I have seen the movie "The Big Short" maybe 5 times now. Today is the 6th time. This time was inspired by the GME / WallStreetBets folks. This particular scene when Michael Burry told his boss that he's putting almost all of the company's funds into shorting the housing market. Obviously, his boss was extremely unhappy. Lawrence Fields: “There was an underlying understanding that you wouldn’t act like a goddamn crazy man!” Michael Burry: “This isn’t crazy. It’s all very logical.” Lawrence Fields: “So now we pay out premiums on these swaps until the mortgages fail? In other words we lose millions until something that’s never happened before happens?” Michael Burry: “That’s correct.”
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That movie was very good, but also very scary, because it was based on real life. Our financial markets are so far removed from reality it's sickening. I suppose it's just a flaw of human nature that once a bubble starts, the FOMO overrides our reason, and we all stampede to "get a piece of the pie".