One of the most successful kinds of movies you’ll find in Hollywood is the “true story” flick. Movies based on actual events are designed to encapsulate pivotal moments in time, transporting you into the thick of it all for some of the most emotionally authentic big-screen experiences.
Few manage to replicate the intensity of true stories as successfully as Adam McKay’s The Big Short, which provides a snapshot of the financial world and the events leading up to the global financial crisis in 2008. Based heavily upon “The Big Short: Inside the Doomsday Machine”, written by Michael Lewis, it was such captivating material that Paramount paid for the rights to the story in 2013, with McKay directing the movie adaptation a year later.
As we approach the tenth anniversary of McKay’s film, which was released in 2015, we ask the question, why is this one of the most emotive and gripping true story films of all time?
The Human Element
At the core of the story is the knock-on effect of the global financial crisis on working people. The collapse of the housing market created uncertain futures for millions of families, not just in the U.S. but in all four corners of the globe. Keeping up with sky-rocketing repayments or refinancing mortgages was simply becoming too expensive for the average household.
The global financial crisis is a stark reminder of the fragility of the financial system. As the film shows, it wasn’t just a case of misfortune. It was a crisis engineered by a financial system which craved more and more profits.
An Explanation of the Global Financial Crisis
One of the root causes for the 2008 financial crisis was the lack of market liquidity. The Big Short aims to help film fans make sense of “the credit crunch”, affecting homeowners and banks alike. With credit dwindling, cash buyers – who could have been a lifeline for struggling homeowners – were few and far between. Families unable to sell their homes at a reasonable price were thus forced to face the reality of repossession.
The housing situation today is thankfully somewhat different 16 years on. Platforms exist online today committing to “sell house fast” initiatives, purchasing properties of any age or condition in cash. This accessibility is something which could have been a godsend for homeowners during the financial crisis, as many cash buyers today have the capital to close property purchases quickly, with no concerns of the transaction falling through or having to find another buyer.
The Enduring Legacy of The Big Short
The quartet of Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt put in a great shift in The Big Short, helping to demystify the jargon-heavy world of finance and hold viewers’ hands in order to make sense of just what happened in 2008.
Beyond its educational value, the movie attempts to hold the financial system – one which tends to prioritise profit over people – to due account. Even almost a decade after its release, it remains an important cultural touchstone, a reminder of the potential dangers of unregulated greed and the value of financial literacy. To summarise, The Big Short wasn’t just a movie, it was a wake-up call.
