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Bernie Sanders and The Big Short

bernie sanders
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Many are asking why Senator Bernie Sanders has been doing fairly well in the race for president. His campaign message resonates with lots of people.

For example, he had said that within the first year of taking office, he would break up this country’s largest banks and insurance companies. He would direct his Secretary of the Treasury to compile a list of financial institutions that were “too big to fail.” Then he would disband them. Millions of Americans who went through the economic collapse of 2008 are quite willing to give him the power to do that.

Michael Lewis wrote about the economic crisis in his book, The Big Short: Inside the Doomsday Machine. The recent movie based on the book provides many people with a justification for putting Bernie Sanders in the White House. The book was on the New York Times best-seller list for half a year. Millions more have seen the film.

The film simplifies the book by focusing on just a few investors. Former neurologist Michael Burry discovers that the housing market is unstable and decides to profit by creating what is called a credit default swap. Essentially, he is betting against the housing market. Trader Jared Vennett realizes the predictions are true also buys these financial instruments. He also convinces Mark Baum, who is a hedge fund manager, to invest as well. After Baum and his associates attend the American Securitization Forum in Las Vegas, they realize that the level of fraud, corruption, and incompetence is so great that it will lead to a collapse of the American economy.

Sometimes a book or a film can make the case for political action more effectively than a political candidate. At the very least, The Big Short reinforces what Bernie Sanders has been saying and challenges the position of Hillary Clinton who has received lots of money from Wall Street institutions.

Viewpoints by Kerby Anderson

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