James Gao

In: Business and Management

Submitted By generaltsao00
Words 4139
Pages 17
The credit default swaps and useless thin air creation of value have plagued the economy in ways similar to that of the Dark Ages. I am a massive fan of that period of time in the sense that turmoil paves for progress, but can simultaneously work the other way around (especially in the case of the book). Our economy has been through that type of age a few times already only in the past century. We are in a better time with regards to physical health. Mental health possibly hasn't changed much since then and same with intelligence when talking about economics. One aspect in the mainstream human character that has gotten worse is the humanity coupled with empathy. We are all humans and all desire greed, vanity, fallacy, and iniquity to some degree. Because of that, I certainly understand the buying of subprime mortgage bonds which led to the crash. Michael Burry is not depicted as some kind of heathen criminal despite the effect he had on the world. In modern day, his type of scheme based thievery would not be considered deviant enough to constitute crime. Truth be told, he simply saw what was going to happen, so he capitalized on it. If he didn't do it, then someone else would have, and they'd be the rich guy. He and Eisman are nothing short of geniuses who had the capabilities of transcending groupthink. Fiat engineering is theoretically and technically not stealing in accordance to the time and space currently inhabited by this collective consciousness of man-made laws. Collapses during the time of the mid 2000s seemed predictable to most analysts, but the masses of investors simply weren't seeing the data while taking it for what was actually happening. Delusions of grandeur coupled with backwards rationalizations of financial security really set off a domino effect across the market. Volatility completely blasted off into the galaxy. The lack of real tangible…...

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