The Big Short Movie & Book
Big banks are taking over. They evicted elderly and poor people. They bamboozled pension funds and people into risky loans and made up fake securities: derivatives, credit swaps and credit debt obligations. Balloon payments on loans bankrupted people. They bribed rating agencies to rate their garbage as safe. Then they got the their mouthpieces at the Fed and under presidents Bush to bail them out with taxpayer money- all so they could get bigger commissions and fees. They got Clinton and Congress to allow them to repeal Glass-Steagal law so they could speculate with risky investments and yet be insured by the US and also to be unregulated in their derivatives. There is a revolving door where bankers and Wall Street investors join the government and regulate themselves. Bernie says he will break up any banks that are too big to fail and that big bankers will not be too big to jail. The movie shows some eccentrics who bet against the banks, yet felt horrible as the economy crashed. Fannie Lou Hamer while seeking voting rights in Mississippi wrote " I am sick and tired of being sick and tired". Link to article on movie. Link to need to reform.