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Burry Says No One's Accepting Blame for Financial Crisis: Video

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Sept. 7 (Bloomberg) -- Michael Burry, the former head of Scion Capital LLC who predicted the housing market's plunge, talks with Bloomberg's Jon Erlichman about the financial crisis and the housing market. (Source: Bloomberg)
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Текстовые комментарии (122)
john Johnson (2 месяца назад)
i take the blame for not reading my mortgage contract
Ted Salad (2 месяца назад)
"The most damaging thing we can do is blame a narrow set and not look within ourselves"..words of wisdom Dr. Berry..
darkspd31 (6 месяцев назад)
There's no "one group" to blame. Everyone is at fault, so no one isc at fault
T laner (7 месяцев назад)
Yep. We are hosed.
No Name (8 месяцев назад)
Michael Burry is my spirit animal.
chazz Lucas (9 месяцев назад)
This man is apart of the system .... He is not that smart if he is talking like the USA government has any say in the financial matters of this country
Gonthor1000 (11 месяцев назад)
That fake eyeball though
No Name (8 месяцев назад)
In the land of the blind, the one eyed man is king.
Isaac Darche (1 год назад)
I am on the left, but I agree that everyone needs to take a hard look in the mirror and take responsibility for themselves. He's right, the blame game is pointless.
1G8KhBzu5Tk34wpJEiwc8hX2rdu4arVWWR (1 год назад)
NO mortages_subprime market. nationalization = 97% mortages over Fanie/Fredi
Jeffrey Moscardelli (1 год назад)
Trickle down is a con people working as waitresses getting a house loan for no money down then 2 car loans it's a caffeine rush to the economy then it crashes down
Patrick McCutcheon (1 год назад)
Don't look into his glass eye, you'll turn to stone.
A. Whiteman (1 год назад)
Dr Burry is correct. What's amazing is...it's still going on!
GPH (1 год назад)
As i write this. Home values are skyrocketing again. Thinking of selling in the spring. Watching closely but it seems like we are repeating the same bubble.
Dean Turner (1 год назад)
Whos fanny and freddy
Sven Wesenberg (1 год назад)
Dean Turner Fannie Mae & Freddie Mac. Wikipedia, Google...Your turn.
wealthy black man (1 год назад)
Feminazi fascist destroyed America! MGTOW TODAY! KNOW THE TRUTH ABOUT THE OPPRESSED! Child support has been 100x worse than slavery ever was in America! MGTOW RISE UP!
Tim Csont (1 год назад)
Nothing has changed, the crisis is almost forgotten now, next time it hits, it will be so much worse. It surprises me to a point of almost fear that we just don't learn from past mistakes.
Chris Sanders (1 год назад)
so did u guys figure out why the housing in silicon valley goes up when the market goes down? it's 8th grade economics u see when the market goes down and inflation rises or the value of the american dollar goes down well then the value of your goods goes up they are not worth any more but actually you dollar is worth less . it's all covered in what was my 8th grade macro economics class. or NERD-101
Rob (1 год назад)
This dude isnt nearly as weird as the made him out to be in The Big Short.
James Osullivan (2 месяца назад)
+arbitterm exactly
Prime Records (2 месяца назад)
Eccentricity does not equate to being any smarter in any capacity & that's a pretty absurd statement. I totally agree, I think Bale was probably closest displaying his emotions like his reaction to being called crazy by investors & his focus on things, but I think many more actors could have been a mirror to Burry. Michael Cera or Badger from Breaking Bad. His voice is high pitch & he's much more talkative. I will say this is after years of being comfortable talking to the media he has probably changed a lot, but overally I think Bale's depiction is way off. Entertaining though.
Bruce Parkes (2 месяца назад)
The movie didnt depict him as weird, maybe slightly eccentric maybe. But eccentricity means they are smarter than the average university PhD students.
Bruce Parkes (2 месяца назад)
The movie showed he was very smart.
arbitterm (2 месяца назад)
Well this is an edited interview so they could cut out his awkwardness. Also, the movie was trying to show him in an incredibly stressed state as he discovered the depths of the corruption and faced extreme backlash from his investors for over two years. Burry himself has said he's come to believe he suffers from some form of Asperger's after his son was diagnosed with it.
Chris Ingham (1 год назад)
Waiting for canada i guess now to have their problem, stack the US and global crud...we so deserve it again in the next 5 years
jetshockey5 (1 год назад)
Because everyone was in on it. The government was asleep at the wheel, the bush administration with that dipshit ez Goldman Sachs VP Hank Paulson didn't bother doing their fucking jobs, which was to regulate and check these mortgage loans. But they were so tickled pink by how "great" the economy and housing market was. They knew they had egg on their face and played a major role in the collapse and didn't want to be ousted by Dr.Burry, that's why they didn't bother to ask him for his thoughts.
John Doe (1 год назад)
He really said for the government to step out they are the reason for the housing collapse not massive lending in 2008 its all obvious what is going on.
Felipee Rincon (1 год назад)
I was 14 at the time and no one believed me too. Should have shorted too.
Luca Linsén (1 год назад)
Of course you were 14 and you knew that the housing market would crash. Smh.
mehfoos (1 год назад)
To people in the comments blaming the left: sure, they bailed out banks as a "band-aid" fix, but they also introduced "Dodd Frank", which Trump & co are repealing. The real life character played by Steve Carell in the movie, *Steve Eisemen has said "Undoing Dodd-Frank would be a disaster"* Now really: is it still the left's fault? Who cut the budget to SEC that led to this disaster, and who's now repealing the fix made by the Left? Think about it...
Rusty Nail (7 месяцев назад)
Left and right are the same.
TheLyingTruthTeller (9 месяцев назад)
The truth bombs you drop merely fall on long deaf ears.
M (1 год назад)
This just proves that capitolism is fuckin garbage.
Rick Obama (1 год назад)
Marcus BP this by definition isn't capitalism you stupid plant
Jon (1 год назад)
I love how the Big Short made literally no mention of the government's responsibility during the entire movie in order to push a certain narrative. In fact, the only reference was how the SEC wasn't doing enough. In reality, the government was providing the shell casing for this bomb, and the Federal Reserve was packing it full of explosives.
No Name (8 месяцев назад)
I agree. And property taxes. Their role is so ignored that they'll still be responsible for the next bubble as well.
jeffplss (9 месяцев назад)
Jon maybe you would read the book instead
lifelesskids (1 год назад)
go play drum burry
Luis Riesco (2 года назад)
One day someone will punish the responsible people
Chris Gionas (2 года назад)
Hahahahha "Frannie and Freddie" @ 2:24 Really Bloomberg? Not familiar with Fannie Mae and Freddie Mac I take it?
JohnnyCash747 (2 года назад)
2:29 that face you make when the camera cuts to you and you haven't been paying attention at all
Bruce Parkes (2 месяца назад)
It's an edit cut full in to make it look like he is interviewing. It's done separately maybe before or after Michael finished being filmed. Not a bad edit cut, just a bad facial expression to a response. It's like laughing response to a death. Wro g favi as l expression he was told to convey.
Saint Jabroni (10 месяцев назад)
JohnnyCash747 lol!!!
IAN DUCAO (1 год назад)
holy sh*t hahaha got him!!!!!!
grobn (2 года назад)
No it's just bad editing.
Bat Fink (2 года назад)
Its sounds like its gunna get very bumpy again soon folks, hope you're prepared.
noIMspartacus (10 месяцев назад)
Oh really? so "perfect" in fact that year you better buckle your seatbelt Dorothy, coz Kansas... is going bye bye...
Richard Adams (1 год назад)
Nope 2017 was the PERFECT bull market we hit the sweet spot if you didn't make money in stocks in 2017 then investing is not for you.
VtochkaGtochka (1 год назад)
Bat Fink never ceased to be bumpy. And wobly.
jeff glass (2 года назад)
his eyeballs are all over the place...which one is fake
Zackary Bouchard (2 года назад)
his left on
byTENZlN (2 года назад)
I feel like bloomberg, or maybe just the interviewer don't take him seriously based on their facial reactions and cause they call him by his first name.
John Gray (2 года назад)
It's sad that you have to be a supermodel to be a news anchor now, the woman at the top of the video can only seem to move the very front of her lips and her eyelids. Way too much botox. Not judging, it's not her fault.
Psilocin Finite (2 года назад)
81,276 views..............meanwhile Lady Gaga is at 254,534,616.
T. Thomas (7 месяцев назад)
One is a song the other is an interview, stupid
noIMspartacus (10 месяцев назад)
The world has gone absolutely gaga... again... so buckle your seatbelt Dorothy, coz Kansas... is going bye bye...
Pfsif (1 год назад)
We are surrounded by retards.
Geraldo Costa (1 год назад)
Lady gaga you can watch and hear almost every day, depends how much you like the song, this video you will watch one time
Proud Menendez (1 год назад)
Why you think poor ppl outnumber rich ppl?
drafting savant (2 года назад)
quick response (2 года назад)
Liberal government is against the People.
mattpytlak (1 год назад)
This all happened under the Bush presidency. Hardly a liberal government.
Howard (2 года назад)
+21golden007 The banks didn't all get bailed out. Lehman and Merrill and Bear Sterns all failed. The guys at top thought they'd come out OK and they did. They didn't need a bailout - they got paid severance bonuses and they walked away wealthy. It seems many of the people who complain that the banks didn't suffer enough also complain that we shouldn't have financial regulation. It's easy to say the problem is always the government, but if the financial system goes in a deep deep tailspin the government is going to be cleaning up the mess one way or another. Saving the big banks like Citibank and Bank of America kept things from getting worse. Should more executives been held financially responsible ...yes. Also more shareholders should have been wiped out. If that happened we'd likely see more actual reforms from inside the banks themselves.
21golden007 (2 года назад)
Did the big banks fuck the people or did the governmnet fuck the people? Because the big banks would have never done what they did without knowing the government would force the little guy to bail them out.
flykidj95 (2 года назад)
Michael Leibowitz (2 года назад)
Exactly! You don't hear Conservatives talking about it.
Marnie Friedman (2 года назад)
One question....why has BOA been permitted to continue to foreclose on refi-mortgages predominately in Florida, even when the homeowner has followed all stipulations that BOA dictates? Is it a closed society (scheme) that stems into the Florida courts and government, including the upper officials!? It certainly appears to be a possibility. Remember the housing bubble was HUGE in Florida. This scenario "the big short" stimulated my interest in all of Michael Lewis material and the "Big Bank Game"......Thank you!
Marnie Friedman (2 года назад)
Denis Parent (2 года назад)
Bernard Bernake and allan greenpan (both jews)
Matt Markus (2 года назад)
This idiot interviewer represents everything I despise in modern liberals when he says, "you mean from the mortgage broker to wall street to the Fed?". The other guy quickly overrules him and clarifies the complete perspective. Why is the media and modern liberals so obsessed with looking the other way when it comes to the government's culpability in all this? And of course, they think all the borrowers totally lying about their income was just fine (I guess the borrowers are seen by them as stupid victims who were confused and incapable of fraud). Of course good people were, in fact, hurt, but It's always WALL STREET that gets the blame. It's all about the "failure of capitalism". That's all they want to see and how they want to frame it. But when you have an artificial market created by the government, when you take risk out of capitalism with tax-payer-backed guarantees, you've destroyed capitalism. When is someone going to make an honest film about this so the modern American GETS it (since apparently the only way to reach the masses is through Hollywood and TV) ?
P Pumpkin (1 год назад)
Exactly right Matt Markus, the media ignored and played down the culpability of congress, the executive branch , the regulators, and the individuals who took out mortgage they couldn't sustain. Then the congress responsible for looking the other way, using regulatory pressure to force banks to increase home ownership, changing laws so that rating agencies were paid by the company they were rating (done by pro-union congressman who didn't want the unions to pay the rating fees), and removing glass steagall, the same people responsible for the mess - wrote Dodd/Frank to fix it. Talk about the fox in charge of the hen house. Perhaps the reason the Senate Banking Committee didn't interview him and he would be pointing the finger right back at them. Banking has been a highly regulated industry since the Federal Reserve was established. Prior to that bank failures were rare. Why? Because the bankers regulated themselves. If one bank was going to fail, all the banks would get together and buy it out because they knew how it would ultimately affect them. Since the federal reserve act and other acts , banks were highly regulated, and told when and what time to pee. The regulatory structure was such, that if the Fed allowed bank A to do it, if I don't do it, I will go belly up. The banks have been in a state of dependency for a long time. Curiously Bernanke said the Fed didn't have the regulatory authority to bail out Lehman, even after he just bailed out Bear Stearns. Although nothing ever stopped the Fed from stepping in before (Long Term Capital, eg) they suddenly claimed their failure to act was due to their lack of regulatory authority. Bank of America tried to back out of acquiring Merrill Lynch, and then Bernanke put a regulatory gun to his head. And after BAC bailed out ML, the got hit with billions of fines, which BAC thought the Fed had waived in exchange for saving ML.
ThomasFromTN (1 год назад)
Antonio Chiappetta I certainly didn't get my MBA by watching Youtube videos. Mike Burry, et al would never have even contemplated shorting mortgages, no matter how many defaulted, if mortgage bonds had not gone private, bonds carrying subprime mortgages had not been improperly rated by agreements between banks and ratings agencies, thus according folks like Burry (whom an awful lot of folks wrongly perceive as some sort of hero) an opportunity to, in essence, buy penny stocks that were revealed to be worth billions. I liken subprime loans to being Guns and investment banks being People who possess them. And are we not all familiar with the old adage, "Guns don't kill People. People kill People?" (An axiom I get the distinct impression that you wholeheartedly embrace - just a hunch.) If you thought about it (which I do NOT hold out much faith is an exercise you would be inclined to explore) that axiom precisely speaks to what occurred in 2008. In the same breath you inquire as to from where I obtained my MBA, only to immediately follow up by asserting that you have no interest in the answer to the inquiry. I could expend considerable time and energy expounding on why folks of precisely your sort of mindset are why, in a different iteration, precisely the same sort of corporate malfeasance happens over and over and over.
Antonio Chiappetta (1 год назад)
ThomasFromTN Where did you get your MBA romper room? If the borrowers who couldn't afford the loans never got them, none of this would have ever happened. I don't care where you got your "MBA "
ThomasFromTN (1 год назад)
Matt Markus If you understood any part of what happened, you'd understand that while borrowers defaulting on loans created a crisis in the housing market, it was the packaging of those loans by Wall Street into securities, where values of the funds were grossly overinflated, compounded by ridiculous swaps being written against the garbage bonds at 200 times face value, that created a crisis in the American economy. It's like comparing the impact of throwing a pebble against a car windshield to a meteor the size of New Hampshire crashing smack dab in Middle America. This WAS Wall Street, dude. And, no, I didn't get my material from the movie or any other soundbyte materials (including bar talk) that I seriously suspect you are basing your pontifications on. I knew about the mortgage instruments when they were first written, because I had a friend I had advised to buy into the swaps (while telling him that he was exactly the sort of investment whore who demands government oversight.) You might want to get a degree in Economics, Finance...maybe even an M.B.A. - like I did - before you mouth off about things you barely half understand. Do you get THAT?
Gmail User (2 года назад)
+Matt Markus Spot on, Matt. Before the collapse, I knew many, many people who were engaged in the lending market. Almost ZERO of them were University educated. Most of them were former blue-collar workers (NOT insulting blue collar workers by any stretch of the imagination) who were lured by the prospect of easy money. These guys - and they were almost all males - were making 3-4 times what they made in previous jobs, so they couldn't see what was coming. One of my old friends who owned a mortgage company was discussing how they got the loans approved - questionable comps, questionable income verification, etc... And they were ALL doing it. At one point, he told me about issuing multiple loans to the same individual - each time, they would come back further in debt, and he would "find" equity to get them another check - with points attached, of course. I remember looking at him across the table and asking "how do you sleep at night?" He answered "I am not even calling these people - they are walking in the door with income statements." It was dark days in our financial system, and something tells me we haven't seen the last of it.
PillCosby (2 года назад)
The Left cannot accept blame for their role because it weakens their power.
John Doe (1 год назад)
You don't know what you are talking about snot face blame the left blame the right
Gmail User (1 год назад)
This was completely - without reservation or hesitation - CAUSED, initially, by the left! "Guaranteed housing loans" were to the housing market what Medicare was to the healthcare industry. It was the "market distortion" that allowed others (right and left) to bastardize the rules to their own advantage. Don't just look at the lenders. Look at the people who introduced the opportunity in the first place - government. Before Medicare, Doctors made house calls, and doctor visits were extremely affordable. As soon as things became FREE (subsidized by another - guaranteed returns) rates started going up. Likewise with the housing market - as soon as houses began being sold on bad loan terms, guaranteed by Freddie/Fannie, housing prices went through the roof. Free market risk was replaced by artificial guarantee, and standards went into the toilet. Like any other problem in society, you need to examine the ROOT of the problem. In this case, it was the government claiming to "guarantee" something that it simply could not, nor was it ever designed to do by the enumerated powers of our Constitution. Problem is - whenever government creates a problem, it's ALWAYS government that offers - and is sought after for - the solution. It's the goof of all time!
razgaros (1 год назад)
That's assuming the left exist in the highest degrees of power in the us. That's yet to be demonstrated. And no, not being racist or homophobic does'nt mean your a leftist.
backspace4353 (1 год назад)
The left??????????????????????????????????????????????? lol
Home Runner (2 года назад)
+PillCosby True, Democrats and Republicans are Establishment puppets.
Rachel Simson (3 года назад)
seems a pleasant and smart person
gart76 (3 года назад)
I know some of those words.
Brian Rodriguez (2 года назад)
+gart76 Abdication is a cool one.
Roadmasterism (3 года назад)
The thing that people don't seem to mention is that these financial issues appear to be engineered to collapse the current financial system in order to make room for the new world order. But this is just one opinion.
Gmail User (2 года назад)
+Mezlo George You won't welcome it once it arrives. It will be like the vampire you welcomed into your home - he came with plans, and they didn't include anything that benefits you!
Ruth Crossett (3 года назад)
it should be infuriating to know that not only is the stock market collapsing, and that its fraudulent, but that its collapsing BECAUSE its fraudulent
Mezlo George (3 года назад)
I welcome the new world order
swagcity (3 года назад)
+Roadmasterism your not the only one. its all by design, Its always been by design since 29'
Dean Parisian (4 года назад)
Think about it.  Years since Michael said these words.  Nothing has changed.     
Bill Davis (1 год назад)
Scott Ya we’re all way more fucked now.
magorkel (2 года назад)
+Dean Parisian How so? Many families have been completely destroyed. The only thing that hasn't changed is the players in Washington
onesirian (8 лет назад)
Burry's a smart dude, just not the best speaker in the world. I'm enjoying some of his antics vis a vis "The Big Short", fascinating book. Still SMH at how he raised capital for his hedge fund emailing people. WOuld love to hear the interview where goes into HOW MUCH he made shorting all this mess.
A. Useful .Idiot (8 лет назад)
@skazhiprivet - one of many feedback loops - though the individual works without the knowledge that the lending industry has with appraisers, agents, and brokers all in on the scam. But I get your point that these scam artists are all operating "legally" within a system that they justify by it's very (questionable) legality. I still feel the institutions should have far more responsibility and that individuals are relatively blameless - the parasitic nature of biz counts on human weakness.
skazhiprivet (8 лет назад)
@bnfox - Yes. And I was thinking also of another aspect: that many decisions are legal and, singularly, may even be rational. But collectively, they compound to become something very different. Think of real estate. People buy, prices go up--and then people buy more real estate just *because* prices go up, thus pushing them up even more. Legal. Rational for the individual in the short term. But a totally irrational allocation of resources for society in the end.
A. Useful .Idiot (8 лет назад)
@skazhiprivet - a good point although it has been suggested that there are just too many to blame to prosecute eveyone. I would believe that before suggesting "no one is specifically to blame"...although I get your point - the system is corrupt and riddled with fraud to it's very core -national and local governments, banking and all it's activities, and all corporate activities in general.
A. Useful .Idiot (8 лет назад)
@veritas327 -all that said, Canada, like many other countries from China to Australia have severe housing bubbles and will all eventually pay the price
A. Useful .Idiot (8 лет назад)
why does she lick her lips when she describes the fortune he made??
Joe Botticelli (8 лет назад)
Canada's housing market is nationalized. We have the CMHC which insures approximately 93% of all residential mortgages and some multi family building mortgages too. It seems to work there however housing prices have risen exorbitantly over the past 10 years. The forclosure process is also much more in favor of the homeowner. Not sure if the Canadian system would work in the US...
Ankit Malik (2 года назад)
the house taxes are insanely high in Canada though. You may buy the house, but do I need a 30k tax bill every year?
skazhiprivet (8 лет назад)
The system is fundamentally flawed. This is the reason no one specifically really is to blame.

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