was about 11 or 12 when this happened. I remember my parents talking about it but I never gave a thought until I saw the movie The Big Short.

[@Ether1501]

11 or 12? Really? Is that you in your profile pic? If so , you look like you're in your early 50's. This is my humble opinion as i write this alone in Vegas.

[@mbuvito]

“There was no way the ratings agency had the manpower to look through everything that was being issued.” “Yeah, but you’re one guy…” 😶

[@jamesdarnell8568]

If they had hired 200 guys, they would have gotten enough data to begin to suspect that perhaps something brown was about to hit the fan.

[@GordonMcWilliams]

He's very humble about his intelligence

[@bloodmuffin123]

Michael Burry predicts hyperinflation now.

[@brahmburgers]

Many Americans (like sheeple) with extra money, put it into Wall St.-related 'investments'. That's partly why Wall St. money handlers are awash in money, and pay themselves ridiculous bonuses. I'm 69, have zero debt and have never invested in anything related to Wall St, and never will. I live in a $6,000 cabin I built on a $5,000 rural parcel in Hawaii. I resent how the Feds & Wall street are throwing money at each other, while doing nothing worthwhile for the little people.

[@ddh2o759]

This program was broadcast 12 years ago and very little has changed in the wild west - aka Wall Street

[@Swandivein]

I think it’s getting worse haha

[@ltmundy1164]

Think? Know! 'Inside Job' Matt Damon narrated 2010 Oscar doc

[@ucheucheuche]

Michael Lewis and myself share 1 thing in common: typing style. Type - eyes to keys - eyes to screen - keys - screen - keys - screen.

[@numanh8391]

When greedy people goes onto moral redemption Theres a collapse

[@trepan4944]

"The Big Short" is the best horror film ever made. I watch it like once a month still learn something from it.

[@yogaflirt7]

Wall Street should hire these genius Aspie guys! To prevent future problems!!

[@gwh21375]

As far as Wall Street is concerned, there is no problem. They made their profits, got more money from bailouts and get to continue the same game. They have no desire to fix anything!

[@Dre2Dee2]

Rule 1 of tyrannical bosses: never hire someone smarter than you

[@jeanetteschock4744]

When I heard people were getting mortgages with no down payment no credit check on a variable rate I knew something was wrong no just didn't known how to bet against it

[@bobshapiro858]

I found this in May of 2005!

[@randiaz95]

What about the home owners that bought homes they could t afford

[@WalterPavlikII]

Most of them were climbing "the property ladder". They just got caught without a chair when the music stopped.

[@filthywings353]

See his “Mass Delusion” is a different take than what Adam McKay portrayed in The Big Short. McKay portrayed them as villains but Lewis seems to portray them as incompetent.

[@DaveMichiganTEK]

Business and finance are grand topics for an outstanding research and writing.

[@Cccc-ky4vq]

It’s going to happy again at a smaller lever in2023 house prices are too high

[@davidr4523]

Several thoughts 1. To say the top players in the subprime mortgage debacle did not understand these financial instruments is not true. These are highly intelligent people being paid massive salaries. The real answer is that people do not care about the long term health of their company. These employees were looking for short term gains until the company failed. At that point they would just get another job. However no one was getting fired for earning the company a tremendous amount of money. 2. Michael Burry is highly intelligent and super articulate, but he has been very wrong these last several years over Tesla and other shorts he put big money on. 3. It is amazing that Goldman Sachs, Moody's credit rating, AIG, Ernst & Young are still in business. These companies knew exactly the high risky they were taking.

[@drvannozzun]

I worked for a home builder and got licensed as a mortgage broker. In 2005 the builder asked me “where is all this money coming from”. He knew something was wrong. I had a closing in 2008 with New Century, the loan never funded, they filed for bankruptcy the next morning.

[@John_21601]

Be very clear...the wealth wasn't destroyed...it was transferred. Like energy, money can neither be created nor destroyed.

[@dirktyler3643]

Was it transferred to jews?

[@angelmujahid2233]

Funny thing about this is no one learned their lessons. There is no regulation even today, these loans are back and they have been bleeding into other markets like automobiles.

[@glennw9927]

What’s not addressed in this piece is the federal govt’s role in encouraging the loose lending practices in the primary mortgage market.

[@billgatesleavingyamomshous8177]

Love 60 minutes

[@n8guy]

“People see what they’re incentivized to see. If you pay someone not to see the truth, they will not see the truth.”

[@jeffreyjames540]

Bitcoin trading nowadays is a big change to make money

[@abelcruz3964]

yeah Crypto is the future, trading crypto has become a lucrative way of making money

[@mikelawson1354]

People will be kicking themselves in few weeks if they miss the opportunity to buy and invest in bitcoin

[@duongthi9439]

Bitcoin trading right now will be at every wise individuals list. In few minutes you'll be ecstatic with the decision you made today

[@lamsinh7363]

Buy and invest in bitcoin and other cryptocurrency today!!!!

[@bahuraksapuspita5055]

I wanted to trade crypto but I got confused by the fluctuation in price

[@jifi-0178]

"... You should stop ... this shouldn't be done" ... Good call on this one, Michael. We know "they" weren't listening/thinking back then and it pretty much appears "they" aren't listening/thinking today.

[@marcymurraylikes]

"A very elegant form of theft..." Wow, thank you, Mike.

[@CryptoBeanie]

He looks like MJ Fox’s long lost brother! Love this subject!

[@scottbaxendale323]

The Cult of Greed is obscene.

[@mikejones9556]

And the US government paid millions to help these companies and they gave themselves BONUSES!!! 😄😄😄😄😄

[@Brewdiss]

The Judge is building tension. It makes Her position more valuable. 🤘😎

[@garryfernandez6483]

And how many of these people to jail? Very sad... no one will step up and demand justice .. reform .. wtf?

[@philadams493]

all those live ruined, and the net result is the politics we are IN today because nobody went to prison, who can blame the rage

[@cristianchiriac6617]

Leting a bank to pay a rating agency should be treat as a criminal behaviour and punished by law.

[@alandavis9644]

Micheal Burry is now telling us that hyperinflation is now the threat.

[@jimboslice99]

If interest rates rise on our 40 trillion national debt, it becomes unpayable and the government goes under.

[@bobburnitt5389]

I was a Real Estate Appraiser back in the 1990's and early 0ughts. I STILL have the License on "INACTIVE" as it was so hard to get. I finally quit in 2005 due to the CONSTANT SUPER-PRESSURE from Banks and Mortgage Companies to LIE on a Real Estate Appraisal. I NEVER MET a Real Estate Appraiser really until I became one. The College I went to for Career Counseling many years ago told me it was a "Lucrative and REspected Career". After putting in nearly ten years to that "profession" I had no choice but to face the fact it was nothing but a Cheap, Chiseling Racket. Every Bank or Mortgage company I ever worked for would STOP USING me the first time I handed them an Appraisal that "did not make value". If I did NOT get my money up front they would NOT even pay me for my work. What I learned is the COLLEGES, if they are STATE SUPPORTED they will LIE about the value of the education they sell. They will tell you Brazilian Basket Weaving is a GREAT CAREER if you happen to mention it. They get PAID for SIGNING UP STUDENTS for Careers they know nothing about. The more STUDENTS they have the more money they get from the STATE. So, they will tell you ANYTHING is "Lurcrative and Respected". The TRUTH about that RACKET is the Loan Officers work on Commissioin and if they DON'T get their commission they will BLACKLIST THE APPRAISER. I PREDICTED the COLLAPSE of the Banks and Mortgage Companies THEN (2007 &2008) and I can tell you it is on its way AGAIN. The BANKS do NOT CARE!!! They have YOU the Taxpayer to BAIL THEM OUT. Eighty-one percent of my Appraisal Business was RE-FINANCE. People LIE about the value of their homes when they want a Cash Out RE-FI. If you do NOT lie for them they won't use you. Plus the FEES are too low. And GUESS WHAT, the FEES for a Single Family Home are almost DEAD ON THE SAME they were in 1998. The price of EVERYTHING has EXPLODED except Real Estate Appraisals. I predicted that Fannie Mae and Freddiw Mac would COLLAPSE and they said that was IMPOSSIBLE. Well, they BOTH went in to FREE FALL but the Government "created" TRILLIONS of Dollars from THIN AIR to BAIL THEM OUT. It is all happening AGAIN. Get Buckled in, it is going to be a Bumpy Ride.. I WASTED my Time and MONEY back in College going to school to be a Real Estate Appraiser. I wasted ten years of my life BEING a Real Estate Appraiser. I have NOT done a real estate appraisal since 2005. The BANKS do NOT WANT ANYONE Scrutiniziing the Collateral for a LOAN, they have YOU to bail them out. The THREE most CROOKED RACKETS in the USA are Insurance, Banking, and the Stock Market. The interesting thing is the Dutch East India invented TWO of these Rackets. The banks just want to LOAN LOAN LOAN. They do NOT care if they make a LOUSY LOAN. BB

[@simritnam612]

The production is so good that 60min can give you all the enraging data, and you leave feeling well fed. PS it's mostly the music. Brilliant psyops!

[@JohnHoffman65]

In another country, in another time, heads would roll. Not now. Incompetence is rewarded, win or lose, on Wall Street.

[@peterdelman4623]

Mortage Broker - "So you wanna buy a house?" Underqualified potential buyer - "Yep!" Mortgage Broker "All I need is your driver's license and, allow me to check that your head matches the head on the license, and we're off!"

[@mrscottygreenwood]

Watching this now sends a lil chill up my spine

[@karliebellatrixyoung6359]

14:15 when firefighters do this they end up in jail, and lighting one house on fire is a lot less serious than lighting the entire housing market on fire.

[@patriciarouse2801]

Or flushing the pension.

[@fivedee5D]

Oh wow, I clicked on this thumbnail thinking it was actor Michael J. Fox regarding his parkinson's.

[@Bestbirths]

My ex husband got this loan in 2004 and took out equity until 2007 and went into default in 2008 and it’s 2022 and he lived all those years as an equity bank and is just now in forclosure. In our divorce he told the children that all the money problems were gone before I was gone. I think these 2008 loans are just now coming to roost. We had bad credit and lenders knocked on our door offering us a home loan for the same amount as our rent. It seems like he lived there 20 years with no equity or penalty. If the country collapses now it’s because they have delayed the consequences of 2008 until now!

[@leekh2125]

What stock or mortgage market , what dollars? Owing more than 50 trillions and still printing another 6.3 trillions of fiat paper Dollar. What a joke. The whole of US currency is in turmoil and all US assets can't even match all the fiat dollars printed and continuing to print. US technically is bankrupt and reached the bottomless pit.

[@bbustin1290]

The next one will make 1.75T look small. You may want to Re interview him again

[@brahmburgers]

The next big blowour may be twined with Bitcoin, ....the biggest ponzi scheme since, .....Madoff.

[@napent]

And its happening right now 😎😎

[@googleuser868]

@@brahmburgers Funny I was pondering the same thing just before I read your comment. Lol

[@joytotheworld2100]

The only part I understood is that they gave out bad mortgage loans to us (me) knowing full well I couldn't ever afford it. I went bankrupt & lost my shirt (&house). The rest is mumbo-jumbo

[@wannamontana4130]

So you're complicit. You participated too. Perhaps they shouldn't have given you a mortgage. And perhaps you shouldn't have applied for one. Ownership & self accountability played a part.

[@ramonedgardosarmientomatut2205]

Interesting story

[@jimmytimmy3680]

Of course they knew! It was all about unregulated markets and profits. Greed.

[@CrystalMouse1]

Nobody listens to us Aspies til the world crumbles

[@FaithandNova]

They listen they are ignoring us

[@thomasaquinas2600]

What did Pogo say: 'we've met the enemy and it is us'. Everyone had a hand in the debacle that was the subprime crisis. The Congress wanted to make homes more affordable, so folks could get into a home and then 'grow' into it salary wise. This resulted in some ridiculous credit actions. A lot of people made some easy money on this...a 'house of cards' that started falling in 2008. Only in a post-mortem did we see the weakness of oversight, the ambitious(greedy?) behavior of some financial companies, and so on...

[@LP-nv9tu]

When the interviewer said. “Yeah. But you’re one guy and you found it.” 👀

[@coolchange1970]

I hope he writes a book that outlines all the things we’ve learned about our leaders and oligarchs since “Premonition” was written

[@bobbowie5334]

I remember that argument- if *Wall Street* dosen't continue to hand out *enormous bonuses* to everyone our *delicate geniuses* that *lost all that dough* will all go elsewhere. _15:50_

[@philipgardiner2003]

It was incredible to me that someone was going to pay me a couple hundred thousand dollars for what I had just done because I couldn’t figure out what was so terribly useful about what I had just done.

[@ralphadamo1857]

Wall Street is the only casino in America where the US Government will happily pay off your markers, if you're big and influential enough.

[@igorschmidlapp6987]

We need a new Glass-Stegall Act...

[@AlfaKenyBody]

Same happening again now, with companies acquiring tons of bitcoins with cashflow supposedly to reinvest in the company.... rigged 2

[@SuperZap12345]

It's nonsense to believe that only a few investors saw what was going on. There were only a few that were able to make money from credit default swaps, but there were 10s of 1000s that saw the housing market as a bubble that was going to burst. Not all that different than what is occurring today.

[@sandikennelly1357]

Listen…this is why it will happen again.

[@66fredo99]

I get disgusted thinking about it. This type of raw robbery of the American taxpayer is unfathomable and criminal. But they got away with it, even got bonuses, and didn't have to wear ski masks to pull it off.

[@jenniferhanna6455]

Maybe he's just trying to sell himself or has a genuine blind spot of some kind but a lot of people knew the financial collapse was coming. It was only shared with the Uber elite and wealthy. He's a good writer but he's barely gotten this story and the scale at which "mortgage specialists" had been intentionally duping poor unsuspecting borrowers and then taking their homes. Even two years before the collapse Businessweek Magazine was talking about how the subprime mortgage mess was coming to brew.

[@ianandersen265]

I find it hilarious that Michael Burry refused to let his customers withdraw funds in 2007. They got mad and filed a lawsuit, only to "settle" the case out of court when their investment paid off and Michael Burry let them withdraw money again. If I were Michael Burry I would have said, "You're welcome!" If I had let you withdraw money then you would have come out a loser. Even then, people were still angry despite their gains.

[@armaanjuneja3011]

So true… ego is a weird thing

[@CenTexGarrett]

If you put yourself in the investors’ shoes, you can see how Burry freezing their accounts would be infuriating. Burry was playing roulette with all of his fund’s capital hoping to hit the green 00. Kind of like your bank stopping you from using your debit card, there would be riots in the streets.