On February 16th, I went to the first Film Series Event held in the Humanities building in room 218. The event started at 7 pm as Dr. Smith who is a professor of Accounting and Dr. Madhogarhia who is a professor of Finance held a full analysis of clips from the movie, The Big Short. Each professor used clips of the movie to describe the financial situations that occurred during the 2008 financial crisis as the housing market was beginning to crash and how financial experts predicted and benefited from the collapse by gaining a substantial amount of money through the build-up of credit bubbles that were created by the impending market collapse. During the event Dr. Smith and Dr. Madhogarhia used visuals of clips of different scenes of the movie …show more content…
In the film, the financial terms used are not entirely directed to a non-specialist audience, huge terms such as collateral debt obligations, credit-default swaps and mortgage-back securities are only few of the terms used in the clips they shown. These terms weren’t thoroughly explained, but Dr. Smith and Madhogarhia helped us with understanding some of the terminology used in the film to allow a non-specialist to understand such as myself and the other people in the room. Throughout the event both professor’s used gestures during their speech and the genre of the event was clearly stated as the professors went into detail of the financial implications that occurred in the film and how that compared to the actual financial problems that occurred in reality during the 2008 crisis. Modes of communication was used as they used audio through the film, and the audience could anticipate that the genre of the event was a financial basis. The content of both of the professors were straightforward, they knew that those who made up their audience, including the other people and I, weren’t experts in the field of
Huge technological improvements and scientific breakthroughs have paved the way for larger, more stable and profitable financial markets. Fast and easy money was to be made by playing the booming stock market - many laymen took advantage of these opportunities without having a complete understanding of what exactly they were doing. This inevitably led to the crash that sent America and the world into the Great Depression. In the movie we see the first stages of the panic that spread throughout the country. People got scared and ran to the bank to take out their life savings.
The Sound of a Voice by David Henry Hwang is a play that tells the story of two people embroiled in a love affair that is marked by secrets, emotional distance, dishonesty, and ultimately, tragedy. The two characters, a Japanese man and woman who are probably both in their fifties, fall in love but do not even reveal their names to each other. The nine acts of The Sound of a Voice are set entirely in the woman's home.
In 2008, the U.S economy went through the “Great Recession,” possibly as a result of inappropriate and ineffective regulation in the banking system, causing Lehman Brothers to file for bankruptcy. There was a large debt and housing bubble which resulted in plummeting real estate prices and financial securities. Peter D. Schiff’s “How an Economy Grows and Why it Crashes” uses comic illustrations and a simple storyline to teach readers about how the 2008 recession came about and how the U.S tried to relieve it using the ideas of credit, savings, and other economic concepts.
The film The Big Short by Adam McKay is about the financial crisis of 2008 due to the housing bubble in the United States. The film tries to explain financial institutions while telling the stories of people who made money realizing that there was a problem with the system. The narrative of the story is full of greed and ignorance, but also full of guilt and emotions. Furthermore, the movie keeps breaking the fourth wall to explain terms directly to the audience. For instance, Margot Robbie in the bubble bath, Anthony Bourdain in his kitchen, and Selena Gomez in a casino explaining subprime mortgages and synthetic CDOs is what makes the narrative depart from classical Hollywood narrative form.
Michael Lewis is the author of “The Big Short: Inside the Doomsday Machine” and Lewis’ main theme, or the main point, that he is trying to get across is how the 2008 financial crisis came to be, who saw it coming, and how people reacted. Lewis has experience with Wall Street and has worked for Salomon Brothers when he was younger. Today, Lewis is an American non-fiction author and financial journalist. There were three things I highly enjoyed “The Big Short”: the character development, themes, and personalization.
One main idea of this book was that with the right mindset anything is possible. This is proven in the book when Louie is in the concentration camp and has to hold up a large piece of wood while having the Japanese guards stare at him. This shows that he had the mindset that he could outlast the guards and that he could overcome any obstacles in life.
In the first part, “the foundation” is explained and details about the five main dominating banks. The rating agencies are discussed as well as they do not have a reliable rating system for financial institutions. The second part is about the “mortgage boom” in US and how it leaded toward the debt burden and how money is created out of thin air. The third part is about “the crisis” which was warned by advisers
The Big Short is a fantastic movie made in 2015. It is based on the 2010 critically acclaimed book, “The Big Short: Inside the Doomsday Machine” by Michael Lewis. The movie, which does have some comedy value to it, is about the financial crisis of 2007 to 2009. It dives in the causes of the crisis and it how it was caused by the housing bubble and subprime lending. It also shows how certain investors actually made money off the crisis itself.
The Big Short by Michael Lewis takes place in the early 2000s, with an investor named Michael Burry. He is a medical doctor with only one eye is socially awkward and has a tough time interacting with people, but at the same time he is a well-respected investor. He makes a monumental discovery that the U.S. housing market is about to collapse and during the past few decades, the largest banks in America have made it a normal thing to bundle together Americans' home mortgages into bonds known as CDOs. During the past few decades those banks have been trading them for higher and higher prices. On the opposite spectrum those bonds and loans have been having lesser and lesser quality, which meant that many of the CDOs will go bad.
The "subprime crises" was one of the most significant financial events since the Great Depression and definitely left a mark upon the country as we remain upon a steady path towards recovering fully. The financial crisis of 2008, became a defining moment within the infrastructure of the US financial system and its need for restructuring. One of the main moments that alerted the global economy of our declining state was the bankruptcy of Lehman Brothers on Sunday, September 14, 2008 and after this the economy began spreading as companies and individuals were struggling to find a way around this crisis. (Murphy, 2008) The US banking sector was first hit with a crisis amongst liquidity and declining world stock markets as well. The subprime mortgage crisis was characterized by a decrease within the housing market due to excessive individuals and corporate debt along with risky lending and borrowing practices. Over time, the market apparently began displaying more weaknesses as the global financial system was being affected. With this being said, this brings into question about who is actually to assume blame for this financial fiasco. It is extremely hard to just assign blame to one individual party as there were many different factors at work here. This paper will analyze how the stakeholders created a financial disaster and did nothing to prevent it as the credit rating agencies created an amount of turmoil due to their unethical decisions and costly mistakes.
The first part of the documentary “How we got there” explains the main causes of the financial crisis as it looks at International Banks, Insurance Companies, Credit Agencies, etc. The documentary explains how in 1980’s the financial industry exploited as investment banks went public. They had hold of stockholder money, people on Wall Street where getting rich. This is an example of class as income as one’s class is defined by the amount of income one earns (Ross, 2017). The people who worked on Wall Street where roughly earning almost the same amount as their income provided them to be in the upper class as they had power to consume (Ross, 2017).
As Little Big Man, directed by Arthur Penn opens up and introduces the Main character Jack Crabb, the sole survivor of General Custer’s last stand, tells the modern day historian about his multiple experiences in life. I felt as if the plot of the movie was a bit intricate , Jack Crabb (Dustin Hoffman)multiple professions or hobbies are a bit too outlandish for one individual. But these different hobbies added some humor to the plot which balanced out the complexity of the plot. It was amusing that Jack had many different lives all encompassed into one life.
The second lesson concentrates on the importance of financial literacy. There is one rule to follow so as to understand financial literacy – “Know the difference between an asset and a liability, and buy more assets.” In order to do this, you need to be able to understand and comprehend numbers instead of jus...
However, the real life implications regarding this simplified and skewed understanding are not discussed. The financial crisis as a natural disaster disseminates the idea that the crisis was not preventable and lacked direct human causes. This shifts blame and accountability away from the individuals and system that created the financial climate that eventually had to crash. Thus, making it harder for the average person to understand why certain changes should be made within our neoliberal capitalist system, and also quieting angry claims for greedy and shady bankers to be held accountable. Metaphors are a powerful way to disseminate ideas, but when these ideas cripple the populations factual understanding of an event metaphors can become problematic. They cause changes in understanding that hinders the call for progress and changes to our system that should come as a reaction to the 2008 financial
Eight years ago, the world economy crashed. Jobs were lost, families misplaced, hundreds of thousands of people left shocked and confused as they watched the security of their world fall to pieces around them. In, “The Big Short,” a film directed by Adam McKay and based on the book written by Michael Lewis, viewers get an inside perspective on how the financial crisis of 2008 really happened. Viewers learn the truth about the unethical actions and irrational justifications made by those who unwittingly set the world up for failure. Two main ethically tied decisions are brought into question when watching the film: how could anyone conscionably make the decision to mislead investors by misrepresenting mortgage backed securities (MBS), and why