The Big Short (2015)
Adam McKay is not exactly the kind of name you associate with a prestige picture that’s building serious Oscar heat. McKay is best known as the director and co-writer of Will Ferrell’s best movies, from Anchorman and its sequel to Talladega Nights and the underrated 2010 buddy cop movie, The Other Guys. If you stuck through the closing credits for Guys, you were treated to an animated education lesson on the size of Wall Street’s greed and accountability in regards to the 2008 financial crisis. It was impassioned, angry, and an interesting note to end an otherwise goofy comedy. The Big Short is based upon Michael Lewis’ (Moneyball) best-selling book and it’s a disaster movie where the biggest disaster is the world economy. The movie McKay co-adapted and directed is bristling with intelligence, indignation, and a clear purpose. He wants to make you very angry, and by the end if you’re not, you haven’t been paying enough attention.
In the wake of the financial collapse in 2008, the fallout was so tremendous that many people felt nobody could have seen this coming. There were a few and they made out like bandits while trying to warn others about the impending doom. In the early 2000s, Michael Burry (Christian Bale) is a hedgefund manager who sees warning signs that the housing market is a bubble ready to burst. He sees the toxicity of the majority sub-prime mortgages wrapped together and sold as a seemingly safe security, a CDO (collateralized debt obligation). His bosses think he’s mad and they’re furious when they discover Burry has gone from bank to bank making big bets against the housing market. The banks are eager to take what they believe to be easy money from a sucker. How could the housing market burst? Other Wall Street investors take notice of Burry, notably Jared Vennett (Ryan Gosling) who pitches the plan to “short” the housing market. Nobody takes him seriously except Mark Baum (Steve Carell) and his small team who works for Goldman Sachs. Baum is curious how something so large could go unnoticed, so he and his team fly to Florida and Vegas to investigate the realities of the market and what they find does not match the rosy cheerleading from Wall Street. A pair of wannabe traders (Finn Witrock, John Magaro) stumbles across Burry’s analysis and try to make their own bets, except they need a bigger name to make the trades. They reach out to an ex-Wall Street trader (Brad Pitt) who agrees to shepherd them on this quixotic quest. Are these men righteous defenders of fraud or just people trying to get their own cut of the pie?
The brilliance of The Big Short lies in its accessibility and the virulent passion that McKay has for the subject matter. The movie is structured like a heist and an underdog story, suckering in the audience to root for the upstarts trying to fleece the big banks and profit off their greed and stupidity. For the first 90 minutes or so, the film comes across like a caper and we follow our group of misfits as they fight against the conventional wisdom that the housing market could never topple. These guys see the signs and the risks that others could not or would not see, especially since the flow of money was rich and the good times could be shared, which lead to collusion from the very same agencies designed to regulate and enforce the financial laws. For those 90 minutes the movie flies by on its sense of whimsy and are-we-getting-away-with-this good fortune, putting our band of misfits in position to win big on the losses of the ignorant and fraudulent. And then, in one swift move, it all comes down and you’re reminded, rather indignantly by Pitt’s character, that what they are benefiting from is the meltdown of the U.S. housing market and by extension the American economy. What once felt like a celebratory caper now starts to feel queasy, and it’s in the last act that The Big Short reminds you just how awful the events of the 2008 financial crisis were and how these guys did nothing more than benefit from mass misery. These are not heroes, though Mark Baum is given plenty of moral grandstanding moments that present him as the closest thing we have in the picture. These were a bunch of guys who got rich betting on a lot of other people’s bad bets, bets that almost destroyed the world’s economic systems. The concluding half hour feels like a sudden stop after a sugar rush, where you’re left to question your decision-making but also come to terms with the reality of what seemed like a fun time. McKay lures his audience in with the guise of a heist/underdog story, appealing and accessible avenues of cinema, and then serves the cold hard medicine in the concluding moments.
McKay is admirably trying to educate and advocate while he entertains, but he truly wants the audience to understand why they should be sharpening their pitchforks. At several points, characters will break the fourth wall and talk directly into the camera, admitting that certain events didn’t happen exactly as we saw, or occasionally they’ll remind us that what we watched was exactly how it happened. It’s a measure that isn’t overplayed and helps juice the spirits of the movie, becoming something of a confidant in the schemes with the onscreen participants. When things gets a little hard to understand with the mountain of Wall Street lingo, McKay will cut to celebrity cameos to help explain the more arcane instruments of the financial system. Margot Robbie luxuriates in a bubble bath and explains sub-prime mortgages, Anthony Bourdain explains CDOs, and Selena Gomez, in a rather cogent analogy, explains synthetic CDOs as an endless chain of side bets being made off one hand of blackjack. The movie goes pretty fast and a viewer might experience information overload but McKay knows when to slow things down and provide a well-timed assist so that his learned audience will see the true extent of the corruption and greed rampant in how Wall Street handled its business.
Of the three storylines, I found Mark Baum and his team easily the most interesting and I think McKay and co-screenwriter Charles Randolph (The Interpreter) agreed, which is why he’s the biggest part of the movie. Burry gets things started but he recedes into the background after the first act, and that’s where Baum and his financial team step into the spotlight to further explore how unstable the housing market just might be. I think this is Carell’s best dramatic performance to date (I wasn’t wowed by Foxcatcher). He’s playing perhaps one of the angriest people seen on screen but that’s because he has a moral center and the bad business practices, let alone the sociopathic greed of his “peers,” constantly enrage him. He’s something like a flabbergasted crusading journalist who keeps shaking his head in stupefying revulsion at just how deep this whole thing goes. Having Baum as our entry into the moral morass of Wall Street allows the audience to feel a sense of ethical superiority, and then like Pitt’s character, it can all go away with one perfectly articulated retort. There’s a moment where Baum is lambasting a mortgage ratings officer (Melissa Leo, her only scene too) after she admits that if they don’t rate bad mortgages as good, the banks will just go to their competitor, and then she accuses Baum of being a hypocrite. His reason for the office visit is not his outrage at the fraud but the fact that this fraud is holding up his winnings. He’s not the crusader he may wish to be. Bale (American Hustle) and Gosling (Only God Forgives) are perfectly cast and provide strong supporting work in small doses spread throughout. Pitt is in 12 Years a Slave producer mode where he knows he needs to appear in the movie to better sell it to audiences, and so he’s here and rather unremarkable. There is a bevy of familiar faces (Marisa Tomei, Rafe Spall, Max Greenfield, Karen Gillan) appearing in small moments as if everybody in Hollywood wanted to get in on McKay’s party.
There is one annoying misstep in the movie and it occurs about halfway and it’s made to stretch out the stakes in a haphazard manner. The Big Short is a disaster movie where the audience knows exactly when the disaster is coming, and yet there’s a section in the middle where the characters are all left in doubt whether their big bets will pay off because of the ratings fraud. Burry is threatened with losing his job. It’s silly because we know the economy is going to crash in 2008, but the movie throws out a weak obstacle that, hey, maybe it won’t crash. It reminds me of the Hinderberg movie from the 1970s. There were several moments where it looked like that zeppelin full of hydrogen was going to go up in flames… except students of history know that moment is fated in New Jersey, so all the close calls were foolish fake-outs for a major event that was well anticipated. We all know the economy is going down so there’s no need for the manufactured doubts.
McKay and company want to wake up a fairly apathetic general public about the crimes and negligence of the Wall Street robber barons that risked the world’s economy and then managed to skip out on the tab. The tones can juggle wildly, and I’d credit McKay’s background in comedy for his ability to maintain a reliable and firm comic footing for the film without losing the significance of his message. It’s hard to nail down a genre for the movie; it’s a dark comedy, a drama, a true crime picture, and a wake-up call. You have moments that feel like a heist flick and moments that feel like a sickening journalistic expose. It’s got highs, lows, laughs, groans, and plenty of human emotions, though the most prominent would be disgust and disbelief. The Big Short is advocacy populism as pop-entertainment, and it succeeds ably. It’s an economics lesson for the public. At the end of the movie, the closing text informs us about “bespoke tranches,” which are investment opportunities that banks are flocking to ($5 billion in 2013 to $20 billion in 2014). It’s just another name for CDOs. Unless an informed public demands action from the system, it seems that Wall Street is doomed to repeat its same high-risk mistakes and that same vulnerable public is doomed to clean up the mess.
Nate’s Grade: A-
Posted on December 31, 2015, in 2015 Movies and tagged adam mckay, book, brad pitt, christian bale, dark comedy, drama, heist, karen gillan, margot robbie, marisa tomei, melissa leo, oscars, ryan gosling, selena gomez, steve carell, true-life, wall street. Bookmark the permalink. Leave a comment.