How we cite our quotes: (Chapter.Paragraph)
Quote #1
Historically, a Wall Street firm worried over the creditworthiness of its customers; its customers often took it on faith that the casino would be able to pay off its winners. (2.58)
This that Wall Street firms will always have the money to pay off their debts is a key component of the American financial system. They're the experts, right? But if this assumption is proven wrong, as it is by the end of The Big Short, where does that leave us? We'll have to look deeper to find out.
Quote #2
Mike Burry lacked faith. "I'm not making a bet against a bond," he said. "I'm making a bet against a system" (2.58)
If you ask Michael Burry what he thinks about the financial system, he won't make any bones about it—he thinks that most of it is BS. Although everything seems perfectly ordered on the surface, it's actually quite chaotic.