Bank Runs, Crypto Scams and World-Transforming AI with Tyler Cowen

Honestly with Bari Weiss

The Free Press

News, Society & Culture

4.6 • 7.8K Ratings

🗓️ 21 March 2023

⏱️ 71 minutes

🔗️ Recording | iTunes | RSS

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Summary

The last time economist Tyler Cowen was on Honestly about a year ago, inflation was the highest it had been in 40 years, gas prices were nearly $7 a gallon in many parts of the country, and Russia's invasion of Ukraine was leading to a lot of fears about breadlines and nuclear war. A lot has changed since then. Especially in the last two weeks. Today, Cowen is back on the show to once again explain: what the heck is going on with the economy!? We talk about the collapse of Silicon Valley Bank, the psychology of bank runs, whether or not we’re seeing a larger banking crisis, recession anxiety, persistent inflation, a beleaguered tech industry, the seduction of crypto in this moment and the potential salvation of AI. Plus, how many hours Tyler spends on ChatGPT each day, what he thinks of his interview with Sam Bankman-Fried, how altruism is a form of power and why Silicon Valley is a scapegoat. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	I'm Barry Weiss and this is honestly.
0:05.0	For today,
0:07.0	Don't look now, but there's something funny going on over there at the bank, George.
0:11.0	Bank runs.
0:12.0	I've never really seen one, but that's got all the earmarks of being a run.
0:15.0	I want to briefly speak about what's happening in Silicon Valley Bank at Signature Bank.
0:20.0	Today, thanks to the quick action of my administration over the past few days, Americans can have
0:25.8	confidence that the banking system is safe.
0:29.6	Your deposits will be there when you need them.
0:31.6	Money! us will be there when you need them.
0:38.0	Recession anxiety. The recession, you know, potentially could be postponed.
0:40.0	It probably can't be avoided completely.
0:42.0	But for this year next year I'm
0:44.0	clearly in...
0:47.0	Inflation. I think there are many factors that have contributed to high
0:52.0	inflation it's critical for... that have been contributed to high inflation.
0:53.4	It's critical for the Fed to address it.
0:56.9	And the president is doing all that he can.
1:00.2	A beleaguered tech industry.
1:01.8	150,000 tech workers have been laid off in 2022 alone.
1:07.0	Amazon today announcing it's going to cut 18,000 workers.
1:11.0	The seduction of crypto? And let's just start with the fact that
	...

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