December 31, 2015

THE 2008 FINANCIAL CRISIS “TRULY TOOK A VILLAGE:” New York magazine interviews Michael Burry, “the economic soothsayer portrayed by Christian Bale” in the film adaptation of Michael Lewis’s book The Big Short. Kate McMillan of Small Dead Animals linked to his interview via the sentence we’re also quoting above in the headline:

The postcrisis perception, at least in the media, appears to be one of Americans being held down by Wall Street, by big companies in the private sector, and by the wealthy. Capitalism is on trial. I see it a little differently. If a lender offers me free money, I do not have to take it. And if I take it, I better understand all the terms, because there is no such thing as free money. That is just basic personal responsibility and common sense. The enablers for this crisis were varied, and it starts not with the bank but with decisions by individuals to borrow to finance a better life, and that is one very loaded decision. This crisis was such a bona fide 100-year flood that the entire world is still trying to dig out of the mud seven years later. Yet so few took responsibility for having any part in it, and the reason is simple: All these people found others to blame, and to that extent, an unhelpful narrative was created. Whether it’s the one percent or hedge funds or Wall Street, I do not think society is well served by failing to encourage every last American to look within. This crisis truly took a village, and most of the villagers themselves are not without some personal responsibility for the circumstances in which they found themselves.

Was that last sentence a Freudian slip, or a deliberately underplayed comment referencing both the administration who gave the dominoes the biggest push and the woman who is now running for her husband’s old office?

Add the 2008 crisis to Clinton letting Osama bin Laden go a decade earlier and ABC doing its damnedest to bury this story, and much of the past 14 years can be seen as a hangover from the excesses of the Clinton administration — or at least it would be, if the MSM had any desire whatsoever to craft that narrative.

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