Steve Eisman | Wall Street Debate | Opposition (4/8)
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- Опубліковано 2 кві 2018
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Thursday 22nd February 2018.
The Motion: This House Regrets Blaming Wall Street For The Global Financial Crisis.
Steve Eisman continues the case for the opposition, as the fourth speaker of eight in the debate.
Motion Defeated.
ABOUT THE OXFORD UNION SOCIETY: The Oxford Union is the world's most prestigious debating society, with an unparalleled reputation for bringing international guests and speakers to Oxford. Since 1823, the Union has been promoting debate and discussion not just in Oxford University, but across the globe.
"Short everything this guy has touched."
I want half a billion more swaps.
that btw.
Based on your profile pic I imagine you saying the line, looking into the distance, putting on your glasses and then hearing, "YYYYEEEEAAAAAHHHHHHHH"
Im jacked to the tits!
Wing Chau
@@missionpupa What a scene!!!
"ZERO ! "
"👌"
*_B O O M._*
Steve Carell says "ZERO" with exactly the same vocal inflection and hand motions!
"He must be from Bank of America...!"
Carrell was a great casting choice for this man
Its literally like listening to the same guy.
totally
if you were going on looks alone though I'd pick Michael Rapaport
Eisman himself did not like his portrayal.
The way he said "zero". Steve Carell has really done a fantastic job
timestamp?
@@crowlsyong Here you go: ua-cam.com/video/73OZncDEDks/v-deo.html. And here's Steve Carrell's version: ua-cam.com/video/b_BgVRHp-pk/v-deo.html
@@crowlsyong Right at the end when he is discussing Fannie Mae and Freddie Mac
That Z sound zinged my ear good. I can hear it everywhere now.
@@crowlsyong10:11
"They mistook leverage for genius."
Mayur Gohil so funny!
Put that on a mug.
Amazing.
" I am going to try to find moral redemption at the roulette table"
epic!
Oh my God, Carell did an AMAZING job playing this guy. Like wow even his accent and the way he speaks is the same as in the movie, pauses and everything, with the same tone of voice 😳
If this guy’s personality is anything like how Carrell portrayed him he would be an interesting character to know. ‘The Big Short’, is one of the best movies I’ve ever seen and should be required watching for everyone!!
Maan I agree with you 100%. That movie is entertaining, instructive, frightening and artistic all at the same time.
cant agree more
I believe "The Big Short" to be in the top 10 greatest films of all time and that's a list for me that includes JFK, All the Presidents Men and The Man Who Knew Too Much
I don't think that the movie was actually that good. It's more like an instructional video you would play to new employees sort of a thing. I did appreciate however the intention which stood behind it and I'm sure (considering that such an indepth movie would not make a lot of money) that some actors took a pay cut to do a movie in responsibility to the American public to explain what just happened.
@@JerzyFeliksKlein they grossed $133 million dollars against a $50 million budget...
“It’s very hard to tell someone who thinks he’s God that he’s wrong”.
Impossible if he KNOWS he's God!
Actually the more scarier thing is that maybe he knows he's wrong, but doesn't care as long as his bank account is full of $$$. Ignorance of a problem and greed is a terrible disease of humanity.
like the entire american public
Having Steve Carell perform as this guy in “Big Short” was probably the most accurate casting in the world
“Incentive trumps ethics almost every time”
Mark Baum!!! Steve is the man!
"Wow, a lot of people seem very motivated."
Oh it’s just a gully, that’s all.
Neither of them's working right now
..."Can you introduce us?"..."Yes!, Yes!"
10:12 steve carrell nailed how he shows zero with his hands. incredible
I'd kill to time travel back in 07 to see him at Las Vegas to actually tell it how it is.
@@fighterluckless409 Would you sacrifice your pp to illuminatis? I will make that happen, you only need to go to bed and wake up in 2007.
Why are the kids in the background dressed up as if they're going to a prom?
You prefer them to wear suits?
@@missionpupa Any formal clothing would work.
@@ddandymann they are wearing a formal dress. Unless you are talking about formal suits in which case youre just talking about suits. Whats wrong, are you intimidated by a little skin? This is the 20th and people still have backwards thinking.
@@missionpupa How on earth did you get that from what I said? Allow me to spell it out for you. I believe the most appropriate clothing would be of the type that one would wear in the work place, which in your viewpoint seems to mean suits. The reason for me believing this is simple, it is more affordable for students who are not from wealthy backgrounds. Now if you choose to reply again I would ask you to be civil.
@@missionpupa no, this is the 21st
Does anyone remember the last few minutes of the Big Short? So prophetic.
They'll be blaming immigrants & poor people...... reminds me of Brexit
That line is screenwriting. Doesn't make it untrue, but a comedy guy wrote it; Steve Eiseman never said it.
@@Eric_Nielsen Steve Eisman didn't say it, but his response to it when asked about is "It's a great quote, but it's not mine".
An honest and brilliant man.
The girl in the crimson though...
Geez, that guy is really good! Clear. Concise. Well reasoned. Zero!!!
10:10 *Zero*
he says it in the same way
only less angry
Excellent summation of the entire financial crisis of 2007/2008. Spot on!
great and clear explanation !!
"Thank you for your diary."
"Here's the second grade lesson from the Financial Crisis of 2008. Incentives trump ethics, almost always." - Steve Eisman
Burry & Eisman .........WOW :)
Lot of people seem to be very motivated!!!
" I have to take this..."
Excellent speaker.
In hindsight everything is clear. The underlying asset (namely sub-prime mortgages) was itself so flawed, and this same shaky asset was leveraged many times over by multiple parties. Just like if the foundation of a building is badly flawed, the multi-storey building itself (i.e leverage) will collapse.
OUTSTANDING!
I expected him to end his speech with "BOOM"
Honestly I have been listening to Eisman for a while and you can learn about finance from him. I don't think wall street are completely crooked they just think they are really smart and figure out a way to overcome basic economic laws. As such sometimes when you read and listen to news about finance your not sure if your getting the complete picture or the picture that these pundits see (which isn't neccesarily what is actually happening). Eisman brings it back to basic logic that ruled OG economic theories. He tends to give a well reasoned picture as to what is happening in the world economy.
Its all the fed. stop giving them money for nothing or almost nothing and these things become quiet difficult.
No they were and are crooks. What happened during GFC was deliberate . It is just that they thought it would'nt blow up.
Even afterwards nobody took responsibility.
Furrther, they keep on gaming the market. The LIBOR setting scandal comes to mind.
Perfect point. Now look at the FED and our entire modern system of finance and economics. Look at inflation. REAL, TRUE ecomics is knocking on the door after our genius leaders gloated about beating ecomics with their failed "modern montary policy". You think 2008 was bad? Wait until you see the next collapse that isn't just tied to one asset class, but EVERY asset class.
@@hardy2175 lmao. Dumbest comment ever.
This is why critical thinking and scientific method are needed even in financial world
Capitalism doesn't work without a surplus of Christian virtues. Neither does our United States republic.
Lets here it for the Wiseman
If you enjoyed the movie, I recommend you to read the book. It’s amazing
Once the first instant of economy of scale is reached, why continue producing more output?
Why not consider giving the market share to small market participants.
There are easy ways for small market participants to reach Economy of Scale.
I'm legitimately curious as to who's sitting on that dais...you don't get to sit on the throne at an Oxford Union debate without being really, REALLY important.
that's what I'm thinking this whole time, are those 4 up there all students?
Probs have parents that donate large amounts of money to the university
@@damilkk nah, I doubt it. Oxford Union doesn't work like that. It's never been for show.
"Hey, I say when we sell !"
10 points to Gryffindor!
5:40
Wallstreet
buy and sell it
NOT
buy and hold it
NOT
They mistook leverage for genius. Wow.
This man doesn't say “The reason is because". Listen to him.
10:12 HE SAID IT!!
Steve Carrell is so eloquent
The thing is, what he's talking about is so complicated, it's taken me years to finally get to grasps with it all. In the meantime the rest of the world carries on and presumably things change and get even more complex. How anyone keeps tabs on things...
I wish this guy would write regulation for our banking industries. He has X-Ray vision and knows things for what they are. In reality, he is brilliant but not because he learned it from others', he has book smarts AND most importantly, common sense.
What's with the outfits?
You hate Wall Street!
- I love my job!
You're miserable!
-I love my job.
I love my job.
I love my job.
1 Minute later:
-This is my cab.
This is my cab.
This is my cab.
He forgot to talk about the feds involvement...
it is utterly baffling how out of touch the rest of the people at this debate were. Poor Eisman must have felt like he was taking crazy pills.
Superb.
To summarize - immense greed ruled the streets and still do. The same powers that be are still in charge.
Interesting he starts the story in the middle...doesn’t cover why the sub prime mortgage market was even possible. For that, take a hard look at the government in the 90’s and how they forced institutions that lend to make mortgage products for people that had low incomes, bad credit, and no assets; because the “road map to the middle class” is through home ownership. (Not to mention their subsidization of the housing market).
Youse can only vote for a living for so long.
Boom!!
HEY HEY!!! I SAY WHEN WE SELL!!
There are no heroes in The Big Short including the Eisman character.
Updooted for visibility
I was distracted by the legs in the red dress in the background.
Leggo My Ego the old dale guy on the right distracted me
@@ObamaFromKenya Whatever floats your boat. More power to you "obama".
Greed, selfishness and corruption, [not necessarily in that order.].....were the main drivers of the financial crisis. Nothing has changed much since then........
I wish he was my Lecturer
Who's the prom-kids and why are they there?
Well the big short casting was on point enough that I was looking for this guy under a totally different name and wondering who the hell this was.
And in around a minute I was absolutely certain this was who I was looking for and I must have the wrong name
the person in the chair looks bored. is this lesson relevant today or a history quiz. I mean...this person is a living legend
What about the others upstairs......
When you watch the movie and it's one of the best you've ever seen, then you realize real life is both more epic, more informative, and more terrifying.
Perlimant close to matter
the root cause? American de facto default, the end of Gold Standard in 71, or what had remained of that, with bretton wood Accord.
10:11 "ZERO"
He shorted Tesla beginning of 2019, those who keep up to date with stock prices will understand lol
It dropped 52.5% from Dec 13th 2018 to June 3rd 2019. Even from Jan 2nd 2019 it dropped ~40% to its low in June. Clearly already very rich, I suspect he's somewhat richer.
Whoopsie
I know people wanted houses, may have even needed them. But they could have said no thank you.
Who are these kids behind him? The one in the middle looks absolutely bored to death by this lecture.
10:12 “zero 👌”
Bets on bets! Who to blame? The bookie(s), of course.
What's with the decor and why are the ladies dressing up like that?
Where the money flows, the whores will show
Guen Doff What a damn idiot. They dress up for this event because that is the tradition for these events. Those who don’t understand this and who call them “whores” are themselves losers and suckers, because they have no class and are so low there are no further words to describe their ignorance. Sexist loser. Those women will be running the world and you’ll be lucky to be hired to clean out the trash for their companies.
@@Happybidr if you're going to deny that some women hanging around rich men are not attempting to increase net worth, well then I think you know what your ignorance would imply.
@@Happybidr Those whores are glad you stood up for them.
why the beautiful miss minessota on the throne ?
Steve Carell did a great job👍.
I declare BANKRUPTCY!!!
6:18
NOT enought end-users
For everyone who is in meme stocks;
„We are going to wait, and we are going to wait, and we are going to wait until they feel the pain, until they start to bleed“
#STILLHOLDING AMC/GME for #MOASS
😎🤙🚀🚀🚀💎💎
0:37 LOOL
4:00 this is happening in 2020. Cheap initial rates, then onto variables. In the U.K. we have ‘help to buy’ because people can’t get together a deposit. The govt are underwriting the risk.
Hey Ben. In Ireland this is happening too, there is some policy in place to have "help to buy" only on new builds... wouldnt want the developers to miss out making money. But this help to buy.. is causing 1st time buyers to flood the market and increase the price of said houses dur to demand.. so there "help to buy" as they cant afford it on there own is negated by the increase in price on this demand.. what a great deal right 😂who benefits...? Hmmm 10% of house believe is the "help"
@@bradyge21 All in the name of keeping house prices high. As somebody who has a mortgage I’m concerned that a crash could happen, as I would be unable to move if I wanted to. That said, I don’t see how the government can keep inflating the market to keep the train going. Additionally, I feel sorry for very young people trying to get their own place. It’s a mess!
@@bhughes1986 Agreed. I selfishly hope this run up is a blow off and maybe houses come down in next 12 to 18 months. Il be ooking to buy
But with pornter machines running over drive.. they may not come down.
10:12 ZERO
10:12 is why are you here 😁
Either or...if Fannie Mae would of not bought them some one else would off..
10:11 "zero" 👌
Steve Carrel looks different here.
Exactly.😂
Who are those hot ladies at the back?
The name and number of the woman in the purple dress... STAT
Incentives trump over ethics...
what kind of f'd up sorority is this?
0:52. 3 GIRLS in the back seems to be concerned about how beautiful they look.. not about derivatives or leverage.
The consequences of the neoliberal fallacy. Thank you Ronald Reagan, Margaret Thatcher.
Who is the girl in red? Dang
Lol
When he talks about leverage he means the amount of artificial credit created by central banks following Keynesian “stimulus” spending.
No, he means the purchase of financial products with debt. For instance, mortgages are high leverage, because with a small initial investment, you get all the benefit and risk of an expensive property
To continue, leverage works by giving you the risk profile of lots of investment with little investment: if prices go up, you win big. If prices fall, you're fucked
Edit: please just research it, I can't show you graphs on UA-cam
wrooooong
andrew johnstone
Correct. And where would that capital firms are levering up with come from if not for the Fed pumping money into the economy?
Looks like Jake got a C- at best in MacroEcon 101at his local community college. Try again after you finish your degree. Artificial credit doesn't exist, if you borrow money it it listed on every company's balance sheet.
Artificial by definition is fake, in this case money was borrowed, premiums were paid for years and it created solvency issues for those caught holding the bag when the music stopped. Nothing artificial about it other than your own artificial grasp of basic finance.
Why is there a girl in a prom dress sitting behind him?
Why all these discussions about dumb businessmen? I don't go to my local mom and pop store and tell them how to run their business. Let them fail. It's the best remedy. The question in my mind should be: how is it we have created a situation where big companies, in particular big banks, don't have to worry about going bancrupt when the fail miserably, and smaller companies do?
Archegos Capital. CREDIT SUISSE. 2021 !!!!
Finally an insider daring to expose the sharks who give the consumers the 'privilege' of becoming the slaves who unknowingly and fearfully support the former's house of cards!
Incentives trump ethics all the time
the lady in red dress is really a goddess
Incentives trump ethics almost every time.
If we lived in a rational ethical world -- and we don't -- but if we did...
Who should be blamed?
No wonder he didn't have any friends xD