Adapted from the Twitter feed, Friday night, February 14, 2020. Posted Wednesday night, February 26.
“Tell me the difference between stupid and illegal and I’ll have my wife’s brother arrested.”: Ryan Gosling in “The Big Short” as a top securities trader at Deutsche Bank gleefully looking forward to profiting off the collapse of the housing bubble in 2008 and with it the U.S. economy, a man so nakedly self-interested that, as another character says of him, you have to respect the guy.
Watched "The Big Short" for family movie night. Hadn't seen it in four years. You Know Who wasn't president when it came out in 2015 and didn't seem likely to be. So his name probably didn't cross my mind when I saw it the 1st time, except maybe toward the end when Ryan Gosling's character tells us how "they" will blame immigrants and the poor for the bubble and its bursting. Maybe not even then. Lots of people were at work doing that blame-shifting before he descended his golden elevator. He was just repeating what they were saying, doing what he always does, stealing other people’s ideas and claiming them for his own.
But tonight his name was running through my head almost from the opening title card to the final credits, because the name Deutsche Bank kept showing up from start to finish. Gosling's character works for Deutsche. And I had a thought.
Keep in mind I know less than nothing about these things. But my thought was: What if the reason Trump is hiding his tax returns is he's hiding something else?
Along with just about everyone else I’ve taken it for granted that what he's hiding is how deep into debt with the Russians he is, and the money's been laundered through Deutsche Bank.
And he doesn't want his adoring fans who love him for his money---they equate making money with intelligence, talent, strength, and God's favor---to find out he's not the billionaire he played on TV.
Plus I think he's doing it out of perversity. He does things just to make people mad. He does things just to prove he can. He does things just because it gets him into trouble. He does things to get attention, even, maybe especially, negative attention
So there doesn't have to be anything rational or cunning or advantageous about it. He is, after all, a lunatic
But here's my thought. What else doesn't he want them to know about him that his tax returns would show?
That he's honest?
Trump thinks everybody is as corrupt and crooked as he is. And, because of the worlds he's traveled in---show business, New York City politics, the business of making money by playing with other people's money---he has reason to think so.
And his base believes the same thing---that everybody in those worlds are as corrupt and crooked as he is. That's one of the reasons they love him. They believe he's their crook, pulling fast ones on the other crooks on their behalf.
What I was thinking, then, is that the returns would show that he wasn't working on their behalf. He was working against them.
He was in on it.
He made money off their losing their jobs and their homes and their pensions. He made money off their pain.
Again, keep in mind I know less than nothing about these things. And that's with my having read the book. I don't kid myself that I learned anything from Margot Robie in her bathtub and Anthony Bourdain and his fish stew.
I wouldn't put it past him though. He has the soul of a house flipper. So I was wondering, has anyone looked into it?
Well, I’m anyone.
So I looked.
There’s this thing called Google.
I Googled “Trump mortgage crisis”.
And I found...Trump Mortgage.
And I found that CNN had looked into it in 2016.
And they’d found that he at least tried to get in on it.
"I met my wife on match.com. My profile said that I'm a medical student with only one eye, an awkward social manner, and 145 thousand dollars in student loans. She wrote back, "You're just what I've been looking for!" She meant honest."
In 2006, the year after the real-life counterpart of Christian Bale’s character in “The Big Short” saw the housing market bubble for the bubble it was and predicted its coming collapse, Trump started a mortgage brokerage and began to lay the groundwork for a mortgage bank.
It was the most Trumpian business enterprise you can imagine.
He saw other people making money, the suckers lining up to buy in, and rushed to the head of the line to set up his own booth, without doing any real homework or preparation, hired the “best people”---
E.J. Ridings was tapped to run Trump Mortgage, but his business credentials raised some red flags.
A 2006 report by Money Magazine claimed Ridings made "false or misleading claims" about his professional background. The article called into question his claims of being a top Wall Street executive and his experience in the mortgage world....
---launched with a creatively hyperbolic sales pitch---”creative hyperbole” is his term for lying---that was mostly all talk, hot air, and self-promotion---
Despite the warning signs, Trump was still upbeat about the real estate market.
During an April 2006 interview on CNBC, Trump said he thought it was "a great time to start a mortgage company," according to a transcript of the interview.
"I've been hearing about this bubble for so many years from you and everybody else in your world, but I haven't seen it. I will let you know when I see it."
He also said during the interview that the company was "swamped" with customers seeking out financing and that "the real estate market is going to be very strong for a long time to come."
---quickly lost interest and focus when he didn’t make a pile of dough right away, got out while the getting was good, blaming the failure on others on his way out the door and at the same time implying his bailing on his own failure was proof of his business acumen---
Today, Trump's presidential campaign calls the failed business a "tiny deal."
"[That] was a tiny deal that Mr. Trump looked at, but never ultimately moved forward with because Mr. Trump decided he didn't want to be in this business foreseeing the market crash," Trump campaign spokeswoman Hope Hicks told CNNMoney via email.
When asked for further clarification, Hicks repeated that the company was "just a look."
"Mr. Trump has over 500 companies. This was just a look, but he decided he didn't like the market."
Of course this news failed to sink in, just like all the other news showing him up as a charlatan, mountebank, and business incompetent. In fact, his voters were inclined to see things as Trump wanted them to: that his record of botched schemes and failed enterprises of unmatched success and proved how smart and savvy a businessman he was and how fit he was to run the country.
"If we're right, people lose homes. People lose jobs. People lose retirement savings, people lose pensions. You know what I hate about fucking banking? It reduces people to numbers. Here's a number - every 1% unemployment goes up, 40,000 people die, did you know that?"
Here’s the thing.
The trouble is that in order to get people to see Trump for the fraud and con man he is you have to get them to see themselves as the fools and suckers they’ve been.
No one wants to admit they’re that dumb and greedy.
What’s more, you have to get them to see themselves as complicit in their own defrauding and that the people they have most to blame are themselves.
It must be someone else’s fault. There must be someone else to blame.
That’s Trump’s base in a nutshell. That’s populism, right and left.
"I don't get it. Why are they confessing?"
"They're not confessing.""
"They're bragging."
"We’re a nation of main-chancers, lookers-out-for-Number One, and What’s-in-it-for-mes. Rules are made to be broken is our motto. They’re not rules, so much, anyway. More like guidelines. There are exceptions to every rule anyway, loopholes in every contract, and all laws are subject to interpretation with us as the interpreters. Laws are to keep other people in line, anyway, and shouldn’t apply to us because we’re good guys and good gals and whatever we good guys and good gals need to get done for our own good must be good and for the good. If there isn’t a cop around and we can’t see how it will hurt anyone, laws and rules that get in the way of our doing what’s best for us can be ignored, circumvented, or straight up defied and broken.
Fundamental to “The Big Short’s” effectiveness as a satire is the way it starts out making us see it as a comedy, even a farce, then changes almost imperceptibly to an ironic tragedy as it goes, and when it finally gets there makes us realize it’s been one all along.
"You think I'm a parasite, don't you, Mr Baum? But apparently society values me, very much."
When they set out to short the mortgage industry, in essence betting against the housing market and with it the U.S. economy of which it’s a mainstay, our three teams of protagonists---the doctor turned hedge fund manager, Michael Burry (Bale); the naive neophytes Charlie Geller and Jamie Shipley (John Magaro and Finn Witrock), reluctantly advised and assisted by the disillusioned and paranoid Wall Street veteran in self-imposed exile in California; and the wiliest and most aggressive group led by star hedge fund broker Mark Baum (Jeremy Strong, Rafe Spall, Hamish Linklater, and Steve Carell as Baum), in an easy alliance with the nakedly greedy, ultra-cynical, and amoral securities trader Jared Vennett (Gosling)--- “I can't hate him,” Baum says of him, “He is so transparent in his self interest that I kind of respect him.”--- see themselves as good guys out to bring about a kind of rough justice by wresting a big chunk of the ill-gotten gains of the corrupt bankers, hedge fund managers, and mortgage brokers who have turned a system that’s supposed to help people realize their dreams of home ownership into a vast conspiracy to defraud them, the government, and honest investors. Baum, especially, sees himself as an agent of vengeance. But the closer they come to their goal, the less certain of their own virtue they become.The bad guys they confront are clowns, self-deluded fools, and cartoon villains. And they encounter few true victims. The characters they meet who have been taken advantage of made themselves easy marks through their own vanity, greed, and willful ignorance. Eventually it dawns, to varying degrees, on all of them that they themselves are among the bad guys they’ve been out to beat at their own game: their game is their game. Winning means benefiting from the corruption of the system and the collapse of the United States economy that follows from the system’s inevitable failure. Winning, then, means benefiting from millions of people’s pain, heartbreak, and misfortune.
What’s worse is the realization that they’re not going to refuse to accept the benefits. The realization is hardest on Baum. It breaks his heart to admit that he’s not the moral hero he thought he was and he’s going to take the money and and kill a piece of his soul as he puts it in his pocket.
"Saints don't live on Park Avenue."
In the end, only the cynic Vennett seems happy. But his happiness is not just with the money he pockets. He’s pleased that his belief in other people’s stupidity and greed has been validated and that no one appears to have learned a lesson. The greed and stupidity will continue. Vennett is the movie’s fourth-wall breaking narrator and he has the last spoken words in the movie:
In the years that followed, hundreds of bankers and rating-agency executives went to jail. The SEC was completely overhauled, and Congress had no choice but to break up the big banks and regulate the mortgage and derivative industries. Just kidding! Banks took the money the American people gave them, and used it to pay themselves huge bonuses, and lobby the Congress to kill big reform. And then they blamed immigrants and poor people, and this time even teachers! And when all was said and done, only one single banker went to jail…
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“The Big Short”, directed by Adam McKay, written by Charles Randolph and Adam McKay, and based on the book by Michael Lewis, "The Big Short: Inside the Doomsday Machine", and starring Steve Carell, Christian Bale, Ryan Gosling, Marisa Tomei, John Magaro, Finn Wittrock, Jeremy Strong, Rafe Spall, Hamish Linklater, and Tracy Letts, with Brad Pitt and Melissa Leo, is available to watch instantly at Amazon.
Filed under Best Pictures of the 2010s according to Lance.
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