BEST of THE BIG SHORT #21 - "Ali vs Foreman" of the Financial World

as the housing markets and banks continued to hemorrhage only one of the big shorts refused to sell mark Baum so it was beyond perfect when he was asked to speak at a conference opposite Bruce Miller famous bullish investor after he and Mark had their debate Alan Greenspan one of the architects of the whole crisis was scheduled to speak everyone in marks office showed up even invited friends this was the Ali vs. Foreman of the financial world the realists versus the fools and if it seems almost too perfect trust me this happened welcome everyone please give a generous welcome to mr. Bruce Miller and mark ball strike yourself in so as some of you may know Bear Stearns has just received a loan from JPMorgan of course we're gonna have to wait and see how the markets react but that should lay to rest any concerns about the bank's health I take it you have no plans to sell your 200 million in bear stock no as a matter of fact when we're done here I'll probably go out and buy some more for the opposing view mr. Baum I got a stance to this okay hi my firm's thesis is pretty simple Wall Street took a good idea Lewis Ranieri's mortgage bonds and turned it into an atomic bomb of fraud and stupidity that's on its way to decimating the world's economy how do you really feel I'm glad you still have a sense of humor I wouldn't if I were you now anyone who knows me knows that I have no problem telling someone they're wrong we live in an era of fraud in America not just in banking but in government education religion food even baseball what bothers me isn't that fraud is not nice or that fraud is me it's that for 15,000 years fraud and you're excited thinking have never ever worked not once only 37 is coming that's for can plummeting when the hell did we forget all that I thought we were better than this I really did and the fact that we're not doesn't make me feel all right in superior it makes me feel sad every time I [ __ ] hit refresh its dropping man Adama death comes and as fun as it is to watch pompous dumb Wall Streeters be wildly wrong and you are wrong sir I just know that at the end of the day average people are going to be the ones that are gonna have to pay for all of this because they always always do 32 that's [ __ ] damn it that's my two cents thank you introduce it to each other does our balloon response only that in the entire history of Wall Street no investment bank has ever failed unless caught in criminal activities so yes I stand by my Bear Stearns optimism mr. Miller I'm sorry quick question from the time you guys started talking Bear Stearns stock has fallen more than 38% would you still buy more yeah sure of course I'd buck more why not boom Jesus Christ presentation up next we have the legendary former chairman of the Fed Alan Greenspan you

Channel: Olivier Bossard on Finance

Views: 1,441,033

Rating: 4.8787436 out of 5

Keywords: Finance, Higher Education, yt:cc=on

Id: YeGJaVHkDi8

Length: 4min 39sec (279 seconds)

Published: Thu Jul 11 2019

Reddit Comments

[u/boomverz]

What interview?

[u/SnooOwls6544]

Eerie

[u/jkhanlar]

This is not dates