6. The film opens with a quote by Mark Twain that sets up the problem at the heart of the real-life events that inspired the movie. Complete the quote: "It ain't what you don't know that gets you into trouble. _____________."
From Quiz The Big Short
Answer:
"It's what you know for sure that just ain't so."
The film posits that one of the exacerbating factors in the housing crisis of the mid-2000s was the widely-held (and ultimately erroneous) belief that the American housing market was immune to collapse. The conventional wisdom was that the housing market was the most reliable sector of the American economy, and most of the players in the financial industry failed to identify or recognize the housing bubble until it was too late. As someone says in the film, "the housing market is rock solid", citing former Fed Chair Alan Greenspan as saying that "bubbles are regional, [and] defaults are rare".
The problem began in the late 1970s when Lewis Ranieri revolutionized the bond industry with the introduction of the private label mortgage-backed security (MBS), which is essentially a collection of mortgages grouped together and securitized by an investment bank so that it can be sold to investors. "In the end Lewis Ranieri's mortgage-backed security mutated into a monstrosity that collapsed the whole world economy, and none of the experts or leaders or talking heads had a clue it was coming," explains Jared Vennett (Ryan Gosling), the ambitious Deutsche Bank bond trader who acts as the film's narrator. "But there were some who saw it coming. While the whole world was having a big ol' party, a few outsiders and weirdos saw what no one else could. ... These outsiders saw the giant lie at the heart of the economy, and they saw it by doing something the rest of the suckers never thought to do. They looked."
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