Michael Burry's UCLA Commencement Speech: "Brutal Hangover Is Inevitable"

From Zero Hedge:

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".

http://www.zerohedge.com/news/dr-michael-big-short-burrys-brutal-hangover-inevitable-state-world-ucla-commencement-speech

From Jesses' Cafe:

Burry is describing the credibility trap that followed in the aftermath of the financial fraud that gripped the developed world through the Anglo-American banking cartel, perhaps without realizing it in those terms. This is why there is no honest discussion of what has been happening.

The financial crisis is not over. The bank bailouts and subsidies are as much a part of the vast financial fraud that is destroying the real economy as the original packaging and promotion of risky mortgages had been.

"Michael J. Burry is one of the few who saw the crisis coming in all its glory and bet heavily on that unmistakable eventuality. Bernanke and Geithner and Greenspan and Summers and Rubin did not see it coming. Yet, who has been in charge of guiding us out of this predictable and self-inflicted crisis? Greenspan's prodigies: Bernanke, Geithner, Summers, Rubin and many other profoundly compromised parties.

Michael J. Burry, in the video below, delivers the keynote address at the 2012 UCLA Department of Economics Commencement. In it, he describes the process he undertook in determining that the credit bubble would pop, the housing sector would crash, and that the financial world's blindness to the obvious would, if property harnessed, vault him into the 1%. All of it t was 100% foreseeable. There was no "black swan". Yet, our most esteemed economic leaders were completely blind to it.

In 2010, Burry wrote an op/ed in the New York Times entitled, I Saw the Crisis Coming. Why Didn’t the Fed? No member of government ever reached out to Burry to discuss the issue - to see if there was any way to bring his focused wisdom and uncompromised analysis to a government that was tragically deficient. Instead, within 2 weeks of the publication of the op/ed, all 6 of his defunct funds were audited. Soon thereafter, the FBI initiated an investigation into his activities.

Greenspan's prodigies are beyond compromised. That the IRS and the FBI were sent to create havoc for Burry is a form of abuse of process. Our democracy is failing us. Checks and balances have been subverted by money, people in leadership positions protecting their failed legacies, and absolute impunity for the power elite who are successfully marginalizing the truth-tellers. As Burry notes, they are rewriting history."
Capitalism Without Failure

http://jessescrossroadscafe.blogspot.kr/2012/06/michael-j-burrys-commencement-address.html