Also in this playlist...
This transcript is automatically generated
Great job you're just don't know this is -- after the show show like Elvis is our -- show -- on the web.
Now -- lab rats and -- downloadable.
You've got to say different things on the web that you weren't the yes or no FCC regulations.
-- that -- riveting there are decency standards so you know you go crazy rumor of certain He would you never -- Well we've been fans of yours ever since.
You know you traded it in a Wall Street -- -- liars poker and and of course.
Famously more recently money ball you -- the blind side this new book called boomerang.
In the introduction you start talking about a guy in Dallas Texas hedge fund manager who you.
You limited for much for they're getting short the big short -- we didn't put his story because it was too scary.
And -- I think it was Jermaine.
I thought I thought actually would be you know what you in this scenario He laid out for me was.
All right the sub current crisis yes a sub prime crisis is interest and there's actually just the beginning of the story because what's happened is governments are taking on the backs they're saying.
Banks are effectively our problem if they go there might not just here but around the world.
And if you add the banking gets to government gets that already exist.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- during the broadcast say talked about Iceland and Ireland but I wanted to ask you about Germany because many people are single that's hilly country in Europe who can pay for everyone else.
This is true.
This is true.
And that same hedge fund manager and Dallas.
Now employs pollsters and Germany to tell him with the German German public opinion is because He thinks that sort of the linchpin of a whole this whole thing will the Germans.
-- the Germans agree to bail out everybody else.
And the public opinion polls are running violently.
Violently opposed to Germans doing that and that's -- -- industry.
Because the leadership does not in -- who wants to take the people in direction people don't -- -- and people are the people's.
Did disapproval of handing money to Greece he's growing.
The leadership is becoming ever more frantic about trying to glued to your -- retain that beat the common currency in the union.
And so there is if something's gotta give and get that you which you're gonna see is German politics change.
-- -- the next headlines going to be.
Miracles coalition comes unglued or some such thing -- You think that the problem started with the Nero or would you be in the camp that believes that they should be able to print more money.
Rough that I think the problem source -- that they glued together.
If you did it seems so that together they would've -- so antiseptic -- currency union in fact what you're doing is you're you or what you're gluing together cultures.
And we've got the Greek culture which is so radically different it's so much less productive.
In the -- less competitive in the German culture that -- in less they had what we have total fiscal union so that Indiana can bailout Mississippi.
Which is crazy which is what happens I mean there there if you look at transfer some states are net givers in -- net takers and labor is mobile.
So in Mississippi and doing things people who go up to remain near where their jobs and -- -- mobile in the same way.
So what this book is about it's it's just this gigantic debt that every country has -- and for -- is that hedge fund guy down in Texas bets against a government's currency -- against their debt essentially that they're gonna go bankrupt.
And -- you know if you placed a modest bet on grace.
But I of -- thousand dollars I think you talk about in your book you could make 700.
Thousand dollar when He -- a one well I don't about it I was talking them back in 2008 we're we're on the big short.
He had just bought his credit default swaps are -- but -- -- -- made the that are that great arms and legs going down and I'm gonna make money it was a thousand to make it was a thousand make 700000 and that's right where the odds that with the -- the casino was giving you -- the odds now are not that -- -- and -- -- it's a done deal.
-- so that's Greece and and we detailed earlier ice land and also Ireland what about the United States because you detail.
How much -- -- it is and if something goes wrong if if people would have the full -- of the US government.
We're really screwed yes.
Our our story that this book is about our story all these other.
All these other countries set us up they sent us out and it also makes -- they're different expressions of our problem.
And you can see us in them kind of for the difference between us and them and you're right there's one.
As part of that is believe it's true.
Our banking system as big as -- god is still small in relation to the economy compared to the European car so we can't afford to bail out our bags.
Which -- we've done it once we get we can do that so the banks are not gonna bring this -- At two.
The world has no right now no -- else to turn.
When they're looking for punitive -- risk -- assets other than US treasury so when Standard and Poor's downgrades US treasury Barmes.
With no still not that bad would know what but normally we should happen is that those are us prices should draw it they're saying the world saying this is riskier -- -- instead they were the panic that -- people to box.
And so it actually reduce that let the real interest rate that was paid to that the treasury had to play.
So where we are privileged position how long that lasts it's not indefinite but we have probably some time in their position -- happens.
Is the problem in this country and -- pushed him.
To the states into the cities.
And you can see that's where the point weaknesses.
There is not unlimited credit available to the city of Oakland California -- or lots of other cities and and the fiscal affairs of cities are -- and.
Let's talk about something else it's big in your life right now you started the whole trend with your book money ball and now it's been made into a very successful movie.
It's about Billy being the manager of the Oakland days.
And now Brad Pitt plays him let's take a -- Brad.
And there are -- Portuguese bid is fifty feet crash and then there's others.
Thousand dollar loan.
Would welcome local.
-- -- more money we're not New York time players of the money that we do.
Like her wrist and agreed -- program programming note content.
Do you guys talk in the same old nonsense like religion for -- we got.
-- trapped here.
Your goal shouldn't.
-- -- -- And and so how did you think that Brad Pitt pulled off play and Billy being pretty accurate.
That that you got the spirit of the guy on the street and in that's an army saying the reporters are covering their -- to set things we can't believe.
In places how much even look like -- It he's lot of shadow but it that in places even looks like you'll have some serious twice Sandra Bullock did this what we have until two in the blind side and -- -- extraordinary -- and immigration.
That was extraordinary -- as well.
On if you don't know Michael also wrote that book -- Are there any book she didn't write.
But but but but can read your books and I.
But He kept calling and then a funny thing about the plot.
So tell us how that actually happened is you were saying earlier in the commercial break how this movie came to be and to get Brad Pitt to play the role.
Would happen if this comes from Brad Pitt it is that He He told me He read the book.
And -- became attached to the to the I think the character Billy -- in the book.
And He was it He took.
In the years to make the movie they went through its multiple screenwriters and multiple directors in the thing actually was all set to shoot two and a half years ago.
They've spent Sony put ten million dollars in the -- -- and two days before they started shooting and they folded the tents that without making -- -- -- -- there was something wrong -- -- So it's been it that the process of making.
The film was itself would have been a wonderful movie in and of itself.
But He He just got very glued to the project and I think that truth is that.
If Brad Pitt really wants could make a movie He gets to make a movie it may mean that was not completely true but something what you like that is.
What do you write a book about how they make movies because you've been up close to that a couple of times you know it's never it's never interest to me that much really and I don't know why that is.
Is it just too business like is it just a transaction.
Feels too small I don't see the idea yeah I don't know what it would in the industry feel small and you which interest to be in the stories are told that he's usually is some idea underneath the event so -- really interest me about money ball was the way in market value people could mean that baseball is just a way of getting that.
-- I was different version of that all the forces that affect this kids value.
Including the mother walking in newswire taking this -- And I never really seen.
I've never -- -- -- the point of the movie business.
If it's it's crazy -- it's absolutely insane.
So if you could you could write a very action case study about how business should not be conducted and that's it but it that's it yeah.
If it of people wanted to get your new book I'm wondering what do you written some house right now.
Yeah -- actually write a movie out stuff.
I'm writing a movie script from our for a book -- spoke.
-- liars poker classic and testing.
-- it could be a movie.
It could debate we'll find out a 150 pages from I thought about -- -- -- Michael -- congratulations thank you the book is terrific -- go out and buy or download.
Filter by section