Man who saw the GFC coming, The Big Short star Steve Eisman, warns Tesla's bubble is going to burst
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The fact that Tesla beat the Street's expectations by losing a couple hundred million dollars less than expected doesn’t change the reality that its cash pile is still shrinking. Indeed, all it seems to do is slightly postpone the day of reckoning – certainly not remove it.
But Elon Musk’s Bitcoin-like following among supporters is such that no matter what he does, they keep the faith. Among those who warn they are playing a dangerous game is Steve Eisman, an expert spotter of bubbles, who was immortalised in the Michael Lewis bestseller The Big Short.
Eisman, the managing director of Wall Street investment bank Neuberger Berman, was among a handful of those who bet big and profited hugely ahead of the 2008 financial crash by selling Collateralised Debt Obligations, or CDOs, before they imploded, sparking 2008's Great Financial Crisis. The meltdown that followed required hundreds of billions in central bank bailouts to keep the financial system solvent.
In the movie based on Lewis’s book, Eisman’s name was changed to Mark Baum and his character was played by Academy Award nominee Steve Carell. And In the great money match between Eisman vs Musk, I know where my money would be.
But Elon Musk’s Bitcoin-like following among supporters is such that no matter what he does, they keep the faith. Among those who warn they are playing a dangerous game is Steve Eisman, an expert spotter of bubbles, who was immortalised in the Michael Lewis bestseller The Big Short.
Eisman, the managing director of Wall Street investment bank Neuberger Berman, was among a handful of those who bet big and profited hugely ahead of the 2008 financial crash by selling Collateralised Debt Obligations, or CDOs, before they imploded, sparking 2008's Great Financial Crisis. The meltdown that followed required hundreds of billions in central bank bailouts to keep the financial system solvent.
In the movie based on Lewis’s book, Eisman’s name was changed to Mark Baum and his character was played by Academy Award nominee Steve Carell. And In the great money match between Eisman vs Musk, I know where my money would be.
