The Big Picture and The Big Short: How Virtue helps us explain something as complex as the Financial Crisis

The star-studded new film The Big Short is based on Michael Lewis’s best-selling expose of the 2008 financial crisis. Reviewers are calling it the “ultimate feel-furious movie about Wall Street.” It
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The star-studded new film The Big Short is based on Michael Lewis’s best-selling expose of the 2008 financial crisis. Reviewers are calling it the “ultimate feel-furious movie about Wall Street.”   It emphasizes the oddball and maverick character of four mid-level hedge fund managers in order to explain what it would take to ignore the rating agencies’ evaluations and bet against the subprime industry—that is, their own industry. The men depicted made a lot of money from hoping that the housing bubble would burst, which would, as they themselves acknowledge, harm countless people. Nonetheless, they are the heroes of the story. As the director Adam McKay says, “you’re rooting for these guys,” even though they are “kind of doing their job. The way the market’s supposed to work is, if there’s a bad investment, you short it.” But if this is the way the market is supposed to work, someone needs to explain this to the hedge fund managers on whom the film is based, who, in real. . .

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News source: OUPblog » Philosophy

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