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Boiler Room and the 'bubbles'

Boiler Room (Ben Younger, 2000)

Seth Davis: I read this article a while back, That Said That Microsoft employs more millionaire secretary's that any other company in the world. They took stock options over Christmas bonuses. It was a good move. I remember there was this picture, of one of the groundskeepers next to his Ferrari. Blew my mind. you see shit like that, and it just plants seeds, makes you think its possible, even easy. And then you turn on the TV, and there's just more of it. The $87 Million lottery winner, that kid actor that just made 20 million o his last movie, that internet stock that shot through the roof, you could have made millions if you had just gotten in early, and that's exactly what I wanted to do: get in. I didn't want to be an innovator any more, i just wanted to make the quick and easy buck, i just wanted in. The Notorious BIG said it best: "Either you're slingin 'crack-rock, or you've got a wicked jump-shot." Nobody Wants to work for it anymore. There's no honor in Taking That after school job at Mickey Dee's, honor's in the dollar, kid. So I jump up the white boy way of slinging crack-rock: I Became a stock broker.

Seth Davis: I read an article recently that said Microsoft employs more millionaire secretaries than any other company in the world. They accepted the company's shares as payment for their Christmas bonuses. It was a good strategy. I remember this picture: one of the gardeners with his Ferrari. Puzzled me. You see things like this and plant a seed in you, makes you think that is possible, even easy. And then turn on the TV and there is more. The lottery winner of $ 87 million, the child actor who just made $ 20 million with his latest film, Internet stocks that soared to the ceiling. You could have made millions if you had entered earlier. And that's exactly what I wanted to do: enter. I did not want to be an innovator, just wanted to make money fast and easy. I just wanted to go. The Notorious BIG said it best: "in the neighborhood or sell drugs or have ability to jump." Nobody wants to work more. There is no honor to work after school at Mickey Dee's. The honor is in the dollar boy. So I went for white man's version of selling drugs, I became a stockbroker.

The film Boiler Room (Ben Younger, 2009) takes us into the world of Seth Davis, played by Giovanni Ribisi. In the movie, Seth is a guy who runs a casino in his apartment to which they are mostly college students and young workers (Yuppies - Young Urban Professionals ). While income from this business allows you to live comfortably, there's a catch: what he does is illegal, and his father, a judge complains that fact. From what we see in the film, his relationship with his father has always been Seth difficult and feels that his father is disappointed with the lifestyle and decisions he has taken. The situation changes when Seth meets a stockbroker (played by Nicky Katt) you convinces work in the same firm where he works. Despite initial reluctance, Seth decides to go and make the recruitment process to work there.

After a wonderful scene in which an executive (Ben Affleck) gives a speech "inspiring," Seth is convinced that this is a great opportunity to link the labor market and redeemed against his strict father. In the process, Seth realizes he has a natural ability to sell shares and the film is gradually showing his transformation from an insecure and fearful person, a person with an impudent assertiveness. In parallel, the film is showing the opulent lifestyle of his colleagues and superiors, all in their twenties and a marked disdain for customers who offer their services. Your lifestyle full of luxurious houses and flashy sports cars, begins gradually raise questions in Seth about how revenues are generated in the company, and any other similar companies are able to pay such high commissions to its employees.

Up here, the film presents several topics related to family relations, economic and social advancement, professional ambition and behavior of the stock market. However, a theme that is only marginally related to the 'speculative bubble'. To discuss this topic, you must play the key elements in the outcome of the film and analyze your link, although it is tangential, it may be a useful reference in developing the concept and its applications.

Firstly, A speculative bubble market is a phenomenon that occurs when goods are traded in large quantities at prices that differ significantly from the intrinsic values. In other words, this phenomenon occurs when a product is not paid the value according to the applicability or service that it can provide, but thinking of making a profit with the future sale of the goods. The process of bubbles is divided into stages Minsky to analyze their behavior. These Estapar are

First stage: displacement. Is if there is a good or service that is new (technology) or is benefited by a policy that modifies the status quo (changes in interest rate).

Second stage: Increasing the price of the product. The prices of these goods and services begin to rise gradually.

Stage. Easy credit. Is key because it allows finance the purchase of goods or services. The main beneficiaries of this credit are individuals who have little knowledge of the functioning of this market.

Fourth stage: transactions above normal. When this happens, people start buying the good or service increases the price. Buyers expect to sell that well in the short term, thus making a profit. In that sense, it creates a vicious circle of buyers and sellers begin to increase prices dramatically.

Fifth stage: Euphoria. Stage is considered the most tragic, because although some are beginning to warn of this anomaly, the mass of buyers and sellers is immersed in his ambition to make a profit by buying and selling of the product.

Step Six: Benefits for experts. The maintenance of a bubble is given by the conviction of all those who transact in that market prices will continue rising and providing utilities. Those with experience in buying and selling the product, starting to show the impossibility of continuing the upward trend in prices, as begin selling the product, a profit or at least out of this market without a loss.

Seventh stage: sudden change (the bursting of the bubble). People begin to notice that there are fewer buyers, what makes them panic as they have invested enough money in this product. At this stage all want out of the market by selling products they have, what causes prices to decrease dramatically.

in all cases not strictly apply these steps, but retain a common pattern that makes them comparable. What is certain is that this is a phenomenon that regularly occurs in markets with devastating effects on the economy, politics and society.

In the following post: speculative bubbles throughout history and outcome de 'boiler room'

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