Dr. Michael "The Big Short" Burry's "Brutal Hangover Is Inevitable" State-Of-The-World UCLA Commencement Speech

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Infamous for his prediction of the great recession, Europe's demise, and the collapse of the US financial system (as well as profiting extremely handsomely from said predictions), so well captured in Michael Lewis' book "The Big Short", UCLA's Dr. Michael Burry undertakes UCLA's Economics Department's commencement speech with much aplomb. In this "age of infinite distraction", the astounding truthiness of this 15 minute speech is stunning from single-sentence summation of Europe's convulsions that "when the entitled elect themselves, the party accelerates, and the brutal hangover is inevitable" he reminds us that Californians, and indeed all Americans, should take note. A quarter-of-an-hour well spent from a self-described 'chicken-little' who was "just trying to figure it all out".

 

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Fri, 06/22/2012 - 22:09 | 2552980 PSEUDOLOGOI
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This time will be different...

Fri, 06/22/2012 - 23:02 | 2553058 TruthInSunshine
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*** CNB[S]C BREAKING NEWS ALERT***

 

 

Ben S. Bernanke's video rebuttal to Michael Burry's comments regarding both his diagnoses, analyses and prognostications regarding our current economic crisis and those of his peers at The Non-Federal Reserve-less Bank:

 

Ben Bernanke's Video Rebuttal of Michael Burry's Speech & Comments

 

*** THIS HAS BEEN  A CNB[S]C BREAKING NEWS ALERT***

 

Fri, 06/22/2012 - 23:25 | 2553092 JeffB
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Peter Schiff's rebuttal to the rebuttal:

Fed to People: It's Not Our Fault

 


Fri, 06/22/2012 - 23:39 | 2553103 wisefool
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What will it take to jail break Peters Dad? The congress critters are the problem. Not Ben.

Sat, 06/23/2012 - 06:23 | 2553313 Short Memories
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BLASPHEMY !!!!

:)

Sat, 06/23/2012 - 07:37 | 2553351 MuppetMaster
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http://www.youtube.com/user/SOSTacoJohnson?feature=mhee

 

I have found Alpha.  & I give it to you for free.

Come see what I'm doing.  See what I'm seeing.

Sat, 06/23/2012 - 07:58 | 2553366 TrainWreck1
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I think these economists found some acid when they were designing their gowns.

Sat, 06/23/2012 - 09:58 | 2553476 Buckaroo Banzai
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The best part of his speech is found between the 14:08 and 17:45 marks. Didn't realize the Feds tried to give him the Martin Armstrong treatment. Chilling.

Sat, 06/23/2012 - 11:54 | 2553727 Zaydac
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Second best bit was this:

'“Ben Bernanke continues to backfill this logic and I fear that history is being written wrong yet again that ignorance is willful. Our nation's economic policies are born of a synthesis of theories on how to deal with the great depression of the nineteen thirties yet seem unable to honestly examine the most recent one.  Sadly at the highest levels of economic thought in government questions are not tolerated. It is as if we are dealing with the binary judgment of a fundamentalist religion. Finance theory and practice fare no better; the continuing crisis makes a mockery of the principles which have guided credit policy and risk management since the 1960s.  As it turns out information is not perfect, volatility does not define risk, markets are not efficient, the individual is adaptable. But the dark ages of finance allow no such light. Mainstream economists and finance practitioners please check your premises. You have contradictions before you. Truthfully I do not expect much to change. Practically speaking, history has demonstrated the ability of sovereign nations to justify themselves and to postpone the moment of crisis.”

I'm with Burry there. Our leaders have refused to learn the lessons and they are just postponing the moment of crisis. This is what I am telling everyone. This thing is structured like a hurricane. Right now we are in the eye of the storm. When the wall hits we are all going to be swept away like trash if we aren't anchored to something solid. 

Sat, 06/23/2012 - 12:38 | 2553799 FEDbuster
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Looked like the professors in the background were thinking "how will I spin this mistake?" and "wonder if my pension is secure?".  No scan of the grads in the audience, but my guess is they were dumbfounded, too.

Sat, 06/23/2012 - 12:53 | 2553831 economics9698
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Only the ones who believe in hope and change were dumbfounded. 

Sat, 06/23/2012 - 13:21 | 2553909 AldousHuxley
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Burry started Scion Capital, funded by inheritance and loans from his family

 

trust fund baby calling not so fortunate "entitled"?

 


Sat, 06/23/2012 - 14:12 | 2554050 Quinvarius
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He made himself, his family, and his investors rich. What is your point?

Sat, 06/23/2012 - 14:16 | 2554066 Citxmech
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Apparently, only a hair-shirted Socrates can be a gadfly in AH's world.

Sat, 06/23/2012 - 14:38 | 2554156 AldousHuxley
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he made himself, his family, his investors rich.

so why worship this guy? you like worshipping AIG traders who funded their million dollar bonuses with tax payer money because they got rich, and their family?

 

the fact that you don't see anything wrong here is the problem. "I GOT MINE, SO FU" attitude. except you don't have jack shit compared to really wealthy.

 

Your children thank you for leaving them a worse universe than what you inherited.

Sat, 06/23/2012 - 14:53 | 2554210 brettd
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My children will thank me for sifting through the liberal/media chaff and drivel and for having the courage of my convictions to call bullshit when people tell me I can spend my way into material wealth and security.

As far as worship and  comparing my status to Rockefellar, Gates, Jobs et al,:  I have wealth that can not be bought with earthly things.  It is a gift that I have accepted. Peace and joy is my lot, regardless of my balance sheet.

 

Sat, 06/23/2012 - 15:44 | 2554359 Citxmech
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I'm not worshipping anybody.  I am, however, looking for insight and I don't have a litmus-test that requires the messenger be poor or completely outside of the system to have valid points that convey useful information.  Wealth does not imply lack of content.

What I don't understand is why you seem to have such an axe to grind.

Sat, 06/23/2012 - 18:18 | 2554662 spekulatn
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  Dr. Burry was not a "trust fund baby"  when he started Scion.  Please get your facts straight, dipshit  AldousHuxley.

Sat, 06/23/2012 - 19:28 | 2554764 GernB
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Wrong. The demonization of sucess is whats wrong here. That someone bucking the system, betting against a corrupt and dangerous system is characterized as selfish is whats wrong here. I wouldnt want to live in your world where success due to hard work, inginuity, and taking risks against all odds is selfish and evil. Stop feeling you are entitled to other peoples money and then maybe you wont be the truely selfish one. Your better world is apparently a one in which the selfish can make themselves feel justified when others dont appease their selfishness by giving them money they did not earn.

Sat, 06/23/2012 - 21:05 | 2554900 eatthebanksters
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We don't worship him, we respect him...for his intellect, his ability to ferret out real facts and the integrety to stand in and get punched while waiting for his predictions to unfold...an unfold they did.  Burry is a smart and wise young man not tied to convention  or status quo and not tied to the farcical whims of those who are envious of the success of others...He is afflicted Aspergers Syndrome yet is more based in reality than most people on the planet. The guy is righteous, plain and simple.

Sun, 06/24/2012 - 00:37 | 2555166 WonderDawg
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Well said. Talk about having the courage of your convictions. It couldn't have been easy to go into the office every day when your bet is going the wrong way, knowing you will be proven right but having to face your investors who are now short-sightedly doubting your strategy.

For anyone who hasn't read The Big Short by Michael Lewis, I highly recommend it. Awesome read.

Sat, 06/23/2012 - 23:17 | 2555089 TrulyBelieving
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Come on AH, you're just pissed because you were/are one of those 'hope and change' kind of guys.

Sun, 06/24/2012 - 07:27 | 2555346 Offthebeach
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Quote, "...you're one of those hope and change kind of guys".

That's low. Man that's low.

Sun, 06/24/2012 - 07:19 | 2555341 Offthebeach
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AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Sun, 06/24/2012 - 07:22 | 2555343 Offthebeach
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AIG got to be it's size because it won buisness
by giving prices lower than cost and bet it
wouldn't have to provide the paid for coverage. It was a racket. A fraud, and proved so.

So, Burry got himself a economics degree, a Med degree and calculated a fortune with free willed partners .......cause mommy and daddy did the work? You're so ghetto.

Sun, 06/24/2012 - 08:02 | 2555361 Bendromeda Strain
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Your children thank you for leaving them a worse universe than what you inherited.

The Huxter doth spew yet again. Like Old Unfaithful, the launch of another geyser of petty jealousy from his totalitarian pie-hole issues forth.


Sat, 06/23/2012 - 20:59 | 2554887 eatthebanksters
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Actually, a group of Wall Street investors found him from his online blogging actvities and gave him $10m in seed money...fom there he raised more.

Sun, 06/24/2012 - 16:08 | 2556315 snowlywhite
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"I think it was at $45,000 is what I had and I said, this is the last little bit that I got – this is the nut of what I got from my dad and I don’t want to just pay down my medical school debt with it. " - omg, a whole 45k. Definitely entitled...

Sun, 06/24/2012 - 02:47 | 2555237 Freddie
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I wonder how those University of California unionized goon faculty and CALPERS bag holders will be feeling when Hope & Chains collapses thanks to libturds in CA bankrupting the state and their magic muslim.

Sun, 06/24/2012 - 05:24 | 2555293 prole
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Again Sir Retard you reefer to the Big O as an Islamic. Funny he's spooling up his engines and loading up his guns to kill another MOSLEM (Assad of Syria)

Now if he were a Moslem, and I am sure you would not be on here telling a complete LIE, would you sir?

But if he were a Moslem, can you tell me why he only bombs Moslem countries? Could you tell me why he steals the wealth of America and sends it all to a religious Theocracy in the Middle East which is A Jewish State?

I guess pretty much in your world being a Moslem entails full devotion to a Jewish State? I have found most Moslems have a deep and profound devotion to Israel, so I am certain you are correct sir.

Mon, 06/25/2012 - 01:44 | 2557017 Freddie
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He is a Sunni.  His family tribem Luo, are muslims from Somalia/Sudan.   He is doing the Sunni's dirty work and so was Bush.  The U.S. militarys' job is to protect the Sunni House of Saud.  Assad is Shia like Iran while much of Syria is Sunni.   Bahrain's rulers are Sunni and a large part of the population are Shia.

Do try to keep up.   Allies = Iran, Syria (under Assad) and Russia.  

My guess is you have no clue how nasty this 1400 year old rift is between shia and sunni.

Jews?  Who put the muslim in the white hut?  Who still loves the muslim dearly?   They are on the semetic peoples level.

Israel and the (Sunni) Saudi House of Saud are allies.  This is not advertised for obvious reasons.  He is a muslim and you are a moron.  

Sat, 06/23/2012 - 13:58 | 2554011 ToNYC
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Burry's speech should be given to the incoming Freshman to save them a lot of time and money realizing the dumbfounded outcomes the medieval structure develop as they begin inhabiting that space for the next 4 years.

Sat, 06/23/2012 - 14:11 | 2554046 AldousHuxley
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When your "university" brings in successful speakers who became successful without using their university credentials like this guy, you need to ask the men in the sunglasses, why the hell am I getting in debt to pay for your pension?

 

This is like Harvard Business School bringing startup entreprenuers who succeeded without MBAs to speak.

 

Good thing they didn't let this guy speak in medical school graduation where the point would be "don't save lives of people as s doctor, instead just make outsized bets with other people's money and get rich. then tell the poor to fuck off and call them entitled"

 

We actually worship this guy?

Sat, 06/23/2012 - 14:43 | 2554177 fwiw imho
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Take a deep breath.  What do you smell?  Is it sand or shit?  That will tell you where your head is.

Sat, 06/23/2012 - 14:52 | 2554204 AldousHuxley
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I smell greed in your breath.

 

and it stinks.

 

 

Sat, 06/23/2012 - 14:57 | 2554225 fwiw imho
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Smelling things that aren't there.  Is that a typical trait of paranoid schizophrenics?

Sat, 06/23/2012 - 18:13 | 2554655 LongBalls
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The guy evaluated a situation. Noticed the flaw in conventional thinking and moved forward to profit from it. He did his own research. Used his own reasoning. He did not steal, he did not lie, he did not borrow and fail to repay on his promise. He did it honestly within the law. If we had more like him and less of people whom assualt independant thinking and hard working individuals that are not part of the crony capitalist system, we would be much better off. Besides, you have no clue if and how much he donates to charities or how many people his actions employ. To call this guy greedy is more in comdenation of your own soul and way of thinking than his.

Sat, 06/23/2012 - 21:10 | 2554907 eatthebanksters
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Aldous, would you prefer the rich gave their earnings to people like you or woud you prefer they just did not become rich from smarts, hard work, luck or any combination of the three.  You sound like you feel that you are entitled to what they have earned or that you don't beieve anyone should be able to get rich (quick).  I would enjoy hearing from you what you reay want.

Sun, 06/24/2012 - 05:29 | 2555300 prole
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I would enjoy if the Commie Imbecile would STFU and find a Communist Interest Website.

I recommend CheWasRight.com or HastaLaVictoriaSiempre.com

(I just made them up BTW)

Sat, 06/23/2012 - 15:37 | 2554340 dickizinya
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i wanna know why the head d-bag at UCLA has an accent.  we couldn't find someone smart from california?

Sat, 06/23/2012 - 17:44 | 2554600 azusgm
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Seems the former Guvernator had an accent too.

Sat, 06/23/2012 - 21:13 | 2554912 eatthebanksters
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And isn't that Donald Sutherland sitting behind on the left?  Now there's a rocket scientist (good actor but it stops there).

Sat, 06/23/2012 - 16:20 | 2554428 PC Load Letter
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It's not worship AH, it's respecting the foresight he had. He saw signs of a bubble and profited it from it. What's the isssue? Who cares he funded his business? You sound really bitter

Sat, 06/23/2012 - 17:16 | 2554532 Ezra Pound
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Whatever makes your dick hard, dude.  I'd suggest reducing your opinions by at least a third.

Sat, 06/23/2012 - 21:02 | 2554893 Whiner
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Notice the Tenured Professor's Lounge Lizard left of our Speaker. Yeah, the leftist Obammy Bundler with the Oakly sunglasses and beard. Yes, that f**k in black. He shows his contempt for the speaker by trying to read something, then looking for his water bottle, straightening his garments, looking left then right. What a bunch of tenured turds. He can't wait for this to end so he can call Larry Sommers and rant about the speaker selection and his inane remarks. Then he'll meet his female student for an evening tutorial. Cayleepornia, totally insolvent and broken. The precursor state of conditions coming to your state if not already arriving or arrived. After the pitchforks leave Waall Street and DC, they will move to the Iveys and great universities of the west.

Sat, 06/23/2012 - 12:51 | 2553827 economics9698
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When you understand money and banking bubbles are as easy to spot and a pimple on your sisters forehead.  Half of America spotted this next blow up when they bailed out the banks in 2008.

Sat, 06/23/2012 - 13:42 | 2553975 AldousHuxley
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bubbles (making you think you got richer) are all FED got to induce consumerism....

 

stock bubble

oil bubble

japanese bubble

junk bond bubble

dotcom bubble

emerging markets bubble

real estate bubble

facebook dotcom bubble 2.0

higher education bubble?

gold bubble?

HFT bubble?

population bubble?

 

Sat, 06/23/2012 - 14:19 | 2554075 economics9698
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Yep, I second that.

Sat, 06/23/2012 - 21:46 | 2554961 Marco
Marco's picture

The mortgage bubble fuelled consumerism, but for the most part the bubbles offset the impact of trade deficit on current accounts (ie. money came in, bubble burst, no money went out in returns ... improves the current account balance).

Bubbles in the US were always more about scamming foreigners than anything else ... the entire US standard of living is based on scamming foreigners, the Greece of the World after all.

Sun, 06/24/2012 - 02:21 | 2555215 lemonobrien
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golds bubble? what da fuck you smokin nigga?

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