**Spoiler Alert**
Director: Adam McKay/Starring: Ryan Gosling, Steve Carell, Brad Pitt, Christian Bale, Melissa Leo, Marisa Tomei and Hamish Linklater
I thought all the horrors of the economic recession of 2008 had been dramatized in film. The Company Men, Margin Call and the more recent 99 Homes have all given movie audiences a taste of what preceded or followed the near collapse of the American economy; a tragedy whose impact is still being felt domestically and abroad. But with director Adam McKay's The Big Short; adapted from Michael Lewis' non-fiction book of the same name, we learn there is still much to say--and learn--about the subject. And what may or may not be surprising to the viewer is that a film about said crisis can still elicit a powerful gag response. McKay's film, which is at times darkly comic, is absorbing from the opening bell while challenging us to fathom the abstruse minutiae of the housing market's rise and fall. Unlike the aforementioned films, The Big Short makes an earnest attempt to educate the viewer about the hows and whys of how the bubble burst.
Though the story is factual, McKays's characters are wont to tell us when the story strays into the fictitious with into-the-camera asides that lend the film an element of stage theatricality.
The story is told from the perspective of several Wall Street outsiders. One of them; a numbers prodigy and former doctor named Michael Burry (Christian Bale), is a hedge fund manager who foresees the imminent collapse of the mortgage lending market; a prediction for which he asserts much confidence. Unable to find anyone who will heed his warnings, Burry buys what are called credit default swaps (CDS). I'm not nearly qualified to explain the nature and functions of CDS', though characters in the film make an earnest attempt to illuminate the audience. In essence, they allow the holder to profit from defaulted housing loans.
Burry is seen as a loon when he visits several investment firms; Goldman Sachs among them, to buy up CDS' in mass quantity. His bulk purchases draw the attention of Wall Street and a major investor under Burry's consultation, who is less than happy with what he sees as investment disaster in the making.
But not everyone believes Burry is out of his mind. An investor named Jared Vennett (Ryan Gosling) sees that Burry's prognostication is worthy of attention, which prompts his own high volume purchase.
A misdirected phone call brings Vennett's investment to the attention of a trader named Mark Baum (Steve Carell), who, along with his fellow group of traders, becomes intrigued with the sudden interest in CDS traffic. We learn early that Baum is a man of unassailable integrity; his crusade against foul play and fraud on Wall Street is his most salient characteristic. Sometime later, Vennett meets with Baum and his team and in explaining his interest in CDS, he also takes the time to explain the intricate workings of sub-prime loans.
Skeptical of Burry's prophecy, Baum and his team embark on a fact-finding mission to Florida; a hot-spot for housing loans. Among those Baum and his colleagues encounter are a couple of arrogant real estate agents, who divulge their unethical practice of loan disbursement to those who would otherwise be unqualified. Baum's probing questions reveal disquieting facts about said lending practices, which the two men hardly feel the need to hide. Baum's associates confirm the real estate agents' claims when they visit an upscale home in an upscale neighborhood; where they find one occupant living beyond his means. This is followed by an absurdly funny scene where Baum visits a gentleman's club to talk to a stripper who has also benefited from lax housing loan practices to secure not one but several loans. Confident that what they've found confirms Burry's warnings, Baum initiates his own purchase though his superiors balk at what they believe to be a foolish investment.
A couple of young novice investors; Jamie Shipley (Finn Wittrock) and Charlie Geller (John Magaro) also hope to purchase CDS' but a lack of reputation and standing on Wall Street stands as an impediment. Needing investment capital to achieve their goal, the two men seek a Wall Street player who might vouch for them and serve as their entree into the lofty world of investing. The man they approach is an eccentric retired banker named Ben Rickert (Brad Pitt), who sees Jamie and Charlie are on to a solid, money-making scheme but also recognizes their success might come at the expense of the American economy.
In time, as the collapse approaches, all the parties invested in the CDS purchases begin to realize the magnitude of fraud involved the housing market decline, which they rightly attribute to the banking system. And when the collapse actually occurs and the economy goes to hell, we see its horrific effects as Wall Street personnel are dismissed from their jobs en masse while many of the unemployed are forced to join long queues of those looking for work in the hourly-wage world.
And as the collapse commences, Burry, Baum and Rickert are all very aware of what is to come while the more amoral Vennett, seen sitting at his desk alone; stares contentedly at a 47 million dollar check; the noxious fruit of his investment.
Given the widespread unscrupulousness of Wall Street, it is astonishing to find anyone felt any of the mess to be sordid and immoral.
McKay's film gives us a valuable and penetrating portrait of the causes and the aftermath of the 2008 economic collapse. This is accomplished with an outstanding script, expertly adapted by McKay and screenwriter Charles Randolph. The jargon and terminology of the Wall Street world is never an impediment to the drama. Without oversimplifying the material, McKay ensures we can follow along without succumbing to the dizzying developments, which never seem to be completely comprehensible (at least to me).
The ensemble cast is one of the best I've seen this year. Ryan Gosling, Steve Carell, Christian Bale and Brad Pitt are all outstanding, as are the supporting cast. Carell's growth as an actor is proceeding swimmingly; showing us his flair for drama, which began with Foxcatcher.
McKay never adopts a self-righteous tone; the story itself speaks volumes about the evil perpetrated by the American banking system. We see a particularly affective scene near the end, where Shipley and Geller's exuberant celebrations are squelched by Rickert's sober reproach, who remind them that their windfall from their CDS' comes at the price of the lost jobs and homes.
The end subtitles tell us something about the aftermath. Rather than being punished, the bankers behind the disaster were instead bailed out by the American people. To render an already horrid tragedy ludicrous, the unrepentant bankers also received staggering bonuses. Another subtitle tells us about how Burry proposed informing the government how he came to anticipate the collapse, only to become the the subject of an investigation.
The Big Short is easily one of the best films of the year. Its intricate but riveting plot keeps our minds alert while showing us--contrary to what we've been taught--crimes do go unpunished, particularly those on Wall Street. It also demonstrates that accountability has become a whimsical notion in America. If only McKay's brilliant film could bring about some arrests...that would be lovely.
