little view

Shakira 2022-12-10 00:03:06

Even though I have a foundation in economics, I still find it difficult to watch this film. After all, I just learned the theory. Although I have heard the teacher talk about the 2008 US subprime mortgage crisis countless times in the classroom, when I face the reality, I really admire the finances. The minister's decisive decision, time and time again. The film tells the story of the global financial crisis that broke out in 2008, with U.S. Treasury Secretary Hank Paulson as the main clue, recording the decisions and actions of the powerful figures who decided the fate of the world's largest economy within a few weeks.
Not from the literary aspect, I really think this film is quite good. It fully describes the various efforts made by the top executives in the United States during the subprime mortgage crisis. First of all, the real estate industry in the United States is seriously froze. Everyone is busy making money. Banks Also, they lend to savers with insufficient credit index to buy real estate, but they did not expect that when the bubble burst, most of the loans could not be collected at all, and they only owned a bunch of properties that could not be realized. At the same time, the Minister of Finance himself also proposed his own Wrong, no one supervises the credit market in the financial industry, because everyone
was busy making money at that time... but he regretted it when it came out.
After watching the whole film, there is a faint feeling that unity is strength. It is a bit ridiculous to say it, but in fact, if you analyze it slowly, you will find that it is true. Everyone is working hard to restore the financial market. Only the entire economic circle If you are healthy, then each individual in it will be able to function better, otherwise there will only be collapses one by one. As shown in the film, after the collapse of Lehman Brothers, market panic and credit stagnation occurred, and the other nine major banks were also unable to Insurance, and even related to the insurance industry, the entire Wall Street. If Congress hadn't agreed to print money to give the market confidence, it's hard to imagine what would have happened if the subprime crisis had fully erupted and affected the entire world... Thousands of banks and businesses of all kinds failed , I do not know how many people will lose their jobs and starve to death on the streets.

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Extended Reading

Too Big to Fail quotes

  • Richard Fuld: [on the housing crisis] You know, people act like we're crack dealers. Nobody put a gun to anybody's head and said, "Hey, nimrod, buy a house you can't afford, and you know what? While you're at it, put a line of credit on that baby and buy yourself a boat."

    Joe Gregory: [chuckles] You heard anything from Buffett?

    Erin Callan: He's asking for preferred shares at 40, with a dividend of nine percent.

    Richard Fuld: [annoyed] We were just at 66. What the fuck?

    Joe Gregory: Maybe it's just an opening gambit, Dick.

    Richard Fuld: Sounds more like a goddamn insult!

    Erin Callan: Dick, we're at 36 right now. We haven't been anywhere near 66 in months. The markets like Buffett. His name will push the price up overnight.

    Richard Fuld: You know, I don't care who he is. I am not spending $360 million a year for the pleasure of doing business with him. Real estate will come back.

    Joe Gregory: Koreans have been sniffing around.

    Richard Fuld: There you go. And they won't steal us blind. I've seen this before: CEOs panic and they sell out cheap. Right now, the Street's running around with its hair on fire, but the storm always passes. We stand strong, and on the other side, we'll eat Goldman's lunch.

    Erin Callan: So what do we do about Buffett?

    Richard Fuld: Screw Warren Buffett.

  • Ben Bernanke: [Having breakfast with Henry Paulson] Lehman's down another 10%.

    Henry Paulson: You are not gonna let me get down a single bite, are you?

    Ben Bernanke: This is why I have oatmeal.