New pop culture entry in the financial crisis genre

The Big Short opened locally at some theatres here in the mid-Hudson Valley and Catskill Mountain regions and elsewhere this past week. This Hollywood comedy has been hailed by reviewers for its clarity in explaining some aspects of the recent US financial crisis, especially troubles with CDOs and other derivatives. In other words, this “big” movie is somewhat educational. From Anthony Lane’s review in the New Yorker:

If you happen to understand credit-default swaps and collateralized debt obligations, or C.D.O.s, you might well enjoy “The Big Short.” If you don’t understand them, however, you’ll have a much better time. The movie is made for you.

A bit dryer: Ed Chilcote’s take on CDS in January 2006, in the form of a policy note done at the Levy Economics Institute.

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