← Home
Season 4 opener on The Big Short. Lewis revisits the 2008 financial crisis 15 years later. The episode title refers to the six levels of securitization that separated mortgage borrowers from the investors who owned their debt.
Canon
•
Lewis: the heroes of The Big Short — Michael Burry, Steve Eisman, the Cornwall Capital team — were not celebrated for seeing the crisis coming. They were mocked, isolated, and nearly fired.
Highlights
•
Complexity in financial instruments is not accidental — it is designed to obscure risk
Lewis: the six levels of securitization between a homeowner and an investor weren't created for efficiency. They were created so that no one in the chain felt responsible for the risk they were passing along.