“The Big Short” is a movie that has earned its place among a unique set of movies that can really make a difference. Who knew that the more arcane details of the housing crisis and subsequent financial meltdown of 2008 could be rendered in an accessible and entertaining fashion? And with some of the best talent around to boot. I actually went to see this with my 19-year-old daughter. The roster of leading men and the offbeat intent of the movie made it very promising. So, it was about derivative swaps, well, okay then.
For anyone who has seen it, “The Big Short” not only delivers but leaves you feeling encouraged about the state of filmmaking today. I had assumed that the Hollywood Foreign Press Association would have heaped praise, and awards, upon it without giving it a second thought. It just goes to show what a heated race it is this year as we approach the Oscars on February 28th. It’s a hot race in the Best Picture category, and “The Big Short” is up against some stiff competition with the leading favorite, “The Revenant.” “The Big Short” is just the sort of significant movie that should win big on the big night.
Much has been said about this movie. Consider the spirited New York Times review here. I’ll give you my take on it. First off, it’s been a long time since the media has focused on the housing market and the major banks–almost as if nothing had happened at all. Sure, the news runs in odd cycles but it does leave one wondering. In fact, one of the points made in this film is the fact that the issues surrounding the financial crisis are far from resolved. How we got here, and why we don’t seem to learn, is at the heart of this story. The movie faithfully plumbs the depths of the famously entertaining nonfiction book, “The Big Short: Inside the Doomsday Machine,” by Michael Lewis.
Prior to 2008, there were only a few key players in a position to read the handwriting on the wall. Their anticipation of an impending financial collapse, had something to do with insider knowledge and everything to do with seeing what would someday become the obvious. Their collective response was to use specialized hedge funds to bet against Wall Street! And so we see our story play out. Among these special key players who could see what lay ahead, there is genius fund manager Michael Burry (played by Christian Bale) who is willing to take his position of authority at the firm he works for to bet the farm. As the pressure mounts on Burry from his bosses to retreat, we see a study in rebellion with other people’s money.
The point was, and remains, that money is not as abstract as some would like to believe. It is ultimately other people’s money that gets manipulated, stolen, and outright lost. The powers that be, the major banks, continue to take those sort of gambles that present little, if any, consequence.
But it’s not just consequences that those in power manage to sidestep. As this film repeatedly points out, the corruption is deeply entrenched and the major banks are masters of deflecting blame. Mirroring the activist spirit of the book, the message here goes above and beyond buyer beware.
We have had a few exceptional films dealing with the housing crisis. What makes this film remarkable is its fierce vision, its commitment to keep you engaged. And its timing, in an election year, is perfect. To have a film of this caliber is such a great opportunity to further the discussion. An Oscar win for Best Picture would seem to be most appropriate. In fact, in some circles, this film is considered a front-runner for Best Picture. With “The Big Short” taking the Producers Guild of America’s top prize this last weekend, the odds could very well be in favor of this film taking the top prize at the Oscars.