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« Let The Bail-Ins Begin | Main | Rate Hike Gold and Silver Get Clobbered »
Wednesday
Jan062016

The Big Short

 

QUESTION: Marty; I am curious what you thought of the Big Short especially since you are the one who got the timing right to the day. In markets, I do not have to tell you that being too early is more dangerous than being too late. Since that fateful day on the floor when the Case-Shiller real estate index peaked and the stock market began to crash, everyone was calling it Armstrong’s Revenge for it began on the day of your ECM. They lucked out on their trades since they were all too early and played a game where the bankers fixed the price rigging the game. So any comment?

ANSWER: The “Big Short” was financed by Plan B Entertainment Inc., which is owned by Brad Pitt. I thought the film was very accurate in describing what took place. What extent the bankers knew of the implications of their actions is questionable. They knew they were filling the CDOs with garbage. They knew what they sold would collapse in price. I think what they did not comprehend was the extent to which the leverage would implode.

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Posted on January 6, 2016 by 

 

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