There’s a delightful skewering of that attitude towards money that defined the boom period before the bust, right down to the slicked hair and sharp suits. “Why are they confessing?” cries Carell’s crusader, after interviewing two hapless estate agents. (Alongside The Wolf of Wall Street, 99 Homes and Margin Call, The Big Short marks a modern triple-bill of films all outraged at the property market’s fraud.) How intentional was the deception? McKay’s screenplay, co-written with Charles “Moneyball” Randolph, stuffs the screen full of stupid middlemen and women, who are only too happy to rack in the cash without question and pass the buck up the corrupt chain of power. Look back through Adam McKay’s CV and you’ll find The Other Guys, a silly buddy cop flick that ended with a stack of Wall Street stats – it’s not so surprising, then, that he’s returned to the same territory with equal rage. That smugness is part and parcel of the film’s carefully judged tone. It’s an inspired move, turning the movie’s explicit exposition into a joke itself The Big Short is condescending, but it looks down on itself for it. You might not know what a subprime mortgage is, the film decides, but you do understand the sight of Margot Robbie in a bathtub. In fact, the film regularly pauses the action to spell it out for you like you’re an idiot monkey, roping in celebrity guests to spout increasingly ludicrous analogies.

Lost yet? That’s OK, because The Big Short isn’t afraid to explain the maths behind it. Shorting them – betting against them – is not only a chance to get one up on the banks, but also to get rich. Their logic? Banks have been loaning out mortgages to people who can’t afford them, which means that the bonds made up of them being flogged around are destined to crumble. Add in a couple of rich-kid entrepreneurs, helped by a retired banker (Pitt), and you have a pack of people all gambling against the market. Soon, Mark Baum (Carrell), a bitter trader determined to prove Wall Street wrong at any cost, has caught wind of the same thing, thanks to a tip-off from smooth-talking Jared Vennett (Gosling). Top of the list is Michael Burry (Bale), a fund manager who calculates that the American economy is about to collapse.

Fortunately, Adam McKay’s The Big Short is full of them. It’s the kind of thing only a madman would bet on. What are the odds that someone would make a piece of light entertainment about the US housing market crash? What are the odds that it would be a comedy? And what are the odds, even then, that it would be funny, accurate and nominated for multiple Oscars? Cast: Ryan Gosling, Christian Bale, Steve Carell, Brad Pitt

The big short online