What exactly did they do in this movie?
First I would like to say my father is a banker and he is not raining in money, he is 69 and still hasn't retired yet, he gives out loans now but used to be a banking branch manager when I was younger, so you could say he is pretty small time , he's republican and I try to be socialist in a capitalist society.
I understand the Adjustable Rate Mortgage loans had payments that most people couldn't pay and get in over their head this and that. In the movie the characters made a huge profit from betting against the economy and how corrupt the system was or is still maybe.
What exactly did they do in the movie? buy a bunch of ARM loans and sell to the big banks because they knew they would buy them?
and why did the banks have to buy them?
It's nice that the celebrities try to dum it down for us but it is a bit distracting , god knows we all want to be rich and famous for some talent. I thought an intelligent discussion for someone who is a bit confused would be beneficial. I just want to know what exactly they did to bet against the system. Were they all ARM loans?
I knew it was a bad thing but I have been poor my entire life and the 2008 thing didn't really effect me. I am not in real estate or into any of that crap like owning property or renting or flipping so it didn't really effect me, plus I am in a small town.
my problem is I get a credit card and then can't stop using it. so credit cards are a bad idea if you're poor, probably if you're rich too, fuck credit cards