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0 pointsFabHK3y ago0 comments

While I agree that Flash Boys was below par, what's wrong with The Big Short? I thought that was well done, accessible, and largely accurate.

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JackFr3y ago

I think it's probably because I was there for it. His construction of the narrative, while better than many (including many straight journalists) ends up sort of falsely casting people into hero/fool/villain roles that make the book work as an entertainment, but don't fully hold up.

It's a decent book, and a decent movie (kudos for one particular scene where I recognized data from the actual LoanPerformance database) I actually prefer the movie Margin Call for more accurately capturing the feel of the crisis from inside a bank.

adamsmith1433y ago

But wasn't the point of the Big Short to show the perspective of people "outside" the mainstream who made big bets against the system/banks? Not surprising then that it didn't really show what was happening in the banks themselves.

refulgentis3y ago

No, the book is very different from the movie, I'd say it's almost the opposite in that it was mostly narrated from the perspective of the banks.

Another compounding factor is people often assume the message is "banks bad" but it's more "oh this system was so complex that any one individual did not understand the impact of their decision(s), much much more than everyone/anyone was playing super fast and loose from their particular perspective "

mooreds3y ago

I liked The Big Short.

On a different but related note, I also really enjoyed the Compleat Ubernerd, written by Tanta, all about mortgage servicing in the mid 2000s: https://www.calculatedriskblog.com/2007/07/compleat-ubernerd...

I'm not sure how it has aged (no Dodd-Frank updates, the author has passed away) but it was glorious in its time.

JackFr3y ago

Tanta was the ABSOLUTE BEST writing on the financial crisis as it was happening. You've made it when Federal Reserve Bank of NY cites your blog in a footnote in their research report.

https://www.newyorkfed.org/medialibrary/media/research/staff...

The CR blog was not the same after she passed away.

FabHKOP3y ago

Agreed, Calculated Risk was required reading at the time. So much insight.

(On Tanta's passing: https://www.calculatedriskblog.com/2008/11/sad-news-tanta-pa...)

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JackFr3y ago

adamsmith1433y ago

refulgentis3y ago

No, the book is very different from the movie, I'd say it's almost the opposite in that it was mostly narrated from the perspective of the banks.

mooreds3y ago

I liked The Big Short.

I'm not sure how it has aged (no Dodd-Frank updates, the author has passed away) but it was glorious in its time.

JackFr3y ago

Tanta was the ABSOLUTE BEST writing on the financial crisis as it was happening. You've made it when Federal Reserve Bank of NY cites your blog in a footnote in their research report.

https://www.newyorkfed.org/medialibrary/media/research/staff...

The CR blog was not the same after she passed away.

FabHKOP3y ago

Agreed, Calculated Risk was required reading at the time. So much insight.

(On Tanta's passing: https://www.calculatedriskblog.com/2008/11/sad-news-tanta-pa...)

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