The Big Short + Margin Call + Too Big To Fail is an excellent weekend watching trifecta.
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That is a brutally painful trifecta that is on it's way to happening again.
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Housing was a bubble because the market price outstripped the fundamental value (risk-adjusted discounted returns). But Bitcoin has no "fundamental value" in this sense, so the analogy with The Big Short doesn't apply.
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I get the point, but couldn’t it also be said CDO’s also had no intrinsic value either- as it was just perceived they did before defaults started rolling in?
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It's worth reading
@KAErdmann's alternate take on the housing crisis, spread across his entire blog http://idiosyncraticwhisk.blogspot.com/ Summarized to some extent here: https://idiosyncraticwhisk.blogspot.com/2015/10/housing-series-part-65-reasoning-from.html … And here:http://economicsdetective.com/2017/07/housing-liquidity-closed-access-cities-kevin-erdmann/ …Thanks. Twitter will use this to make your timeline better. UndoUndo
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Let me know when you finally give in and buy bitcoin, so that i can finally sell (har har)
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Alan Greenspan made his "irrational exuberance" speech on December 5, 1996.
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do you think BTC is currently too overvalued?
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try reading /r/wallstreetbets ... keeps me chuckling. Stay short. Totally worth it.
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I worked in both industries at the time of the books. The Big Short rings true but Flash Boys makes me question the author. Such a muddle.
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I think Michael Lewis just got lazy for that one. Didn't talk to enough sources so he bought Brad's pitch.
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