He meant that, at 10:40 AM, it was still early in the trading day and at the exact moment Bear Stearns stock price was actively imploding and thus a major investment bank could fail at that exact moment without proven criminal culpability negating the other speakers point entirely by the very fact that it was happening.
first and foremost. Eisman did not 'see' the coming financial crisis back in 07-08. least we forget, he and his firm Front point got wind of it thru a wrong phone call. he wasn't even in the market for shorting banks nor anything to do with the housing market. After the call, which was intended for another company with the same name, He looked into the validity of what was being proposed. sent his guys to several states to verify the bubble and then and only then took measures to deal and short the market. The one who actually saw what was coming was not Eisman but rather Michael Burry. Burry did the do-diligence of looking into those packages of bad mortgage loans to understand the realization of what was to inevitably come.
