Film Critiques:

JUNE 2024:

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)
The Big Short (2015)

An America Unhoused By A Bubble Burst…

The Big Short, directed by Adam McKay and co-written by McKay and Charles Randolph, is a biographical crime comedy-drama film that delves into the complexities and absurdities leading up to the 2007-08 financial crisis. Based on Michael Lewis‘s 2010 book The Big Short: Inside the Doomsday Machine, the film provides an incisive look at how the U.S. housing bubble burst, triggering a global economic meltdown. Starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt, along with a strong supporting cast, The Big Short stands out for its engaging narrative, sharp wit, and effective use of non-traditional storytelling techniques.

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)
Adam McKay directing Steve Carell in "The Big Short" (2015) Photo Credit: Paramount Pictures
Director and screenwriter Adam McKay attends the "The Big Short" New York premiere at Ziegfeld Theater on November 23, 2015 in New York City. Photo by Andrew H Walker/Variety/Penske Media via Getty Images
Screenwriter Charles Randolph attends the "The Big Short" New York premiere at Ziegfeld Theater on November 23, 2015 in New York City. Photo by Jim Spellman/WireImage
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession. Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis. The preconditioning for the financial crisis was complex and multi-causal. Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing. However, in 1999, parts of the Glass-Steagall legislation, which had been adopted in 1933, were repealed, permitting financial institutions to commingle their commercial (risk-averse) and proprietary trading (risk-taking) operations. Arguably the largest contributor to the conditions necessary for financial collapse was the rapid development in predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities. This market development went unattended by regulators and thus caught the U.S. government by surprise. After the onset of the crisis, governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system. In the U.S., the October 3, $800 billion Emergency Economic Stabilization Act of 2008 failed to slow the economic free-fall, but the similarly-sized American Recovery and Reinvestment Act of 2009, which included a substantial payroll tax credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the Great Recession which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the European debt crisis. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were also adopted by countries around the world. Photo Credit: Google Images
Michael Monroe Lewis (born October 15, 1960) is an American author and financial journalist. He has also been a contributing editor to Vanity Fair since 2009, writing mostly on business, finance, and economics. He is known for his nonfiction work, particularly his coverage of financial crises and behavioral finance. Lewis was born in New Orleans and attended Princeton University, from which he graduated with a degree in art history. After attending the London School of Economics, he began a career on Wall Street during the 1980s as a bond salesman at Salomon Brothers. The experience prompted him to write his first book, Liar's Poker (1989). Fourteen years later, Lewis wrote Moneyball: The Art of Winning an Unfair Game (2003), in which he investigated the success of Billy Beane and the Oakland Athletics. His 2006 book The Blind Side: Evolution of a Game was his first to be adapted into a film, The Blind Side (2009). In 2010, he released The Big Short: Inside the Doomsday Machine. The film adaptation of Moneyball was released in 2011, followed by The Big Short in 2015. Lewis's books have won two Los Angeles Times Book Prizes and several have reached number one on the New York Times Bestsellers Lists, including his most recent book, Going Infinite. Photo Credit: Wikipedia Commons
"The Big Short: Inside the Doomsday Machine" is a nonfiction book by Michael Lewis about the build-up of the United States housing bubble during the 2000s. It was released on March 15, 2010, by W. W. Norton & Company. It spent 28 weeks on The New York Times best-seller list, and was the basis for the 2015 film of the same name. Photo Credit: Google Images
The 2000s United States housing bubble or house price boom or 2000s housing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, Henry Paulson, the U.S. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". A bubble had the potential to affect not only on home valuations, but also mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts. In 2008 alone, the United States government allocated over $900 billion (~$1.25 trillion in 2023) to special loans and rescues related to the U.S. housing bubble. This was shared between the public sector and the private sector. Because of the large market share of Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both of which are government-sponsored enterprises) as well as the Federal Housing Administration, they received a substantial share of government support, even though their mortgages were more conservatively underwritten and actually performed better than those of the private sector. Photo Credit: Wikipedia Commons
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Ryan Gosling as Jared Vennett in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures
John Magaro as Charlie Geller in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock as Jamie Shipley in "The Big Short" (2015) Photo Credit: Paramount Pictures
Hamish Linklater as Porter Collins in "The Big Short" (2015) Photo Credit: Paramount Pictures
Jeremy Strong as Vinny Daniel in "The Big Short" (2015) Photo Credit: Paramount Pictures
Rafe Spall as Danny Moses in "The Big Short" (2015) Photo Credit: Paramount Pictures
Marisa Tomei as Cynthia Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures

Explanation of the 2007-08 Financial Crisis

The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession. Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis. The preconditioning for the financial crisis was complex and multi-causal. Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing. However, in 1999, parts of the Glass-Steagall legislation, which had been adopted in 1933, were repealed, permitting financial institutions to commingle their commercial (risk-averse) and proprietary trading (risk-taking) operations. Arguably the largest contributor to the conditions necessary for financial collapse was the rapid development in predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities. This market development went unattended by regulators and thus caught the U.S. government by surprise. After the onset of the crisis, governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system. In the U.S., the October 3, $800 billion Emergency Economic Stabilization Act of 2008 failed to slow the economic free-fall, but the similarly-sized American Recovery and Reinvestment Act of 2009, which included a substantial payroll tax credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the Great Recession which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the European debt crisis. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were also adopted by countries around the world. Photo Credit: Google Images

The United States Housing Bubble

The 2000s United States housing bubble or house price boom or 2000s housing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, Henry Paulson, the U.S. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". A bubble had the potential to affect not only on home valuations, but also mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts. In 2008 alone, the United States government allocated over $900 billion (~$1.25 trillion in 2023) to special loans and rescues related to the U.S. housing bubble. This was shared between the public sector and the private sector. Because of the large market share of Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both of which are government-sponsored enterprises) as well as the Federal Housing Administration, they received a substantial share of government support, even though their mortgages were more conservatively underwritten and actually performed better than those of the private sector. Photo Credit: Wikipedia Commons

The U.S. housing bubble was a major factor in the financial crisis. In the early 2000s, housing prices soared due to low interest rates, loose lending practices, and a speculative frenzy. Banks and mortgage lenders issued subprime mortgages to borrowers with poor credit histories, often without adequate income verification or down payments. These risky loans were bundled into mortgage-backed securities (MBS) and sold to investors, creating a highly leveraged and fragile financial system. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets.

The 2000s United States housing bubble or house price boom or 2000s housing cycle was a sharp run up and subsequent collapse of house asset prices affecting over half of the U.S. states. In many regions a real estate bubble, it was the impetus for the subprime mortgage crisis. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2011. On December 30, 2008, the Case–Shiller home price index reported the largest price drop in its history. The credit crisis resulting from the bursting of the housing bubble is an important cause of the Great Recession in the United States. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, Henry Paulson, the U.S. Secretary of the Treasury, called the bursting housing bubble "the most significant risk to our economy". A bubble had the potential to affect not only on home valuations, but also mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts. In 2008 alone, the United States government allocated over $900 billion (~$1.25 trillion in 2023) to special loans and rescues related to the U.S. housing bubble. This was shared between the public sector and the private sector. Because of the large market share of Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (both of which are government-sponsored enterprises) as well as the Federal Housing Administration, they received a substantial share of government support, even though their mortgages were more conservatively underwritten and actually performed better than those of the private sector. Photo Credit: Wikipedia Commons
The mortgage market changed significantly during the early 2000s with the growth of subprime mortgage credit, a significant amount of which found its way into excessively risky and predatory products. While predatory loans fed the bubble, the primary driver of this lending was demand from Wall Street investors for mortgages, regardless of their quality, which created a dangerous excess of unregulated mortgage lending. Photo Credit: American Progress.org
A mortgage-backed security (MBS) is a type of asset-backed security (an "instrument") which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy. Bonds securitizing mortgages are usually treated as a separate class, termed residential; another class is commercial, depending on whether the underlying asset is mortgages owned by borrowers or assets for commercial purposes ranging from office space to multi-dwelling buildings. The structure of the MBS may be known as "pass-through", where the interest and principal payments from the borrower or homebuyer pass through it to the MBS holder, or it may be more complex, made up of a pool of other MBSs. Other types of MBS include collateralized mortgage obligations (CMOs, often structured as real estate mortgage investment conduits) and collateralized debt obligations (CDOs). A mortgage bond is a bond backed by a pool of mortgages on a real estate asset such as a house. More generally, bonds which are secured by the pledge of specific assets are called mortgage bonds. Mortgage bonds can pay interest in either monthly, quarterly or semiannual periods. The prevalence of mortgage bonds is commonly credited to Mike Vranos. The shares of subprime MBSs issued by various structures, such as CMOs, are not identical but rather issued as tranches (French for "slices"), each with a different level of priority in the debt repayment stream, giving them different levels of risk and reward. Tranches of an MBS—especially the lower-priority, higher-interest tranches—are/were often further repackaged and resold as collateralized debt obligations. These subprime MBSs issued by investment banks were a major issue in the subprime mortgage crisis of 2006–2008. The total face value of an MBS decreases over time, because like mortgages, and unlike bonds, and most other fixed-income securities, the principal in an MBS is not paid back as a single payment to the bond holder at maturity but rather is paid along with the interest in each periodic payment (monthly, quarterly, etc.). This decrease in face value is measured by the MBS's "factor", the percentage of the original "face" that remains to be repaid. In the United States, MBSs may be issued by structures set up by government-sponsored enterprises like Fannie Mae or Freddie Mac, or they can be "private-label", issued by structures set up by investment banks. Photo Credit: Ivestopedia
LOS ANGELES (AP) -- The number of U.S. homes that slipped into some stage of foreclosure in 2007 was 79 percent higher than in the previous year, a real estate tracking company said Tuesday. Many homeowners started to fall behind on mortgage payments in the last three months, setting the stage for more foreclosures this year. About 1.3 million homes received foreclosure-related warnings last year, up from 717,522 in 2006, Irvine-based RealtyTrac Inc. said. Foreclosure filings rose 75 percent from the previous year to 2.2 million. More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said. Photo Credit: RealityTrac
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession. Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis. The preconditioning for the financial crisis was complex and multi-causal. Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing. However, in 1999, parts of the Glass-Steagall legislation, which had been adopted in 1933, were repealed, permitting financial institutions to commingle their commercial (risk-averse) and proprietary trading (risk-taking) operations. Arguably the largest contributor to the conditions necessary for financial collapse was the rapid development in predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities. This market development went unattended by regulators and thus caught the U.S. government by surprise. After the onset of the crisis, governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system. In the U.S., the October 3, $800 billion Emergency Economic Stabilization Act of 2008 failed to slow the economic free-fall, but the similarly-sized American Recovery and Reinvestment Act of 2009, which included a substantial payroll tax credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the Great Recession which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the European debt crisis. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were also adopted by countries around the world. Photo Credit: Google Images

The Financial Crisis Unfolds

The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the Great Depression. Predatory lending in the form of subprime mortgages targeting low-income homebuyers, excessive risk-taking by global financial institutions, a continuous buildup of toxic assets within banks, and the bursting of the United States housing bubble culminated in a "perfect storm", which led to the Great Recession. Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value. Financial institutions worldwide suffered severe damage, reaching a climax with the bankruptcy of Lehman Brothers on September 15, 2008, and a subsequent international banking crisis. The preconditioning for the financial crisis was complex and multi-causal. Almost two decades prior, the U.S. Congress had passed legislation encouraging financing for affordable housing. However, in 1999, parts of the Glass-Steagall legislation, which had been adopted in 1933, were repealed, permitting financial institutions to commingle their commercial (risk-averse) and proprietary trading (risk-taking) operations. Arguably the largest contributor to the conditions necessary for financial collapse was the rapid development in predatory financial products which targeted low-income, low-information homebuyers who largely belonged to racial minorities. This market development went unattended by regulators and thus caught the U.S. government by surprise. After the onset of the crisis, governments deployed massive bail-outs of financial institutions and other palliative monetary and fiscal policies to prevent a collapse of the global financial system. In the U.S., the October 3, $800 billion Emergency Economic Stabilization Act of 2008 failed to slow the economic free-fall, but the similarly-sized American Recovery and Reinvestment Act of 2009, which included a substantial payroll tax credit, saw economic indicators reverse and stabilize less than a month after its February 17 enactment. The crisis sparked the Great Recession which resulted in increases in unemployment and suicide, and decreases in institutional trust and fertility, among other metrics. The recession was a significant precondition for the European debt crisis. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US as a response to the crisis to "promote the financial stability of the United States". The Basel III capital and liquidity standards were also adopted by countries around the world. Photo Credit: Google Images

When housing prices began to decline in 2006, the weaknesses in the financial system were exposed. Borrowers defaulted on their loans, causing MBS values to plummet. This led to massive losses for financial institutions holding these securities. The crisis reached its peak in 2008 with the collapse of major investment banks like Lehman Brothers, a severe credit crunch, and a global recession. A continuous buildup of toxic assets in the form of subprime mortgages purchased by Lehman Brothers ultimately led to the firm’s bankruptcy in September 2008. The collapse of Lehman Brothers is often cited as both the culmination of the subprime mortgage crisis, and the catalyst for the Great Recession in the United States.

The front page of "The Wall Street Journal" announcing the collapse of Lehman Brothers, which would begin the 2007-08 Financial Crisis and the Great Recession in America. Photo Credit: The Wall Street Journal
Lehman Brothers Inc. was an American global financial services firm founded in 1850. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States (behind Goldman Sachs, Morgan Stanley, and Merrill Lynch), with about 25,000 employees worldwide. It was doing business in investment banking, equity, fixed-income and derivatives sales and trading (especially U.S. Treasury securities), research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008. On September 15, 2008, Lehman Brothers filed for Chapter 11 bankruptcy protection following the exodus of most of its clients, drastic declines in its stock price, and the devaluation of assets by credit rating agencies. The collapse was largely due to Lehman's involvement in the subprime mortgage crisis and its exposure to less liquid assets. Lehman's bankruptcy filing was the largest in US history, and is thought to have played a major role in the unfolding of the 2007–2008 financial crisis. The market collapse also gave support to the "too big to fail" doctrine. After Lehman Brothers filed for bankruptcy, global markets immediately plummeted. The following day, major British bank Barclays announced its agreement to purchase, subject to regulatory approval, a significant and controlling interest in Lehman's North American investment-banking and trading divisions, along with its New York headquarters building. On September 20, 2008, a revised version of that agreement was approved by U.S. Bankruptcy Court Judge James M. Peck. The next week, Nomura Holdings announced that it would acquire Lehman Brothers' franchise in the Asia-Pacific region, including Japan, Hong Kong and Australia, as well as Lehman Brothers' investment banking and equities businesses in Europe and the Middle East. The deal became effective on October 13, 2008. Photo Credit: Google Images

A bubble had the potential to affect not only on home valuations, but also mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts.

Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts. Photo Credit: C-SPAN
Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts. Photo Credit: New York Times
President Bush signs the Emergency Economic Stabilization Act of 2008 in the Oval Office after the House passed the financial bailout bill Friday. Photo Credit: Charles Dharapak / AP

Key Players in the Film

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

Scion Capital

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

Scion Capital, led by Dr. Michael Burry (played by Christian Bale), is a key player in The Big Short. Burry, an eccentric hedge fund manager, was one of the first to identify the housing bubble and predict its collapse back in 2005. He took the unconventional step of betting against (shorting) the housing market by purchasing credit default swaps (CDS) on mortgage-backed securities, believing that their value would drop anticiapting the market’s collapse in the second quarter of 2007, while also making a profit for Scion Capitol.

Michael James Burry is an American investor and hedge fund manager. He founded the hedge fund Scion Capital, which he ran from 2000 until 2008 before closing it to focus on his personal investments. He is best known for being among the first investors to predict and profit from the subprime mortgage crisis that occurred between 2007 and 2010. Photo Credit: Google Images
In August 2023, it was widely reported that Burry's hedge fund, Scion Asset Management, had made a $1.6 billion bet on a US stock market crash. Securities filings reportedly showed that Burry held put options on both the S&P 500 and the Nasdaq-100 at the end of Q2 2023. While the put options have been widely reported as being 93% of Scion's entire portfolio, this is misleading, as the $1.6 billion figure is based on the maximum possible value that the put options could rise to, and not the amount they were actually purchased for. Furthermore, Scion's assets under management is $237,971,170, significantly lower than $1.6 billion. Photo Credit: Google Images
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures

His long-term bet, worth an exceeding $1 billion, is accepted by the major investment and commercial banks but would require paying a substantial monthly premium on those investments. This sparks his main client, named Lawrence Fields (Tracy Letts) in the film, a fictional composite of Joel Greenblatt, to accuse him of “wasting” capital while many clients are demanding that he reverse and sell the investments, buy Burry refuses. Under pressure, Burry eventually restricts withdrawals, which angers his investors, and Fields sues Burry. The market eventually collapses a few years later and Burry’s funds value increases by 489% with an overall profit, while also allowing for the massive premiums, of over $2.69 billion, with Fields alone recieving $489 million.

A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Tracy Letts as Lawrence Fields in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Tracy Letts as Lawrence Fields in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Tracy Letts as Lawrence Fields in "The Big Short" (2015) Photo Credit: Paramount Pictures

FrontPoint Partners

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

FrontPoint Partners, represented by Mark Baum (Steve Carell), also plays a crucial role. Baum, based on real-life hedge fund manager Steve Eisman, becomes convinced of the impending collapse of the housing market. Along with his team, he investigates the fraudulent practices in the mortgage industry and decides to short the housing market. Baum is alerted to then eventual collapse by misplaced phone alerts to FrontPoint Partners through Jared Vennett (Ryan Gosling), and based on Greg Lippmann, who was the executive in charge of global asset-backing securities trading at Deutsche Bank, and was one of the first bankers to understand Burry’s analysis, learning from one of the bankers who sold Burry an early credit default swap. Using quantitive analysis to verify that Burry is correct in his anaysis prediction, Vennett decides to enter the market and purchase credit default swaps himself. But as a result, Vennett looks to reduce the size of his position by selling credit default swaps as a result of his large monthly premiums. Baum becomes motivated to buy the swaps from Vennett due to his low regard for banks’ ethics and business models. Vennett explains to Baum that the packaging of subprime loans into collateralized debt obligations (CDOs) rated AAA will guarantee thier evential collapse.

A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell and Hamish Linklater in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Eisman, senior portfolio manager of the FrontPoint Financial Services Fund, speaks during the Ira Sohn Investmen Research Conference in New York, U.S., on Wednesday, May 26, 2010. The event is was sponsored by The Ira Sohn Research Conference Foundation which is "dedicated to the treatment and cure of pediatric cancer and other childhood diseases." Photographer: Daniel Acker/Bloomberg
Steve Carell, Hamish Linklater, Rafe Spall, and Jeremy Strong in "The Big Short" (2015) Photo Credit: Paramount Pictures
Hamish Linklater as Porter Collins in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
Ryan Gosling as Jared Vennett in "The Big Short" (2015) Photo Credit: Paramount Pictures
Lippmann worked for Deutsche Bank, as global head of asset-backed securities trading, until he left in April 2010, and was succeeded by Pius Sprenger. In February 2010, Lippmann announced that he would be joining a hedge fund started by Fred Brettschneider, who was formerly Deutsche Bank's head of global markets. Lippmann co-founded LibreMax Partners with Brettschneider, and is its Chief Investment Officer and Portfolio Manager. In May 2016, Bloomberg LP reported that Lippmann was working with Promise Financial on a wedding loans business. Photo Credit: Google Images
Deutsche Bank AG, sometimes referred to simply as Deutsche, or internally as DB, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Stock Exchange. Deutsche Bank was founded in 1870 in Berlin. From 1929 to 1937, following its merger with Disconto-Gesellschaft, it was known as Deutsche Bank und Disconto-Gesellschaft or DeDi-Bank: 580  Other transformative acquisitions have included those of Mendelssohn & Co. in 1938, Morgan Grenfell in 1990, Bankers Trust in 1998, and Deutsche Postbank in 2010. As of 2018, the bank's network spanned 58 countries with a large presence in Europe, the Americas, and Asia. It is a component of the DAX stock market index and is often referred to as the largest German banking institution, with Deutsche Bank holding the majority stake in DWS Group for combined assets of 2.2 trillion euros, rivaling even Sparkassen-Finanzgruppe in terms of combined assets. Deutsche Bank has been designated a global systemically important bank by the Financial Stability Board since 2011. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank. According to a 2020 article in the New Yorker, Deutsche Bank had long had an "abject" reputation among major banks, as it has been involved in major scandals across various issue areas. Photo Credit: Google Images
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Ryan Gosling and Jeffry Griffin in "The Big Short" (2015) Photo Credit: Paramount Pictures
Ryan Gosling as Jared Vennett in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Jeremy Strong, Rafe Spall, Hamish Linklater, Steve Carell, Jeffry Griffin, and Ryan Gosling in "The Big Short" (2015) Photo Credit: Paramount Pictures

FrontPoint Partners begins a field investigation in South Florida, and the team discovers that mortgage brokers are profiting by selling their mortgage deals to banks on Wall Street, which pay higher margins for the risker mortgages, which in turn creates the bubble. Knowing this, FrontPoint Partners is prompted to buy the swaps from Vennett.

Hamish Linklater and Rafe Spall in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures

The loans begin to default in early 2007, but CDO prices somehow rise and ratings agencies refuse to downgrade the bond ratings. With some more investigation, Baum discovers that there are conflicts of interest and dishonesty amongst the agencies that are rating the credit through an acquaintance at Standard & Poor’s. At this time Vennett has also invited the FrontPoint Partners to the American Securitization Forum in Las Vegas, Baum in turn learns from a CDO manager there that that market for insuring mortgage bonds, which includes “synthetic CDOs” that bets in favor of the faulty mortgage bonds, is significantly larger than the market the laons are themselves drawn from, leading Baum to realize the entire world economy is on a road to collapse as Burry had predicted two years earlier.

Jeremy Strong and Steve Carell in "The Big Short" (2015) Photo Credit: Paramount Pictures
Melissa Leo as Georgia Hale in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell and Ryan Gosling in "The Big Short" (2015) Photo Credit: Paramount Pictures
Byron Mann and Steve Carell in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures

As the subprime bonds continue to fall, Baum learns that Morgan Stanley, the bank whose umbrella FrontPoint operates, had also taken a short position against its mortgage derivatives. With them also collapsing in value, Morgan Stanley faces a liquity problem. Even though the team insists on selling their position beofre Morgan Stanley collapses, Baum refuses to sell until the economy is on the verge of collapsing, which would make them FrontPoint Partners over $ 1 billion in swaps revenue. But Buam insists the banks will never get blamed for the collapse, that the government will protect them and just blame it on “Immigrants and poor people.”

Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Rafe Spall and Jeremy Strong in "The Big Short" (2015) Photo Credit: Paramount Pictures
Marisa Tomei and Steve Carell in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures

Brownfield Fund

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

The Brownfield Fund, based on Cornwall Capital, led by Charlie Geller (John Magaro) and Jamie Shipley (Finn Wittrock), represents the smaller investors who saw the looming crisis. They manage to enter the big leagues with the help of Ben Rickert (Brad Pitt), a retired banker. Their journey highlights the reckless behavior of larger financial institutions and their role in the crisis.

Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Cornwall Capital is a New York City-based private financial investment corporation. It is best known as one of the few investors to foresee and profit from the subprime mortgage crisis of 2007, as described in the book The Big Short by Michael Lewis.[2][3] Cornwall seeks highly asymmetric investments, in which the potential profit greatly exceeds potential loss. Its strategies including benefiting from market inefficiencies to thematic fundamental trades. From 2003 to 2012, the firm produced an average annual compounded net return of 40 percent (52 percent gross). Photo Credit: Google Images
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock as Jamie Shipley in "The Big Short" (2015) Photo Credit: Paramount Pictures

Geller and Shipley accidentally discover Vennett’s plan to invest in swaps and are convinced to do the same as it fits with their strategy of buying cheap insurance with big potential payouts. Since their capitol is below the threshold for an ISDA Master Agreement required to enter into trades like that of Burry and Baum, they enlist Rickert to help them with his experence as a securities trader. Geller begins to suspect the banks of committing fraud when the bond values and CDOs rise despite the defaults. The trio also end up at the Las Vegas American Securitization Forum, where they learn that the SEC has no regulations that monitior mortgage-backed security activity. They in turn end up making more of a profit then Burry or Baum, by shorting the higher-rated AA mortgage securities, due to them being considered highly stable and carried a much higher payout ratio.

Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock, John Magaro and Brad Pitt in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures
John Magaro as Charlie Geller in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock, John Magaro and Brad Pitt in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures

Later, as home mortgage defaults increase, the price of the CDOs does not rise nor does the price of the underlying mortgage bonds drop, and Geller and Shipley realize the banks and the ratings agencies are secretly freezing the price of their CDOs in order to sell and short them before the inevitable crash. Outraged at the bank’s cheating, Geller and Shipley try to tip off the press about the upcoming disaster and the rampant fraud, but a writer from The Wall Street Journal reveals his own personal conflict of interest and will not do his job so as to not endanger his relationships with the Wall Street investment banks. As the market starts collapsing, Ben, on vacation in England, sells their swaps. Ultimately, they turn their $30 million investment into $80 million, but their faith in the system is broken when Ben tells them of the severe consequences for the general public.

Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Finn Wittrock and John Magaro in "The Big Short" (2015) Photo Credit: Paramount Pictures
Jeff Caperton in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures

Narrative and Direction

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

Innovative Storytelling Techniques

Adam McKay employs a range of innovative storytelling techniques to make the complex financial concepts accessible and engaging for the audience. These include breaking the fourth wall, celebrity cameos explaining financial jargon, and a fast-paced, almost frenetic editing style. The film features cameo appearances by actress Margot Robbie, the late chef Anthony Bourdain, singer-songwriter Selena Gomez, economist Richard Thaler, and others who break the fourth wall to explain concepts such as subprime mortgages and synthetic collateralized debt obligations. Several of the film’s characters directly address the audience, most frequently Gosling’s, who serves as the narrator. The real Michael Burry made a cameo in the film as a Scion employee. At the beginning of the scene in which the fictional Burry’s investors confront him at his office, he is briefly shown standing near the front door, talking on the phone. These techniques not only demystify the intricacies of the financial world but also add a layer of entertainment and irony to the film.

Christian Bale and Adam McKay filming "The Big Short" (2015) Photo Credit: Paramount Pictures
Margot Robbie as herself in "The Big Short" (2015) Photo Credit: Paramount Pictures
Anthony Bourdain as himself in "The Big Short" (2015) Photo Credit: Paramount Pictures
Selena Gomez as herself in "The Big Short" (2015) Photo Credit: Paramount Pictures
Richard Thaler as himself in "The Big Short" (2015) Photo Credit: Paramount Pictures
Stanley Wong breaking the fourth wall in "The Big Short" (2015) Photo Credit: Paramount Pictures
Jeremy Strong as Vinny Daniel in "The Big Short" (2015) Photo Credit: Paramount Pictures
In finance, subprime lending (also referred to as near-prime, subpar, non-prime, and second-chance lending) is the provision of loans to people in the United States who may have difficulty maintaining the repayment schedule. Historically, subprime borrowers were defined as having FICO scores below 600, although this threshold has varied over time. These loans are characterized by higher interest rates, poor quality collateral, and less favorable terms in order to compensate for higher credit risk. During the early to mid-2000s, many subprime loans were packaged into mortgage-backed securities (MBS) and ultimately defaulted, contributing to the financial crisis of 2007–2008. Photo Credit: Investopedia
A synthetic CDO is a variation of a CDO (collateralized debt obligation) that generally uses credit default swaps and other derivatives to obtain its investment goals. As such, it is a complex derivative financial security sometimes described as a bet on the performance of other mortgage (or other) products, rather than a real mortgage security. The value and payment stream of a synthetic CDO is derived not from cash assets, like mortgages or credit card payments – as in the case of a regular or "cash" CDO—but from premiums paying for credit default swap "insurance" on the possibility of default of some defined set of "reference" securities—based on cash assets. The insurance-buying "counterparties" may own the "reference" securities and be managing the risk of their default, or may be speculators who've calculated that the securities will default. Synthetics thrived for a brief time because they were cheaper and easier to create than traditional CDOs, whose raw material—mortgages—was beginning to dry up. In 2005, the synthetic CDO market in corporate bonds spread to the mortgage-backed securities market, where the counterparties providing the payment stream were primarily hedge funds or investment banks hedging, or often betting that certain debt the synthetic CDO referenced – usually "tranches" of subprime home mortgages – would default. Synthetic issuance jumped from $15 billion in 2005 to $61 billion in 2006, when synthetics became the dominant form of CDOs in the US, valued "notionally" at $5 trillion by the end of the year according to one estimate. Synthetic CDOs are controversial because of their role in the subprime mortgage crisis. They enabled large wagers to be made on the value of mortgage-related securities, which critics argued may have contributed to lower lending standards and fraud. Synthetic CDOs have been criticized for serving as a way of hiding short position of bets against the subprime mortgages from unsuspecting triple-A seeking investors, and contributing to the 2007-2009 financial crisis by amplifying the subprime mortgage housing bubble. By 2012 the total notional value of synthetics had been reduced to a couple of billion dollars. Photo Credit: Investopedia
Ryan Gosling as Jared Vennett in "The Big Short" (2015) Photo Credit: Paramount Pictures
Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures

Performances

The ensemble cast delivers outstanding performances, each bringing depth and nuance to their characters. Christian Bale’s portrayal of Michael Burry is particularly noteworthy, capturing the eccentricity and determination of the hedge fund manager. Steve Carell’s Mark Baum is a driven and morally conflicted character, providing a human perspective on the crisis. Ryan Gosling’s Jared Vennett, a slick and opportunistic banker, adds a layer of cynicism and wit to the narrative. Brad Pitt’s Ben Rickert offers a grounded, almost prophetic view of the impending disaster.

NEW YORK, NY - NOVEMBER 23: (L-R) Actor Byron Mann, Actor Finn Wittrock, Author Michael Lewis, Actor Jeremy Strong, Actor Steve Carrell, director Adam McKay, actor Ryan Gosling, Chairman and CEO of Paramount Pictures Brad Grey, and actor Brad Pitt, and Actor John Magaro attend the premiere of "The Big Short" at Ziegfeld Theatre on November 23, 2015 in New York City. Photo by Kevin Mazur/WireImage
Steve Carell as Mark Baum in "The Big Short" (2015) Photo Credit: Paramount Pictures
Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
Ryan Gosling as Jared Vennett in "The Big Short" (2015) Photo Credit: Paramount Pictures
Brad Pitt as Ben Rickert in "The Big Short" (2015) Photo Credit: Paramount Pictures

Themes and Messages

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

Greed and Corruption

The Big Short exposes the greed and corruption that pervaded the financial industry. The film illustrates how major banks, driven by profit, engaged in reckless lending practices and fraudulent activities, ultimately leading to the collapse of the housing market.

A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures

The Human Cost

While the film focuses on the financial mechanisms behind the crisis, it also highlights the human cost. The collapse of the housing market led to millions of people losing their homes and jobs, emphasizing the devastating impact of the financial industry’s irresponsibility on ordinary lives.

A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures
A scene in "The Big Short" (2015) Photo Credit: Paramount Pictures

Inevitability of Collapse

Through its characters, The Big Short conveys a sense of the inevitable collapse of the housing market. Despite warnings and clear signs, the system’s flaws were ignored or denied by those in power, leading to an avoidable catastrophe.

Christian Bale as Michael Burry in "The Big Short" (2015) Photo Credit: Paramount Pictures
John Magaro as Charlie Geller in "The Big Short" (2015) Photo Credit: Paramount Pictures

Awards and Accolades

The Big Short received critical acclaim and numerous awards and nominations. It was nominated for five Academy Awards, including one for Best Picture, and the film won the Oscar for Best Adapted Screenplay. The film also won the BAFTA Award for Best Adapted Screenplay and received nominations for Best Director, Best Supporting Actor (Christian Bale), and Best Editing. Christian Bale won the Critics’ Choice Movie Award for Best Actor in a Comedy, and the film took home the Critcs’ Choice Movie Award for Best Comedy. Additionally, it was nominated for four Golden Globe Awards, including Best Motion Picture – Musical or Comedy, Best Actor (Christian Bale and Steve Carell), and Best Screenplay.

Actor John Krasinski and President of the Academy of Motion Picture Arts and Sciences Cheryl Boone Isaacs announce 'The Big Short' as a nominee for Best Motion Picture of the Year during the 88th Oscars Nominations Announcement at the Academy of Motion Picture Arts and Sciences on January 14, 2016 in Los Angeles, California. Photo by Kevin Winter/Getty Images
Actor John Krasinski and President of the Academy of Motion Picture Arts and Sciences Cheryl Boone Isaacs announce Adam McKay as a nominee for Best Directing in the film 'The Big Short' during the 88th Oscars Nominations Announcement at the Academy of Motion Picture Arts and Sciences on January 14, 2016 in Los Angeles, California. Photo by Kevin Winter/Getty Images
Actor John Krasinski and President of the Academy of Motion Picture Arts and Sciences Cheryl Boone Isaacs announce Christian Bale as a nominee for Best Actor in a Supporting Role in the film 'The Big Short' during the 88th Oscars Nominations Announcement at the Academy of Motion Picture Arts and Sciences on January 14, 2016 in Los Angeles, California. Photo by Kevin Winter/Getty Images
Actor John Krasinski and President of the Academy of Motion Picture Arts and Sciences Cheryl Boone Isaacs announce 'The Big Short' as a nominee for Best Film Editing during the 88th Oscars Nominations Announcement at the Academy of Motion Picture Arts and Sciences on January 14, 2016 in Los Angeles, California. Photo by Kevin Winter/Getty Images
Screenwriter-director Adam McKay (L) and screenwriter Charles Randolph accept the Best Adapted Screenplay award for 'The Big Short' onstage during the 88th Annual Academy Awards at the Dolby Theatre on February 28, 2016 in Hollywood, California. Photo by Kevin Winter/Getty Images
Screenwriters Adam McKay, left, and Charles Randolph winners of the Best Adapted Screenplay for 'The Big Short,' pose in the press room at the 88th Annual Academy Awards at Hollywood & Highland Center on February 28, 2016 in Hollywood, California. Photo by Dan MacMedan/WireImage
Category: Adapted Screenplay. Citation reader: Angela Bassett. Winner: The Big Short - Adam McKay, Charles Randolph.L-r: Charles Randolph, Angela Bassett, Adam McKay Photo by Stephen Butler/BAFTA via Getty Images
(L-R) US director Adam McKay and writer Charles Randolph pose with their awards for an adapted screenplay for the film 'The Big Short' at the BAFTA British Academy Film Awards at the Royal Opera House in London on February 14, 2016. Photo credit: Ben Stansall/AFP via Getty Images
Actor Christian Bale accepts Best Actor in a Comedy award for 'The Big Short' onstage during the 21st Annual Critics' Choice Awards at Barker Hangar on January 17, 2016 in Santa Monica, California. Photo by Christopher Polk/Getty Images for The Critics' Choice Awards
Actor Christian Bale, winner of Best Actor in a Comedy for "The Big Short," speaks onstage during the 21st Annual Critics' Choice Awards at Barker Hangar on January 17, 2016 in Santa Monica, California. Photo by Lester Cohen/WireImage
Director Adam McKay (R) accepts the Best Comedy award for 'The Big Short' with (L-R) producer Jeremy Kleiner, actors Jeremy Strong, Hamish Linklater, Christian Bale, John Magaro, Finn Wittrock and screenwriter Charles Randolph onstage during the 21st Annual Critics' Choice Awards at Barker Hangar on January 17, 2016 in Santa Monica, California. Photo by Christopher Polk/Getty Images for The Critics' Choice Awards
The Hollywood Foreign Press Association's Golden Globe Awards Statues.

The Big Short is a masterful film that skillfully combines humor, drama, and a scathing critique of the financial system. Adam McKay’s direction, combined with strong performances and innovative storytelling techniques, makes the film both entertaining and enlightening. By demystifying the complexities of the financial crisis and highlighting the human cost of corporate greed, The Big Short serves as a powerful reminder of the consequences of unchecked capitalism.

The Big Short; directed by Adam McKay; screenplay by Charles Randolph and Adam McKay; based on The Big Short by Michael Lewis; starring Christian Bale, Steve Carell, Ryan Gosling, and Brad Pitt; produced by Brad Pitt, Dede Gardner, Jeremy Kleiner, and Arnon Milchan for Regency Enterprises and Plan B Entertainment and distributed by Paramount Pictures. (2015)

The Big Short is avaialble now on Hulu…

Pages: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15