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The Big Short: Unpacking the 2008 Financial Crisis and Its Lessons
The 2008 financial crisis. A phrase that conjures images of collapsing markets, lost homes, and widespread economic turmoil. But beyond the headlines and the panicked news reports lies a complex story of greed, miscalculation, and systemic failure. This post delves into "The Big Short," both the acclaimed film and the underlying real-life events, examining the key players, the flawed instruments, and the lasting consequences of this catastrophic event. We'll dissect the intricacies of mortgage-backed securities, explain how the system went wrong, and explore the crucial lessons learned (or perhaps, not learned) that remain relevant today.
H2: Understanding the Subprime Mortgage Crisis: The Foundation of "The Big Short"
The subprime mortgage crisis serves as the bedrock of "The Big Short." It wasn't a sudden implosion; rather, it was a slow-burning fuse ignited by a confluence of factors. Banks aggressively pursued lending to individuals with poor credit history – subprime borrowers – offering them adjustable-rate mortgages (ARMs). These ARMs initially offered low introductory rates, enticing borrowers, but the rates would subsequently reset to much higher levels, often making payments unaffordable.
H3: The Role of Securitization: Packaging Risk
The real danger lay in the process of securitization. Banks bundled these subprime mortgages into complex financial instruments known as mortgage-backed securities (MBS) and collateralized debt obligations (CDOs). These packages were then sold to investors worldwide, often with misleadingly optimistic ratings from credit rating agencies. This effectively dispersed the risk, making it difficult to pinpoint the source of the problem when things went south.
H4: The "Toxic" Assets: Why They Failed
The inherent flaw was the underlying asset – the subprime mortgages. When interest rates rose and borrowers defaulted en masse, the value of these securities plummeted. The complexity of these instruments obscured the true level of risk, leading many investors to believe they were safer than they actually were. This lack of transparency was a crucial element in the crisis's magnitude.
H2: The Visionaries of "The Big Short": Identifying the Flaw
"The Big Short" shines a spotlight on several individuals who, against the prevailing tide of optimism, foresaw the impending doom. These "big shorts" bet against the housing market, profiting handsomely from its collapse. However, their foresight wasn't simply about luck; it was based on a meticulous understanding of the flawed system and a willingness to challenge conventional wisdom.
H3: Michael Burry: The Early Warning System
Dr. Michael Burry, portrayed in the film by Christian Bale, is arguably the most pivotal figure. His keen observation of the housing bubble and his subsequent shorting of MBS are central to the narrative. He recognized the inherent flaws in the ratings and the unsustainable nature of the housing boom.
H3: Steve Eisman, Greg Lippmann, and Ben Hockett: Different Approaches, Same Outcome
Other key figures, such as Steve Eisman (Steve Carell), Greg Lippmann (Ryan Gosling), and Ben Hockett (Rafe Spall), employed diverse strategies to profit from the impending crisis. Their stories highlight the various ways one could exploit the systemic flaws within the financial system. While their methods differed, they all shared a common thread: the recognition of inherent risk within the mortgage-backed securities market.
H2: The Aftermath: Consequences and Lessons (Or Lack Thereof)
The 2008 financial crisis triggered a global recession, resulting in massive job losses, foreclosures, and a profound erosion of public trust in financial institutions. Governments around the world intervened with massive bailouts to prevent a complete collapse of the financial system.
H3: Lasting Impacts and Unlearned Lessons
Despite the immense cost, some argue that crucial lessons were not fully absorbed. The complexity of financial instruments remains, raising concerns about potential future crises. Regulatory reform has been implemented, but debates continue about its effectiveness in preventing similar events. The systemic risk inherent in a globally interconnected financial system continues to pose a significant challenge.
Conclusion
"The Big Short" is more than just a captivating story; it's a stark reminder of the dangers of unchecked greed, systemic risk, and the devastating consequences of financial hubris. While the film dramatizes the events, it accurately reflects the core issues that led to the 2008 crisis. Understanding this history is crucial to preventing future catastrophes and fostering a more resilient and transparent financial system.
FAQs
1. What are mortgage-backed securities (MBS)? MBS are investments that are secured by a pool of mortgages. The value of these securities is directly tied to the performance of the underlying mortgages.
2. What are collateralized debt obligations (CDOs)? CDOs are structured financial products that pool together various debt obligations, including MBS, to diversify risk. However, in the lead-up to 2008, CDOs often bundled highly risky assets.
3. Who were the main beneficiaries of the subprime mortgage crisis? Ironically, some of the biggest beneficiaries were those who accurately predicted the crisis and bet against the housing market (the "big shorts"). However, the majority of the population suffered greatly as a result of the crisis.
4. What regulatory changes were implemented after the 2008 crisis? The Dodd-Frank Wall Street Reform and Consumer Protection Act is a key piece of legislation aimed at preventing future financial crises. It introduced stricter regulations on banks and financial institutions.
5. Is another financial crisis possible? Yes, the possibility of another significant financial crisis remains a concern. Systemic risk remains, and new complexities in the financial system constantly emerge. Continuous vigilance and robust regulation are vital to mitigating this risk.
| the big short: The Big Short Michael Lewis, 2011-01-27 THE OUTRAGEOUS NO.1 INTERNATIONAL BESTSELLER, NOW AN OSCAR- AND BAFTA-WINNING FILM From the jungles of the trading floor to the casinos of Las Vegas, The Big Short, Michael Lewis's No.1 bestseller, tells the story of the misfits, renegades and visionaries who saw that the biggest credit bubble of all time was about to burst, bet against the banking system - and made a killing. 'In the hands of Michael Lewis, anything is possible ... if you want to know how a nation lost its financial mind - and have a good laugh finding out - this is the book to read' Sunday Times 'Magnificent ... a perfect storm of brilliant writer meeting big subject' Guardian 'A triumph ... riveting ... The Big Short reads like a thriller' The Times 'A terrifying story, superbly well told' Daily Telegraph 'A rollicking good yarn' Financial Times 'Probably the single best piece of financial journalism ever written' Reuters |
| the big short: The Big Short: Inside the Doomsday Machine (Movie Tie-in Edition) Michael Lewis, 2015-11-16 The #1 New York Times bestseller—Now a Major Motion Picture from Paramount Pictures From the author of The Blind Side and Moneyball, The Big Short tells the story of four outsiders in the world of high-finance who predict the credit and housing bubble collapse before anyone else. The film adaptation by Adam McKay (Anchorman I and II, The Other Guys) features Academy Award® winners Christian Bale, Brad Pitt, Melissa Leo and Marisa Tomei; Academy Award® nominees Steve Carell and Ryan Gosling. When the crash of the U.S. stock market became public knowledge in the fall of 2008, it was already old news. The real crash, the silent crash, had taken place over the previous year, in bizarre feeder markets where the sun doesn’t shine and the SEC doesn’t dare, or bother, to tread. Who understood the risk inherent in the assumption of ever-rising real estate prices, a risk compounded daily by the creation of those arcane, artificial securities loosely based on piles of doubtful mortgages? In this fitting sequel to Liar’s Poker, Michael Lewis answers that question in a narrative brimming with indignation and dark humor. |
| the big short: Movies Are Prayers Josh Larsen, 2017-06-13 Movies do more than tell a good story. Filmspotting co-host Josh Larsen brings a critic's unique perspective to how movies can act as prayers—expressing lament, praise, joy, confession, and more. When words fail, the perfect film might be just what you need to jump-start your conversations with the Almighty. |
| the big short: The Greatest Trade Ever Gregory Zuckerman, 2010-03-04 'The definitive account of a sensational trade' Michael Lewis, author of The Big Short Autumn 2008. The world's finances collapse but one man makes a killing. John Paulson, a softly spoken hedge-fund manager who still took the bus to work, seemed unlikely to stake his career on one big gamble. But he did - and The Greatest Trade Ever is the story of how he realised that the sub-prime housing bubble was going to burst, making $15 Billion for his fund and more than $4 Billion for himself in a single year. It's a tale of folly and wizardry, individual brilliance versus institutional stupidity. John Paulson made the biggest winning bet in history. And this is how he did it. 'Extraordinary, excellent' Observer 'A must-read for anyone fascinated by financial madness' Mail on Sunday 'A forensic, read-in-one-sitting book' Sunday Times 'Simply terrific. Easily the best of the post-crash financial books' Malcolm Gladwell 'A great page-turner and a great illuminator of the market's crash' John Helyar, author of Barbarians at the Gate |
| the big short: When Genius Failed: The Rise and Fall of Long Term Capital Management Roger Lowenstein, 2014-01-30 Charts are best viewed on a tablet. Picking up where Liar’s Poker left off (literally, in the bond dealer’s desks of Salomon Brothers) the story of Long-Term Capital Management is of a group of elite investors who believed they could beat the market and, like alchemists, create limitless wealth for themselves and their partners. |
| the big short: Liar's Poker Michael Lewis, 2010-03-02 The author recounts his experiences on the lucrative Wall Street bond market of the 1980s, where young traders made millions in a very short time, in a humorous account of greed and epic folly. |
| the big short: Undiversified Ellen Carr, Katrina Dudley, 2021-08-03 Diversification is a core principle of investing. Yet money managers have not applied it to their own ranks. Only around 10 percent of portfolio managers—the people most directly responsible for investing your money—are female, and the numbers are even worse at the ownership level. What are the causes of this underrepresentation, and what are its consequences—including for firms’ and clients’ bottom lines? In Undiversified, experienced practitioners Ellen Carr and Katrina Dudley examine the lack of women in investment management and propose solutions to improve the imbalance. They explore the barriers that subtly but effectively discourage women from entering and staying in the industry at each point in the pipeline. At the entry level, the lack of visible role models discourages students from considering the field, and those who do embark on an investment management career face many obstacles to retention and promotion. Carr and Dudley highlight the importance of informal knowledge about how to navigate career tracks, without which women are left at a disadvantage in an industry that lionizes confidence. They showcase a diverse constellation of successful female portfolio managers to demystify the profession. Drawing on wide-ranging research, interviews with prospective, current, and former industry practitioners, and the authors’ own experiences, Undiversified makes a compelling case that increasing the number of women could help transform active investment management at a time when it is under threat from passive strategies and technological innovation. |
| the big short: Moneyball: The Art of Winning an Unfair Game Michael Lewis, 2004-03-17 Michael Lewis’s instant classic may be “the most influential book on sports ever written” (People), but “you need know absolutely nothing about baseball to appreciate the wit, snap, economy and incisiveness of [Lewis’s] thoughts about it” (Janet Maslin, New York Times). One of GQ's 50 Best Books of Literary Journalism of the 21st Century Just before the 2002 season opens, the Oakland Athletics must relinquish its three most prominent (and expensive) players and is written off by just about everyone—but then comes roaring back to challenge the American League record for consecutive wins. How did one of the poorest teams in baseball win so many games? In a quest to discover the answer, Michael Lewis delivers not only “the single most influential baseball book ever” (Rob Neyer, Slate) but also what “may be the best book ever written on business” (Weekly Standard). Lewis first looks to all the logical places—the front offices of major league teams, the coaches, the minds of brilliant players—but discovers the real jackpot is a cache of numbers?numbers!?collected over the years by a strange brotherhood of amateur baseball enthusiasts: software engineers, statisticians, Wall Street analysts, lawyers, and physics professors. What these numbers prove is that the traditional yardsticks of success for players and teams are fatally flawed. Even the box score misleads us by ignoring the crucial importance of the humble base-on-balls. This information had been around for years, and nobody inside Major League Baseball paid it any mind. And then came Billy Beane, general manager of the Oakland Athletics. He paid attention to those numbers?with the second-lowest payroll in baseball at his disposal he had to?to conduct an astonishing experiment in finding and fielding a team that nobody else wanted. In a narrative full of fabulous characters and brilliant excursions into the unexpected, Michael Lewis shows us how and why the new baseball knowledge works. He also sets up a sly and hilarious morality tale: Big Money, like Goliath, is always supposed to win . . . how can we not cheer for David? |
| the big short: The Money Culture Michael Lewis, 2011-02-14 The classic warts-and-all portrait of the 1980s financial scene. The 1980s was the most outrageous and turbulent era in the financial market since the crash of '29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. |
| the big short: Banking Bad Adele Ferguson, 2019-08-01 Winner of the 2020 Davitt Award for True Crime/Non-fiction. Against all the odds, Australia held a royal commission into the banking and financial services industries. Its revelations rocked the nation. Even defenders of the banks were blindsided. Few people were more instrumental in bringing about the commission than journalist Adele Ferguson. Through her exposes in print and on television, she pursued the truth about funds mismanagement, fraud, lack of probity, and the hard-sell culture that took over the finance industry after deregulation in the 1980s. But it wasn't just light-touch regulators and crooked bankers growing fat on bonuses she put under the spotlight. It was also their victims - men and women who had lost everything, and had no recourse when they discovered empty accounts, egregious fees, forged documents and broken promises. Now in Banking Bad, Ferguson tells the full story of the power imbalance, toxic culture and cover-ups. She describes the long fight for justice by whistleblowers, victims and political mavericks, and she looks at the outcomes of the royal commission - the falls from grace, the damaging hubris, the scathing assessment of the regulators, and the colossal compensation bill - an estimated $10 billion. Finally, she asks whereto from here? In May 2019, the Coalition government, which resisted calls for a royal commission, was re-elected. Bank stocks surged and lending regulations were loosened. Will it all be business as usual from now on, or have our financial executives learned that their wealth cannot come at the expense of ordinary Australians? This is a book for every person with a bank account. PRAISE 'If you want a glimpse of the reality distortion that multi-millionaire bankers live in, you need to read Banking Bad.' - Scott Pape 'Ferguson's pacey writing style gives the book the air of a corporate thriller.' - Michael Rowland, ABC News Breakfast 'And for those of who anticipate that corporate Australia will lapse back into the state of complacency and misconduct revealed in the APRA CBA Report and the Hayne Royal Commission, ... should read the whole book for themselves - for no other reason than that it so clearly identifies the issues of governance and culture that seems to have escaped them for so long.' - Graeme Samuel, Professorial Fellow in the Monash Business School and former chairman of the ACCC '[Adele] recounts a colourful cast of bullies, thieves and crooks being rewarded extraordinary sums to rip off customers.' - Money Magazine |
| the big short: Drive Daniel H. Pink, 2010-01-21 Forget everything you thought you knew about how to motivate people - at work, at school, at home. It's wrong. As Daniel H. Pink explains in his new and paradigm-shattering book DRIVE: THE SURPRISING TRUTH ABOUT WHAT MOTIVATES US, the secret to high performance and satisfaction in today's world is the deeply human need to direct our own lives, to learn and create new things, and to do better by ourselves and our world. Drawing on four decades of scientific research on human motivation, Pink exposes the mismatch between what science knows and what business does - and how that affects every aspect of our lives. He demonstrates that while the old-fashioned carrot-and-stick approach worked successfully in the 20th century, it's precisely the wrong way to motivate people for today's challenges. In DRIVE, he reveals the three elements of true motivation: AUTONOMY - the desire to direct our own lives; MASTERY - the urge to get better and better at something that matters; PURPOSE - the yearning to do what we do in the service of something larger than ourselves. Along the way, he takes us to companies that are enlisting new approaches to motivation and introduces us to the scientists and entrepreneurs who are pointing a bold way forward. DRIVE is bursting with big ideas - the rare book that will change how you think and transform how you live. |
| the big short: The Big Sleep Raymond Chandler, 2022-08-16 DigiCat Publishing presents to you this special edition of The Big Sleep by Raymond Chandler. DigiCat Publishing considers every written word to be a legacy of humankind. Every DigiCat book has been carefully reproduced for republishing in a new modern format. The books are available in print, as well as ebooks. DigiCat hopes you will treat this work with the acknowledgment and passion it deserves as a classic of world literature. |
| the big short: Get Started Investing Alec Renehan, Bryce Leske, 2021-08-31 The founders of Australia's #1 finance podcast network, Equity Mates, show how you can tap into the awesome power of the stockmarket - it's easier than you think! Does the stock market seem too complicated? Do you think that investing is only for those with more money? Do you want to start investing but don't know where to begin? This is the guide to investing you've been waiting for. Investing in the stock market has never been more accessible. Alec and Bryce show why the stock market has been the most powerful money-making machine that has ever existed and how you can access it with just a few spare dollars. They break down the jargon and give you all the information you need to build the confidence to get started today. They explain how to use online investment platforms, managed funds and exchange-traded funds, what to invest in and what to avoid, how to keep it simple, and why the biggest risk is not investing. Get Started Investing draws on advice from over 150 expert investors from around the world, and stories from everyday small investors just like you. Whether you're in school, building your career or nearing retirement, Alec and Bryce will help to make your money work for you. 'I'm a massive fan of these two blokes. They cut through the jargon to help anyone switch from being a saver to an investor. Saving to invest is how real wealth is built.' DAVID KOCH, TV presenter 'I wish I'd read this book 15 years ago! A perfect start for any beginner who is thinking about investing. It's a must-read for anyone who's scared of the stock market, like I was.' USMAN KHAWAJA, Test cricketer |
| the big short: The Big Sort Bill Bishop, 2009-05-11 The award-winning journalist reveals the untold story of why America is so culturally and politically divided in this groundbreaking book. Armed with startling demographic data, Bill Bishop demonstrates how Americans have spent decades sorting themselves into alarmingly homogeneous communities—not by region or by state, but by city and neighborhood. With ever-increasing specificity, we choose the communities and media that are compatible with our lifestyles and beliefs. The result is a country that has become so ideologically inbred that people don't know and can't understand those who live just a few miles away. In The Big Sort, Bishop explores how this phenomenon came to be, and its dire implications for our country. He begins with stories about how we live today and then draws on history, economics, and our changing political landscape to create one of the most compelling big-picture accounts of America in recent memory. |
| the big short: Hedge Fund Market Wizards Jack D. Schwager, 2012-04-25 Fascinating insights into the hedge fund traders who consistently outperform the markets, in their own words From bestselling author, investment expert, and Wall Street theoretician Jack Schwager comes a behind-the-scenes look at the world of hedge funds, from fifteen traders who've consistently beaten the markets. Exploring what makes a great trader a great trader, Hedge Fund Market Wizards breaks new ground, giving readers rare insight into the trading philosophy and successful methods employed by some of the most profitable individuals in the hedge fund business. Presents exclusive interviews with fifteen of the most successful hedge fund traders and what they've learned over the course of their careers Includes interviews with Jamie Mai, Joel Greenblatt, Michael Platt, Ray Dalio, Colm O’Shea, Ed Thorp, and many more Explains forty key lessons for traders Joins Stock Market Wizards, New Market Wizards, and Market Wizards as the fourth installment of investment guru Jack Schwager's acclaimed bestselling series of interviews with stock market experts A candid assessment of each trader's successes and failures, in their own words, the book shows readers what they can learn from each, and also outlines forty essential lessons—from finding a trading method that fits an investor's personality to learning to appreciate the value of diversification—that investment professionals everywhere can apply in their own careers. Bringing together the wisdom of the true masters of the markets, Hedge Fund Market Wizards is a collection of timeless insights into what it takes to trade in the hedge fund world. |
| the big short: House of Cards William D. Cohan, 2010-02-09 A blistering narrative account of the negligence and greed that pushed all of Wall Street into chaos and the country into a financial crisis. At the beginning of March 2008, the monetary fabric of Bear Stearns, one of the world’s oldest and largest investment banks, began unraveling. After ten days, the bank no longer existed, its assets sold under duress to rival JPMorgan Chase. The effects would be felt nationwide, as the country suddenly found itself in the grip of the worst financial mess since the Great Depression. William Cohan exposes the corporate arrogance, power struggles, and deadly combination of greed and inattention, which led to the collapse of not only Bear Stearns but the very foundations of Wall Street. |
| the big short: The BFG (Colour Edition) Roald Dahl, 2016-09-13 'Human beans is not really believing in giants, is they? Human beans is not thinking we exist.' On a dark, silvery moonlit night, Sophie is snatched from her bed by a giant. Luckily it is the Big Friendly Giant, the BFG, who only eats snozzcumbers and glugs frobscottle. But there are other giants in Giant Country. Fifty foot brutes who gallop far and wide every night to find human beans to eat. Can Sophie and her friend the BFG stop them? |
| the big short: Flash Boys: A Wall Street Revolt Michael Lewis, 2014-03-31 Argues that post-crisis Wall Street continues to be controlled by large banks and explains how a small, diverse group of Wall Street men have banded together to reform the financial markets. |
| the big short: The Premonition Michael Lewis, 2021-05-04 THE SUNDAY TIMES AND NEW YORK TIMES BESTSELLER 'Superb ... It is tremendous fun, tremendously told' The Times 'A fluid intellectual thriller' Daily Telegraph From the global bestselling author of The Big Short, the gripping story of the maverick scientists who hunted down Covid-19 'It's a foreboding,' she said. 'A knowing that something is looming around the corner. Like how when the seasons change you can smell Fall in the air right before the leaves change and the wind turns cold.' In January 2020, as people started dying from a new virus in Wuhan, China, few really understood the magnitude of what was happening. Except, that is, a small group of scientific misfits who in their different ways had been obsessed all their lives with how viruses spread and replicated - and with why the governments and the institutions that were supposed to look after us, kept making the same mistakes time and again. This group saw what nobody else did. A pandemic was coming. We weren't prepared. The Premonition is the extraordinary story of a group who anticipated, traced and hunted the coronavirus; who understood the need to think differently, to learn from history, to question everything; and to do all of this fast, in order to act, to save lives, communities, society itself. It's a story about the workings of the human mind; about the failures and triumphs of human judgement and imagination. It's the story of how we got to now. 'Lewis is a master of his form' Sunday Times |
| the big short: Normal Sheeple Ross O'Carroll-Kelly, 2021-08-19 'FUNNIEST YET!' IRISH EXAMINER A love affair born in rural Ireland! Two mismatched lovers, locked in a relationship that will change both of them . . . forever! Ross O'Carroll-Kelly was brought up to believe that Gaelic games were invented for people too stupid to understand the laws of rugby. Little did he know that one day he would become a legend of Kerry football. But then, his life has taken a lot of unexpected twists and turns. His father is the Taoiseach of the country. His wife is an actual Government Minister. And his suddenly teenage daughter is heading for the Gaeltacht - and her very first rugby boyfriend. And then there's Marianne . . . Of course, Ross was too busy becoming a Gaelic football star to realise that his family - like the entire country - was being pushed towards a cliff edge. And he was the only man capable of saving Ireland's democracy. Which is just like, 'Fooooooock!' __________________________ 'I hope this series runs for decades' BELFAST TELEGRAPH 'Ross is a national institution' IRISH TIMES |
| the big short: Journey to the West (2018 Edition - PDF) Wu Cheng'en, 2018-08-14 The bestselling Journey to the West comic book by artist Chang Boon Kiat is now back in a brand new fully coloured edition. Journey to the West is one of the greatest classics in Chinese literature. It tells the epic tale of the monk Xuanzang who journeys to the West in search of the Buddhist sutras with his disciples, Sun Wukong, Sandy and Pigsy. Along the way, Xuanzang's life was threatened by the diabolical White Bone Spirit, the menacing Red Child and his fearsome parents and, a host of evil spirits who sought to devour Xuanzang's flesh to attain immortality. Bear witness to the formidable Sun Wukong's (Monkey God) prowess as he takes them on, using his Fiery Eyes, Golden Cudgel, Somersault Cloud, and quick wits! Be prepared for a galloping read that will leave you breathless! |
| the big short: How the Trading Floor Really Works Terri Duhon, 2012-08-23 A detailed look at what really happens in the front office of an investment bank and why Trading floors have always fascinated people, but few understand the role they play in the world of finance today. Though markets rise and fall every day, the drivers of those are rarely explored. Those who understand the dynamics of trading floors will better understand the dynamics of global financial markets. This book reveals the key players on the floor, their roles and responsibilities, how they serve their clients, and how it all impacts the markets. It also explains important terminology, explains the world of trading both cash and derivatives, and much more. Includes a foreword by Gillian Tett, author of Fool's Gold: How Unrestrained Greed Corrupted a Dream, Shattered Global Markets and Unleashed a Catastrophe. Terri Duhon (www.terriduhon.co) is a financial market expert who in 2004 founded B&B Structured Finance Ltd, which provides expert consulting and financial markets training . Her time on the trading floor has been documented in the book Fool's Gold as well as by PBS's Frontline. |
| the big short: Discovering the Brain National Academy of Sciences, Institute of Medicine, Sandra Ackerman, 1992-01-01 The brain ... There is no other part of the human anatomy that is so intriguing. How does it develop and function and why does it sometimes, tragically, degenerate? The answers are complex. In Discovering the Brain, science writer Sandra Ackerman cuts through the complexity to bring this vital topic to the public. The 1990s were declared the Decade of the Brain by former President Bush, and the neuroscience community responded with a host of new investigations and conferences. Discovering the Brain is based on the Institute of Medicine conference, Decade of the Brain: Frontiers in Neuroscience and Brain Research. Discovering the Brain is a field guide to the brainâ€an easy-to-read discussion of the brain's physical structure and where functions such as language and music appreciation lie. Ackerman examines: How electrical and chemical signals are conveyed in the brain. The mechanisms by which we see, hear, think, and pay attentionâ€and how a gut feeling actually originates in the brain. Learning and memory retention, including parallels to computer memory and what they might tell us about our own mental capacity. Development of the brain throughout the life span, with a look at the aging brain. Ackerman provides an enlightening chapter on the connection between the brain's physical condition and various mental disorders and notes what progress can realistically be made toward the prevention and treatment of stroke and other ailments. Finally, she explores the potential for major advances during the Decade of the Brain, with a look at medical imaging techniquesâ€what various technologies can and cannot tell usâ€and how the public and private sectors can contribute to continued advances in neuroscience. This highly readable volume will provide the public and policymakersâ€and many scientists as wellâ€with a helpful guide to understanding the many discoveries that are sure to be announced throughout the Decade of the Brain. |
| the big short: All the Devils Are Here Bethany McLean, Joe Nocera, 2011-08-30 The New York Times bestseller hailed as the best business book of 2010 (Huffington Post). As soon as the financial crisis erupted, the finger-pointing began. Should the blame fall on Wall Street, Main Street, or Pennsylvania Avenue? On greedy traders, misguided regulators, sleazy subprime companies, cowardly legislators, or clueless home buyers? According to Bethany McLean and Joe Nocera, two of America's most acclaimed business journalists, the real answer is all of the above-and more. Many devils helped bring hell to the economy. And the full story, in all of its complexity and detail, is like the legend of the blind men and the elephant. Almost everyone has missed the big picture. Almost no one has put all the pieces together. All the Devils Are Here goes back several decades to weave the hidden history of the financial crisis in a way no previous book has done. It explores the motivations of everyone from famous CEOs, cabinet secretaries, and politicians to anonymous lenders, borrowers, analysts, and Wall Street traders. It delves into the powerful American mythology of homeownership. And it proves that the crisis ultimately wasn't about finance at all; it was about human nature. |
| the big short: The Big Silver Short Chris Marcus, 2020-06-18 Why The Price of Silver Is Set To Explode!Many were stunned to see The Big Short and realize that there were a few savvy traders who saw the subprime crisis in advance, and used that knowledge to make a fortune in the financial markets. Shockingly, a similar situation is playing out in the silver market at this very moment, and The Big Silver Short provides the perfectly timed handguide to profit from one of the greatest investing opportunities in history! Featuring interviews with 15 of the world's top silver experts--including Ted Butler, Andrew Maguire, Bart Chilton, Rick Rule, and David Morgan--the book reveals: Why a dramatically higher silver price has become a matter of when rather than if How the Wall Street banks have effectively sold each ounce of silver to over 500 people Former CFTC Commissioner Bart Chilton's stunning revelations about J.P. Morgan and silver manipulation Why Ted Butler thinks J.P. Morgan has more than 800 million ounces of silver The real story about the Hunt brothers The truth about Warren Buffett's silver position and how he got forced out of it Why the Federal Reserve will never raise interest rates So if you're watching the Fed's hyperinflation campaign, and you want to be prepared and keep your money safe (or even profit at Wall Street's expense), get The Big Silver Short today! |
| the big short: The Baha'i Faith William S. Hatcher, James Douglas Martin, 2002 Explore the history, teachings, structure and community life of the world-wide Baha'i community-what may well be the most diverse organized body of people on earth-through this revised and updated comprehensive introduction (2002). Named by the Encyclopedia Britannica as a book that has made significant contributions to the knowledge and understanding of religious thought, The Baha'i Faith covers the most recent developments in a faith that, in just over 150 years, has grown to become the second most wide-spread of the independent world religions. |
| the big short: Night Train A. L. Snijders, 2021-10-05 Brevity is the soul of beauty in these tiny masterworks of short short fiction Gorgeously translated by Lydia Davis, the miniature stories of A. L. Snijders might concern a lost shoe, a visit with a bat, fears of travel, a dream of a man who has lost a glass eye: uniting them is their concision and their vivacity. Lydia Davis in her introduction delves into her fascination with the pleasures and challenges of translating from a language relatively new to her. She also extols Snijders’s “straightforward approach to storytelling, his modesty and his thoughtfulness.” Selected from many hundreds in the original Dutch, the stories gathered here—humorous, or bizarre, or comfortingly homely—are something like daybook entries, novels-in-brief, philosophical meditations, or events recreated from life, but—inhabiting the borderland between fiction and reality—might best be described as autobiographical mini-fables. This morning at 11:30, in the full sun, I go up into the hayloft where I haven’t been for years. I climb over boxes and shelving, and open the door. A frightened owl flies straight at me, dead quiet, as quiet as a shadow can fly, I look into his eyes—he’s a large owl, it’s not strange that I’m frightened too, we frighten each other. I myself thought that owls never move in the daytime. What the owl thinks about me, I don’t know. |
| the big short: Principles Ray Dalio, 2018-08-07 #1 New York Times Bestseller “Significant...The book is both instructive and surprisingly moving.” —The New York Times Ray Dalio, one of the world’s most successful investors and entrepreneurs, shares the unconventional principles that he’s developed, refined, and used over the past forty years to create unique results in both life and business—and which any person or organization can adopt to help achieve their goals. In 1975, Ray Dalio founded an investment firm, Bridgewater Associates, out of his two-bedroom apartment in New York City. Forty years later, Bridgewater has made more money for its clients than any other hedge fund in history and grown into the fifth most important private company in the United States, according to Fortune magazine. Dalio himself has been named to Time magazine’s list of the 100 most influential people in the world. Along the way, Dalio discovered a set of unique principles that have led to Bridgewater’s exceptionally effective culture, which he describes as “an idea meritocracy that strives to achieve meaningful work and meaningful relationships through radical transparency.” It is these principles, and not anything special about Dalio—who grew up an ordinary kid in a middle-class Long Island neighborhood—that he believes are the reason behind his success. In Principles, Dalio shares what he’s learned over the course of his remarkable career. He argues that life, management, economics, and investing can all be systemized into rules and understood like machines. The book’s hundreds of practical lessons, which are built around his cornerstones of “radical truth” and “radical transparency,” include Dalio laying out the most effective ways for individuals and organizations to make decisions, approach challenges, and build strong teams. He also describes the innovative tools the firm uses to bring an idea meritocracy to life, such as creating “baseball cards” for all employees that distill their strengths and weaknesses, and employing computerized decision-making systems to make believability-weighted decisions. While the book brims with novel ideas for organizations and institutions, Principles also offers a clear, straightforward approach to decision-making that Dalio believes anyone can apply, no matter what they’re seeking to achieve. Here, from a man who has been called both “the Steve Jobs of investing” and “the philosopher king of the financial universe” (CIO magazine), is a rare opportunity to gain proven advice unlike anything you’ll find in the conventional business press. |
| the big short: So You Want to Start a Hedge Fund Ted Seides, 2016-02-29 Helpful, Accessible Guidance for Budding Hedge Funds So You Want to Start a Hedge Fund provides critical lessons and thoughtful insights to those trying to decipher the industry, as well as those seeking to invest in the next generation of high performers. This book foregoes the sensational, headline-grabbing stories about the few billionaire hedge fund managers to reach the top of the field. Instead, it focuses on the much more common travails of start-ups and small investment firms. The successes and failures of a talented group of competitive managers—all highly educated and well trained—show what it takes for managers and allocators to succeed. These accounts include lessons on funding, team development, strategy, performance, and allocation. The hedge fund industry is concentrated in the largest funds, and the big funds are getting bigger. In time, some of these funds will not survive their founders and large sums will get reallocated to a broader selection of different managers. This practical guide outlines the allocation process for fledgling funds, and demonstrates how allocators can avoid pitfalls in their investments. So You Want to Start a Hedge Fund also shows how to: Develop a sound strategy and raise the money you need Gain a real-world perspective about how allocators think and act Structure your team and investment process for success Recognize the patterns of successful start-ups The industry is approaching a significant crossroads. Aggregate growth is slowing and competition is shifting away from industry-wide growth, at the expense of traditional asset classes, to market share capture within the industry. So You Want to Start a Hedge Fund provides guidance for the little funds—the potential future leaders of the industry. |
| the big short: Sex on the Moon Ben Mezrich, 2011-07-14 Thad Roberts, a fellow in a prestigious NASA programme had an idea - a romantic, albeit crazy, idea. He wanted to give his girlfriend the moon. Literally. Thad convinced his girlfriend and another female accomplice, both NASA interns, to break into an impenetrable laboratory at NASA's headquarters - past security checkpoints, and electronically locked door with cipher security codes and camera-lined hallways - and help him steal the most precious objects in the world: Apollo moon rocks from every moon landing in history. Was Thad Roberts - undeniably gifted, picked for one of the most competitive scientific posts imaginable - really what he seemed? And what does one do with an item so valuable that it's illegal even to own? Based on meticulous research into thousands of pages of court records, FBI transcripts and documents, and scores of interviews with the people involved, Mezrich - with his signature high-velocity swagger - has reconstructed the madcap story of genius, love, and duplicity all centred on a heist that reads like a Hollywood thrill ride. |
| the big short: Home Game Michael Lewis, 2009-06-04 Here, with his remorseless eye for the truth, the bestselling author of Liar's Poker turns his sights on his own domestic world. The result is a wickedly enjoyable cautionary tale. Lewis reveals his own unique take on fatherhood, dealing with the big issues and challenges of new-found paternity: from discovering your three-year-old loves to swear to the ethics of taking your offspring gambling at the races, from the carnage of clothing and feeding to the inevitable tantrums - of both parent and child - and the gradual realization that, despite everything, he's becoming hooked. Home Game is probably the most brazenly honest and entertaining book about parenting ever written. |
| the big short: Preventing Bullying Through Science, Policy, and Practice National Academies of Sciences, Engineering, and Medicine, Health and Medicine Division, Division of Behavioral and Social Sciences and Education, Committee on Law and Justice, Board on Children, Youth, and Families, Committee on the Biological and Psychosocial Effects of Peer Victimization: Lessons for Bullying Prevention, 2016-09-14 Bullying has long been tolerated as a rite of passage among children and adolescents. There is an implication that individuals who are bullied must have asked for this type of treatment, or deserved it. Sometimes, even the child who is bullied begins to internalize this idea. For many years, there has been a general acceptance and collective shrug when it comes to a child or adolescent with greater social capital or power pushing around a child perceived as subordinate. But bullying is not developmentally appropriate; it should not be considered a normal part of the typical social grouping that occurs throughout a child's life. Although bullying behavior endures through generations, the milieu is changing. Historically, bulling has occurred at school, the physical setting in which most of childhood is centered and the primary source for peer group formation. In recent years, however, the physical setting is not the only place bullying is occurring. Technology allows for an entirely new type of digital electronic aggression, cyberbullying, which takes place through chat rooms, instant messaging, social media, and other forms of digital electronic communication. Composition of peer groups, shifting demographics, changing societal norms, and modern technology are contextual factors that must be considered to understand and effectively react to bullying in the United States. Youth are embedded in multiple contexts and each of these contexts interacts with individual characteristics of youth in ways that either exacerbate or attenuate the association between these individual characteristics and bullying perpetration or victimization. Recognizing that bullying behavior is a major public health problem that demands the concerted and coordinated time and attention of parents, educators and school administrators, health care providers, policy makers, families, and others concerned with the care of children, this report evaluates the state of the science on biological and psychosocial consequences of peer victimization and the risk and protective factors that either increase or decrease peer victimization behavior and consequences. |
| the big short: To Kill a Mockingbird Harper Lee, 2015 'Shoot all the bluejays you want, if you can hit 'em, but remember it's a sin to kill a mockingbird' Meet Scout, the narrator of this book. Her story is one of Deep South summers, fights at school and playing in the street. The spooky house of her mysterious neighbour, Boo Radley, sags dark and forbidding nearby. Her brother, Jem, and her friend, Dill, want to make Boo come outside. Her story is about justice. When Scout's father, a lawyer, agrees to defend a black man against an accusation by a white girl, he must battle the prejudice of the whole town. It's about imagination - not just the kind you need for childhood games. Because you never really know a man until you stand in his shoes and walk around in them. Vintage Children's Classics is a twenty-first century classics list aimed at 8-12 year olds and the adults in their lives. Discover timeless favourites from The Jungle Book and Alice's Adventures in Wonderland to modern classics such as The Boy in the Striped Pyjamas and The Curious Incident of the Dog in the Night-Time. |
| the big short: The Big Fella Robert Macklin, Peter Thompson, 2010-08-02 The never-before-told story of BHP Billiton's global conquests, told by the key players. BHP is part of Australia's DNA; but it remains an enigma. The Big Fella: The rise and rise of BHP Billiton is the compelling story of how BHP and its partner Billiton rose from the humblest beginnings in the Australian Outback and on the Indonesian island of Belitung to starry heights on the great bourses of the world. Based on more than 60 exclusive interviews, it rips away the superficial gloss to expose the political and industrial forces that really drive Big Business in the 21st century. In an investigative tour de force, authors Peter Thompson and Robert Macklin reveal the visions, the schemes, the scandals and the corporate life-and-death struggles that have characterised BHP's evolution from the first lucky strike by the mysterious Charles Rasp at Broken Hill in 1883 to its merger with Billiton in 2001 to its daring $150 billion bid for Rio Tinto six years later. The result is a gripping story of foresight and blunder, of nation-building and rampant ego, of greed and of grace, written by two master storytellers with, for the first time, access to the key players themselves. The Big Fella won the 2010 Blake Dawson Prize for Business Literature. |
| the big short: Summary and Analysis of The Big Short: Inside the Doomsday Machine Worth Books, 2017-03-07 So much to read, so little time? This brief overview of The Big Short tells you what you need to know—before or after you read Michael Lewis’s book. Crafted and edited with care, Worth Books set the standard for quality and give you the tools you need to be a well-informed reader. This short summary and analysis of The Big Short by Michael Lewis includes: Historical context Chapter-by-chapter overviews Character profiles Detailed timeline of events Important quotes Fascinating trivia Glossary of terms Supporting material to enhance your understanding of the original work About The Big Short by Michael Lewis: The writing was on the wall long before the extent of America’s worst financial meltdown since the Great Depression was made public. The mortgage bond market had become burdened with subprime loans, most of which were deceitful in their origination and ultimately resulted in delinquencies and foreclosures. Michael Lewis’s The Big Short: Inside the Doomsday Machine takes the reader behind the scenes, introducing the players and Wall Street institutions that unscrupulously helped fuel the housing bubble as well as the few who, not only foresaw the crash, but placed bets on the outcome. The summary and analysis in this ebook are intended to complement your reading experience and bring you closer to a great work of nonfiction. |
| the big short: Bombardiers Po Bronson, 1997-06-01 THE BOOK: They were the bombardiers, hunkered down behind their screens at Alantic Pacific, dealing bonds they hated to people they hated in jobs that took all their lives. Sid Geeder was King of Mortgages and Eggs Igino his lietenant. The air they breathed was rotten with the stench of high tech, information economy, pure capitalism and with the frenzy of grunts driven wild by impossible targets, unmeetable deadlines and overwhelming work loads, they wanted only out. |
| the big short: Good Value Stephen Green, 2009-07-02 Stephen Green - current Chairman of HSBC and ordained priest - believes above all that our lives should be lived with integrity. And more than that- these beliefs should not be left at the boardroom door. In Good Value, he argues that our businesses have a duty to society and explores how those of us who work in a profit-making workplace can combine our spiritual and ethical selves with our everyday work. Examining money markets across the globe and through the ages in a fascinating study of history, politics, religion and economics, Stephen Green shows how financial progress shouldn't mean an end to ethics at work. |
| the big short: The Seven Habits of Highly Effective People Stephen R. Covey, 1997 A revolutionary guidebook to achieving peace of mind by seeking the roots of human behavior in character and by learning principles rather than just practices. Covey's method is a pathway to wisdom and power. |
| the big short: This Is Water Kenyon College, 2014-05-22 Only once did David Foster Wallace give a public talk on his views on life, during a commencement address given in 2005 at Kenyon College. The speech is reprinted for the first time in book form in THIS IS WATER. How does one keep from going through their comfortable, prosperous adult life unconsciously' How do we get ourselves out of the foreground of our thoughts and achieve compassion' The speech captures Wallace's electric intellect as well as his grace in attention to others. After his death, it became a treasured piece of writing reprinted in The Wall Street Journal and the London Times, commented on endlessly in blogs, and emailed from friend to friend. Writing with his one-of-a-kind blend of causal humor, exacting intellect, and practical philosophy, David Foster Wallace probes the challenges of daily living and offers advice that renews us with every reading. |
| the big short: The Biggest Book of Yes Jon Doolan, 2020-08 What happens when you say YES? 49 incredible stories of adventure. From rowing oceans to cycling across continents, from climbing mountains to hiking national trails, this book will take you on the journey of a lifetime over and over again. But adventure is more than just travel. It's about stepping outside of your comfort zone and doing something a little out of the ordinary. How about setting up a business or home-schooling your kids? Fighting depression or fighting for a charity? This is not JUST a travel book. This brings you adventure in all its glorious forms. So sit back, relax and let the world of YES open before you. What will you say YES to? This book has been created entirely for free by members of the YesTribe. Check the YesTribe here: https: //www.facebook.com/groups/theyestribe. All profits go directly to the Teddington Trust to enable children with Xeroderma Pigmentosum (a rare skin disease that makes someone allergic to sunlight) to have adventures. Authors include: David Altabev, Clare Ambrose, Kirsten Amor, Alun Basten, Mariah Boyle, Jan Burke, Claudia Colvin, Karl Coppack, Emma Karembo Cornthwaite, Sue Crawley, Jason Day, Paul Donaghy, Meg Dyos, Alejandra Eifflaender-Salmón, Charlotte Fowles, Jen George, Aliza Goldberg, Thomas Hough, Emma Karslake, Pete Lamb, Cazz Lander, Zoe Langley-Wathen, Chris Lansdowne, Geoff Long, Abigail Mann, Hannah Miller, Nick Miller, Laura Mould, Gail Muller, Marcus Mumford, Eabhnat Ní Laighin, Brooke Nolan, Ian Oliver, Anisah Osman Britton, Noni Papp, Mark Perez, Glen Pilkington, Phil Plume, Ian Preedy, Arijit Ray, Spike Reid, Sophie Rooney, CJ Ross, Josiah Skeats, Amelia Jane Thorogood, Samantha Watts, Morwhenna Woolcock, Esther Zimmer and David Zimmer Artists include: Tom Napper, Hattie Stuttard Parker, Lizzie Sullivan, Samantha Elizabeth Allen, Victoria Galitzine, Nicola Hobbs, Henri Renard, Angela Chick, Anne-Laure Carruth, Leanne Rutter, Sarah Day, Alice Boydell, Tanya Noble, Alejandra Eifflaender-Salmón, Ellie Stevens, Michelle Robyn, Jaedon Harris, Rion Badenhorst, Katie Hammond, Rachel Tomasardottir, Rachel Fitch, Zoe Langley-Wathen, Helen Proudfoot, Jo Vincent, Bryony Wildblood, Geoff Long, Erika Manning, Lynda Brown, Jo Langdon, Lynette Marshallsay, Katrina Williamson, Vanessa Hodder, Joe Hemming, Amber Winterburn, Lou Rowen, Phamie McDonald, Seb Gibbs, Paddy Martin, Katy Eldridge, Sian Angharad, Rebecca Nunn, Sophie Rooney, Sophie Whitehead, Sophie Hunt, Sarah Woodrow, Ava Denham, Holly Doucette |
The Big Short (film) - Wikipedia
The Big Short is a 2015 American biographical crime comedy-drama film directed by Adam McKay and co-written by McKay and Charles Randolph. The film is based on the 2010 book The Big S…
Screenplay By Charles Randolph and Adam McKay
TITLE: THE BIG SHORT 8 EXT. MIDDLE SCHOOL FOOTBALL FIELD - DAY 8 …
Executive Summary The Big Short - adventuresincre.com
Executive Summary – The Big Short Chapter 1: A Secret Origin Story The …
The Big Short: Inside the Doomsday Machine by Micha…
The Big Short is Michael Lewis’s telling of the story of the recent subprime …
The Big Short - files.haiguinet.com
Yet the big Wall Street banks at the center of it just kept on growing, along with …
The Big Short - JETS ACADEMY
The Big Short is a 2015 film adaptation of author Michael Lewis’s best-selling …
The Big Short - Cal Poly
The Big Short (McKay, 2015), adapted from the non-fiction novel The Big …
Michael Lewis The Big Short [PDF] - invisiblecity.uarts.edu
"The Big Short" investors recognized the impending crisis and decided to bet …
The Big Short (2015) - Plot - IMDb
Baum despises people working in big banks, especially after his brother committed suicide after getting screwed over. He later calls his wife Cynthia (Marisa Tomei) to express his anger, …
The Big Short (2015) - Full Cast & Crew - IMDb
The Big Short (2015) cast and crew credits, including actors, actresses, directors, writers and more.
The Big Short (2015) - User Reviews - IMDb
"The Big Short," directed by Adam McKay, based on the book by Michael Lewis, was adapted by McKay and Charles Randolph and made its world premiere Thursday, November 12, 2015 at …
The Big Short - Trailer #2 | IMDb
When four outsiders saw what the big banks, media and government refused to, the global collapse of the economy, they had an idea: The Big Short. Their bold investment leads them …
The Big Short (2015) - Awards - IMDb
THE BIG SHORT achieves the extraordinary - making sense of the 2008 market collapse and making it entertaining. Adam McKay's whip-smart satire pulses with brazen pacing, pop-up …
The Big Short (2015) - Steve Carell as Mark Baum - IMDb
Mark Baum : Short everything that man has touched. Mark Baum : I have a feeling in a few years people are going to be doing what they always do when the economy tanks.
The Big Short (2015) - Soundtracks - IMDb
The Big Short. Edit. Blood and Thunder. Written by Brann Dailor, Brent Hinds, Bill Kelliher, and Troy Sanders. Performed by Mastodon. Courtesy of Relapse Records. The Dopeness. Written …
The Big Short (2015) - IMDb
Brad Pitt, Christian Bale, Steve Carell, and Ryan Gosling in The Big Short (2015)
Moneyball (2011) - IMDb
Hoffman delivers on every single scene and you literally sweat his frustration along with him. This foil to Brad Pitt's character is actually effective enough to save several heavy- drama …
The Big Short (2015) - Metacritic reviews - IMDb
The Big Short means to infuriate its audience, but it’s smart enough to know that such an approach doesn’t preclude a film from being darkly, cathartically funny as well.
