Crypto Is About to Cause the Next Great American Financial Crisis
In The Big Short, the Adam McKay–directed film based on the Michael Lewis book, hedge fund manager Mark Baum (Steve Carell) and his associates team up with Deutsche Bank executive Jared Vennett (Ryan Gosling) to short the housing market prior to the subprime crisis. Halfway through the movie, Carell and Gosling have this exchange: Jared Vennett: Didn’t I say when we made this deal that the ratings agencies, the banks, and the SEC were clueless? Didn’t I say that? Now their foot’s on fire, their steak is done, and you’re surprised? Mark Baum: That’s not stupidity. That’s fraud. Jared Vennett: Tell me the difference between stupid and illegal, and I’ll have my wife’s brother arrested. ….[READ]
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