>> Stephen: WELCOME BACK, EVERYBODY.
MY NEXT GUEST IS THE DIRECTOR OF THE "ANCHORMAN" MOVIES,
"TALLADEGA NIGHTS," AND NOW "THE BIG SHORT."
>> HI, LAWRENCE.
>> WE HAVE NO CONFIDENCE IN YOUR ABILITY TO IDENTIFY
MACRO-ECONOMIC TRENDS.
>> YOU FLEW HERE TO TELL ME THAT?
WHY?
ANYONE CAN SEE THAT THERE'S A REAL ESTATE BUBBLE.
>> ACTUALLY, NO ONE CAN SEE A BUBBLE.
THAT'S WHAT MAKES IT A BUBBLE.
>> THAT'S DUMB, LAWRENCE.
MORTGAGE FRAUD, QUINTUPLED SINCE 2000, AND AVERAGE TAKEHOME PAY,
IT'S FLAT, BUT HOME PRICES ARE SOARING.
THAT MEANS THE HOMES ARE DEBTS, NOT ASSETS.
>> SO MIKE BURY A GAY WHO GETS HIS HAIR CUT AT SUPER CUTS AND
DOESN'T WEAR SHOES KNOWS MORE THAN ALLEN GREENSPAN AND HANK
PAULSON.
>> YES, HE DOES.
PLEASE WELCOME, ADAM McKAY.
( CHEERS AND APPLAUSE ) ♪ ♪ ♪
>> WOW.
I CAN'T BELIEVE THAT'S YOUR BAND.
AH!
>> Stephen: GOOD TO SEE YOU.
HOW ARE YOU?
>> I'M GOOD.
>> Stephen: YOU LOOK GOOD.
>> CAN WE KIND OF IGNORE THEM AND HAVE SOME INTIMATE HERE--
>> Stephen: LET'S TALK FOR A SECOND.
>> HOW ARE YOU?
>> Stephen: I'M ALL RIGHT, I'M ALL RIGHT.
>> LIFE IS CRAZY THOUGH SOMETIMES.
I FEEL LIKE WHAT IS THIS ALL ABOUT?
THEY'RE GETTING REALLY UNCOMFORTABLE RIGHT NOW.
>> Stephen: I DON'T KNOW WHO YOU'RE TALKING ABOUT.
( LAUGHTER ) ( APPLAUSE )
( CHEERS ) >> WE GOT APPLAUSE FOR THAT.
>> Stephen: A CHANGE IS AS GOOD A A HOLIDAY, MY FRIEND.
THANK YOU FOR BEING HERE.
>> MY PLEASURE.
I HAVEN'T DONE A LOT OF TALK SHOWS.
I'M A DIRECTOR, CAN I SMOKE.
>> Stephen: LEGAL ME YOU CAN.
>> MARINE.
>> Stephen: DO YOU REALLY HAVE POT?
>> NO, I DO NOT.
>> Stephen: I WAS JUST CURIOUS BECAUSE WE COULD MAKE A LITTLE
NEWS RIGHT HERE.
>> I'M A MORMON.
>> Stephen: REALLY.
>> YEAH, YEAH.
>> Stephen: GOOD FOR YOU.
>> I'M NOT A MORMON.
I'M NOT A MORMON.
AND I DO HAVE POT.
>> Stephen: YOU DO?
>> YES.
>> Stephen: YOU KNOW WHY THIS CONVERSATION IN NO WAY SURPRISE
ME?
>> WHY IS THAT?
>> Stephen: BECAUSE I'VE KNOWN YOU SINCE THE EARLY 90ss.
>> THAT'S TRUE.
>> Stephen: AND THIS IS ONE OF THE FIRST THINGS I EVER HEARD
ABOUT YOU.
BACK IN CHICAGO, ONE OF THE FIRST THINGS I EVER HEARD ABOUT
YOU WAS YOU PUT UP THIS FLIER FOR A SHOW YOU WERE GOING TO DO.
IT SAYS, "ATTENTION, ON AFFECT 28, ADAM McKAY, AGE 23, WILL
KILL HIMSELF DURING THE PERFORMANCE OF "VIRTUAL
REALITY."
NO JOKE.
FRIDAY AT MIDNIGHT.
( LAUGHTER ) ADAM, HOW DID THE SHOW GO?
( LAUGHTER ) >> IT WAS A GREAT CROWD.
>> Stephen: YUP, UH-HUH.
WHAT WAS THE POINT OF THIS, ADAM?
>> ACTUALLY, WE-- THAT WAS THE UPRIGHT CITIZENS BRIGADE.
WE WERE BACK IN THE 90s.
WE STARTED THIS LITTLE WEIRD COMEDY GROUP, AND I HAD THE IDEA
OF ADVERTISING MY OWN SUICIDE.
SO THIS IS HOW COOL CHICAGO IS.
YOU COULD NEVER DO THIS IN NEW YORK CITY OR L.A.
I ACTUALLY WENT TO THE OWNER OF, LIKE, A GIANT BUILDING, AND
SAID, "HEY, MAN.
CAN I GET ON TOP OF YOUR BUILDING AND PRETEND TO COMMIT
SUICIDE?" AND THE GUY WAS LIKE, "YEAH."
( LAUGHTER ) SO WE WENT ON TOP OF THIS
BUILDING, AND I THREW A C.P.R.
DUMMY OF MYSELF OFF THIS BUILDING, AND THEN RAN ALL THE
WAY DOWNSTAIRS WHILE A FRIEND OF OURSELVES PRETENDED TO BE THE
GRIM REAPER, AND WE BRIBED HIM, AND I CAME BACK TO LIFE, AND WE
RAN INTO THE THEATER AND CONTINUED OUR SKETCH COMEDY
SHOW.
SO IT WAS ONE OF THOSE SHOWS.
WE'VE ALL SEEN THAT SHOW, YEAH, YEAH.
>> Stephen: EXACTLY.
WELL, YOU KNOW, BACK THEN WHEN I REMEMBER ABOUT IMPROVISE IN
CHICAGO IS NEVER HAVING ANY MONEY BECAUSE I WOULD NOT GET
PAID TO DO ANYTHING.
>> YES.
>> Stephen: AND I WAS VERY THIN AT THE TIME BECAUSE I
COULDN'T AFFORD FOOD.
>> YES.
>> Stephen: WHAT DID YOU DO FOR FOOD?
HOW DID YOU FEED YOURSELF BACK THEN?
BECAUSE YOU'VE GOT A BIG TRAIN TO PULL.
>> EXACTLY.
>> Stephen: YOU'RE A BIG GUY.
>> I'M A BIG GUY.
I LIKE THE WAY YOU PHRASE THAT, BY THE WAY.
>> Stephen: YOU'RE WELCOME.
>> I ALWAYS SAY THE LOWEST PAYING JOB IN AMERICA IS
IMPROVISOR RIGHT UNDERNEATH POET AND PERSON WHO MAKES NO ATTEMPT
TO HAVE A JOB.
THOSE ARE THE -- >> RIGHT.
>> SO WE WERE BROKE.
AND I WAS WITH THE ORIGINAL UPRIGHT CITIZENS BRIGADE, AMY
POEHLER, IAN ROBERTS.
SO WE CAME UP WITH THESE WAYS TO GET FREE PIZZAS.
SO I WOULD CALL UP A PIZZA SHOP AND I WOULD SAY, "HEY, YOU KNOW,
IT'S DICK GRENFIELD FROM THE AULDERMAN'S OFFICE.
WE'RE HAVING A LITTLE PARTY OVER HERE.
YOU KNOW, WE HELPED YOU WITH YOUR LICENSE, IF YOU KNOW WHAT I
MEAN.
MAYBE YOU CAN HELP US OUT."
AND THE GUY WOULD GO, "OKAY, WHAT DO YOU WANT?"
AND I WOULD GO, "TWO LARGE PEPPERONI, LARGE SAUCE ANNUAL,
IF YOU KNOW WHAT I MEAN."
I KEPT SAYING THAT.
I WAS, LIKE, 24, SO I THOUGHT THE PHRASE FOR CORRUPTION WAS,
"IF YOU KNOW WHAT I MEAN."
( LAUGHTER ) WHICH TURNS OUT IT IS.
AND SO-- AND THEN MY FRIENDS WOULD DRIVE TO THE PIZZA SHOP
AND PICK UP, LIKE, FOUR PIZZAS FOR FREE.
AND WE WOULD EAT THEM.
( LAUGHTER ).
>> Stephen: WOW.
YOU HAVE USED THAT SKILL AS AN ADULT IN ANY WAY?
>> I DID-- MY FAVORITE ONE IS WE WERE IN COLLEGE.
I WENT TO TEMPTLE UNIVERSITY IN PHILADELPHIA.
( CHEERS AND APPLAUSE ).
>> THANK YOU.
AND ONE DAY I WAS SITTING AROUND WITH ABOUT THREE OR FOUR FRIEND
AND WE WERE ACTUALLY-- ACTUALLY, SPEAKING OF MARIJUANA, VERY
VIE-- AND I SAID I'M GOING TO CALL THE PHILADELPHIA PHILLIES
AND MAKE A TRADE.
( LAUGHTER ) THIS IS TRUE.
THIS IS ACTUALLY A TRUE STORY.
>> Stephen: I UNDERSTAND, I UNDERSTAND.
>> I CALLED THE PHILLIES AND I KNEW A LITTLE BIT ABOUT BASEBALL
AND THE G.M. AT THE TIME WAS A GUY CALLED BILL GILES.
I KNEW THE RED SOX GUY WAS LOU GOURMAN AND I PICKED UP THE
PHONE, AND I DIALED THE PHILLY'S GENERAL NUMBER, AND I SAID,
"IT'S LOU--" I LOWERED MY VOICE BECAUSE I WAS LIKE 20 AT THE AT
"IT'S LOU FOR BILL."
"ONE MOMENT PLEASE."
AND I SECRETARY PICKED UP, "YEAH, IT'S LOU FOR BILL."
ONE SECOND, PLEASE.
PAUSE, PAUSE, PAW, HEY, LOU, HOW YOU DOING, IT'S BILL?
I'M LIKE, "I'M GOOD, MAN.
WE LIKE WHAT RANDY READY IS DOING FOR YOU AT SECOND BASE.
WE'VE GOT A LEFT ARM IF YOU'RE INTERESTED."
AND THERE'S JUST A LONG PAUSE.
AND HE JUST GOES, "WHO THE HELL IS THIS?"
( LAUGHTER ) AND I WENT, "AAAH!"
AND MY FRIENDS WERE LIKE HALF OUT OF IT.
AND I WAS LIKE THAT ACTUALLY JUST HAPPENED.
YEAH.
>> Stephen: SPEAK OF CONNING PEOPLE, LET'S TALK ABOUT WALL
STREET.
( LAUGHTER ) YOU'VE GOT A NEW MOVIE CALLED
"THE BIG SHORT."
>> THAT DOES NOT SOUND VERY AMERICAN.
I DON'T LIKE THAT ATTITUDE.
>> Stephen: REALLY?
WELL, LISTEN BACK IN 2008 WHEN THE "THE BIG SHORT" TAKES PLACE
PEOPLE WERE PRETTY ANGRY WITH WALL STREET.
WE HAVE FORGOTTEN HOW ANGRY PEOPLE WERE WITH WALL STREET.
THERE WERE BASICALLY ALMOST PITCHFORKS IN THE STREET.
SO THE MOVIE IS CALLED "THE BIG SHORT," AND IT'S ABOUT HOW A
SMALL GROUP OF MEN BET AGAINST THE AMERICAN ECONOMY BECAUSE
THEY SAW A BUBBLE COMING THAT NOBODY ELSE SAW.
WHO ARE THESE GUYS AND WHAT DO THEY DO?
>> IT'S BASICALLY, YEAH, THE STORY OF THESE KIND OF
OUTSIDERS, AND FORTUNATELY WE HAVE AN AMAZING CAST, CHRISTIAN
BALE, STEVE CARELL, WHO YOU KNOW VERDICT.
RYAN GOSLING, BRAD PITT -- >> THOSE ARE SEXY GUYS.
>> SEXY GUYS, THOSE ARE GOOD-LOOKING GUYS AND I SAW ALL
OF THEM WITH THEIR SHIRTS OFF.
NOT IN A CREEPY WAY, IN A PROFESSIONAL WAY.
>> Stephen: IN A PROFESSIONALLY CREEPY WAY.
>> EXACTLY.
WHICH DESCRIBES HOLLYWOOD, ACTUALLY.
SO THESE REAL GUYS SAW THE BUBBLE BEFORE ANYONE ELSE SAW
IT, AND THEY WENT IN TO IT REALLY BELIEVING IN THE MARKET.
THEY REALLY THOUGHT WHEN THERE'S A BAD INVESTMENT, YOU HAVE TO
HAVE A COUNTER-INVESTMENT.
THAT'S THE WAY THE MARKET WORKS.
AND WHAT THEY REALIZED HALFWAY THROUGH IS OH, MY GOD, THE
ENTIRE SYSTEM IS BOUGHT AND PAID FOR.
AND IT REALLY KIND OF OVERWHELMED THEM, AND YOU SEE
THEM GO FROM THINKING THEY HAVE THIS GREAT INVESTMENT TO
REALIZING EVERYTHING THEY BELIEVED IN IS NOT TRUE.
>> Stephen: BECAUSE THE "THE BIG SHORT" IS, IN SHORGT, FOR
PEOPLE WHO DON'T KNOW OUT THERE, SHORTING IS BASICALLY AN
INVESTMENT THAT AN INVESTMENT VALUE GL DOWN AND YOU MAKE MONEY
OFF OF THE REDUCTION VALUE OF SOMEONE ELSE'S INVESTMENT,
RIGHT?
>> EXACTLY, EXACTLY.
>> Stephen: AND THEY DECIDE ALL THESE MOARMS, THIS HUGE
MORTGAGE BUBBLE WE HAD HAD TO GO DOWN AT SOME POINT AND THEY BET
AGAINST IT, AND THEN THEY BEGIN TO FEEL TERRIBLE THAT THEY'RE
GOING TO WIN THEIR BET.
>> YES, THEY FEEL TERRIBLE, AND THEN THEY ALSO REALIZE THE
ENTIRE SYSTEM IS BOUGHT AND PAID FOR.
WHEN I MET WITH THE REAL GUYS, YOU COULD TELL THEY STILL HAVE
THIS KIND OF 1,000-YARD STARE ABOUT IT.
EVERYTHING THEY BELIEVED IN WASN'T TRUE.
THE S.E.C., RATINGS AGENCIES, THE BIG BANKS, GOVERNMENT, MEADE
YARP ALL SORT OF CAPTURED BY THE BIG BANK S.
>> Stephen: HILLARY CLINTON CAME ON THE SHOW, SHE CAME ON
THE SHOW AND SHE SAID IF THIS HAPPENED AGAIN SHE WOULD BREAK
YOU WANT BANKS AND SHE WOULDN'T BAIL THEM OUT.
DO YOU ON @DO YOU-- DO YOU THINK THAT WOULD BE THE RIGHT THING TO
DO BASED ON WHAT YOU LEARNED?
>> I WOULD SAY, WITH ALL DUE RESPECT-- SHE WAS SECRETARY OF
STATE, FORMER SENATOR-- THAT IS ADORABLE.
>> Stephen: YOU DON'T BELIEVE HER?
>> NO, I DO NOT BELIEVE HER.
>> Stephen: YOU REALIZE I SWEAR IN ALL MY GUESTS.
>> DO YOU REALLY?
>> Stephen: YEAH.
THERE WAS A BIBLE UNDERNEATH YOUR SEAT UPSTAIRS.
>> THERE WAS AN IRON MAN COMIC I PUT MY HAND ON.
>> Stephen: EITHER ONE WILL DO.
>> BY THE WAY, I THINK HILLARY CLINTON IS A GREAT PUBLIC
SERVANT.
BUT, NO, UNTIL YOU CHANGE CERTAIN LAWS THE BANK BANKS ARE
DEFINITELY STILL TOO BIG TO FAIL.
UNTIL THAT IS CHANGED YOU HAVE TO BAIL THEM OUT BECAUSE
OTHERWISE THE WORLD ECONOMY COLLAPSES.
I DON'T LIKE IT, BUT FOR HER TO SAY SHE WILL NOT BAIL OUT THE
BANKS.
I SAW THAT INTERVIEW AND I WAS LIKE NO WAY, YOU HAVE TO.
>> Stephen: ALL RIGHT, I'D LIKE TO SEE YOU TWO FIGHT.
>> SHE'S GOT A GREAT GROUND GAME, BUT I'M BETTER --
>> AND A SECURITY TEAM.
( LAUGHTER ) >> Stephen: ADAM THANKS FOR
BEING HERE, MAN.
>> MY PLEASURE.
>> Stephen: IF YOU WANT TO SPARK UP THAT JOINT, NOW IS THE
TIME.
"THE BIG SHORT" OPENS IN NEW YORK AND
LOS ANGELES THIS FRIDAY AND NATIONWIDE ON DECEMBER 23.
WE'LL BE RIGHT BACK.