"Every 1% Unemployment Goes Up, 40,000 Die"... 'The Big Short'

[appalachiablue]

'The Big Short' (2015). In 2006-2007 a group of investors bet against the US mortgage market. In their research they discover how flawed and corrupt the market is. Christian Bale, Brad Pitt, Steve Carell.

https://www.imdb.com/title/tt1596363/

[alwaysinasnit]

1. We are heading for the next, only worse. 2008 was about residential mortgage-backed securities.

The next one will likely be about commercial mortgage-backed securities.

https://www.democraticunderground.com/100213445672

[appalachiablue]

2. Yes & we've been in the dangerous 2nd Gilded Age for 30+ yrs

Whereas the fraud during the last crisis was in residential mortgages, the complaint claims this time it’s happening in commercial properties like office buildings, apartment complexes and retail centers. The complaint focuses on the loans that are gathered into pools whose worth can exceed $1 billion and turned into bonds sold to investors, known as CMBS (for commercial mortgage-backed securities).

This has the potential to be so much worse than the 2008 financial debacle. We need to reinstate Glass-Steagall.

[bonniebgood]

3. if Glass-Steagall didn't happen in Obama's two terms it will never happen alone with two

others I won't forgive Obama for.
Overturning Glass-Steagall,
United States Postal Service 75year prepay health care law, and
Pardoning Don Siegelman.

[Quixote1818]

4. This is 100% false. People actually live longer during economic downturns

Makes for a great line though.


https://www.history.com/news/great-depression-economy-life-expectancy

https://www.smithsonianmag.com/science-nature/great-depression-had-little-effect-on-death-rates-46713514/

https://fortune.com/2019/01/25/economic-downturn-mortality-rates/