Michael Berry secretly compared current conditions to the 2008 financial crisis in a tweet Tuesday.
“Like I said about 2008, it’s like watching a plane crash. It hurts, it’s not fun, and I’m not laughing,” Berry wrote.
Berry, who runs Scion Asset Management, is the main character in the book. big shorts and portrayed by Christian Bale in the movie version. He bet against the US housing market buying credit default swaps on subprime mortgage-related securities from Wall Street companies. Berry remained in his position in the second quarter of 2008 and closed his fund. It reopened in 2013.
The Dow Jones Industrial Average fell for eight consecutive weeks, making it the longest consecutive loss since 1932. The Nasdaq Composite and S&P 500 fell seven weeks in a row.
On Tuesday, the Department of Commerce released data showing that the housing market has slowed more than expected. The housing market is one of the economy’s sources of strength, and its continued weakness will increase the likelihood of a recession.
Berry didn’t detail what he was comparing in 2008, but many Twitter users asked for clarification. Berry, who frequently deletes his tweets, deleted the tweet after just a few hours.
Source: Breitbart
