Engaging despite flaws

Rating: 7/10 (23 December 2015)

"The Big Short" tells an engaging story with an excellent cast.
Nevertheless, there are times that the film feels like a docudrama directed by Michael Moore; as a person who sometimes enjoys Moore's work, I say that more as an observation than a strict criticism. But like Moore's work, the film is sometimes preachy in an overbearing way, and like Moore himself, writer/director Adam McKay doesn't trust the audience with serious material: the film assumes that the audience must always be entertained. I don't think I'm spoiling anything of substance when I mention that the film literally takes breaks from the story in order to have celebrity guests like Margot Robbie, Selena Gomez, and Anthony Bourdain explain complex financial instruments directly to the camera. The scenes are presented in a way that's meant to come across as fun and irreverent. As somebody who followed the financial crisis as it unfolded, and read about it afterwards, I found the whole tack to be vaguely insulting. Still, McKay probably recognized that he had a fascinating and important story, and realized that he needed a way to convey this information to members of the audience without boring or confusing them; he can't be faulted for operating from accurate assumptions.
The film follows the interesting characters who took the daring position of 'betting' against the housing market in the mid-2000s (through short selling). It should be noted that these weren't the first people to notice the housing bubble -- just the ones who profited from it. (Dean Baker, who also accurately predicted the tech bubble burst, wrote about this as early as 2002; see 'The Run-Up in Home Prices: Is it Real or Is it Another Bubble?,' Aug 2002.) Pointing this out doesn't make their stories any less engrossing. I found Christian Bale's performance in the role of Michael Burry particularly noteworthy; Carrel and Gosling are also terrific.
"The Big Short" is not the best of the year, and I don't think it deserves the Oscar nomination it will surely receive. But it's good. And it is fundamentally accurate in its depiction of the financial industry as driven by fraud and fueled by greedy incompetence.