The impact of the 2008 crisis

I just watched The Big Short (starring Ryan Gosling and Steve Carrell) – a great film depicting the origins of the financial crisis – from sub-prime adjustable rates to CDOs and the impact to the taxpayer.

I loved the transparency and views portrayed in the film, as well as how the information was presented. While I’m sure the truth is stretched somewhat, as it generally is with movies, there’s a large amount of truth in the film, which is undoubtedly scary.

One part stuck out for me – where Brad Pitt’s character is annoyed at his two apprentices for dancing around at betting against the American economy. He was angry because they were essentially betting against the American people, which meant if they were proved right, millions of people would lose their jobs. In total, 8 million people lost their job, while 6 million families lost their homes.

I can only imagine what the average Joe must have been feeling, knowing they had to provide for their family while the big banks paid out large bonuses and essentially profiteered off of them.

I highly recommend watching the film if you haven’t already.

Author: Fahim Sachedina

I like technology, startups and building things. fahimsachedina.com

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