meta_pixel
Tapesearch Logo
Log in
Cautionary Tales with Tim Harford

Buried by the Wall Street Crash (Classic)

Cautionary Tales with Tim Harford

Pushkin Industries

Society & Culture, History

4.76K Ratings

🗓️ 25 April 2025

⏱️ 36 minutes

🧾️ Download transcript

Summary

Cautionary Tales returns with a new episode on May 2nd.

Both of the world’s greatest economists, Irving Fisher and John Maynard Keynes, thought they could see into the future and make a killing on the stock market - and then both were wiped out by the Wall Street Crash. One died a pauper, the other millionaire. What does it take to bounce back from ruin? Oh... and UFOs.

See omnystudio.com/listener for privacy information.

Transcript

Click on a timestamp to play from that location

0:00.0

Pushkin.

0:09.6

Cautionary Tales is teaming up with the risky business podcast for a special Q&A collaboration.

0:16.4

Hosts Maria Konnikova and Nate Silver, both journalists who Moonlighters High Stakes poker players,

0:22.5

are joining me to answer your questions.

0:25.8

Economics, scammers, robots, board games, poker, human instinct,

0:30.9

something that sparked your interest from either podcast, we are up for any question.

0:35.2

Just send your ideas to Tails at Pushkin.fm.

0:52.3

Late one evening on the 20th of December, 1954,

0:56.8

a small group of people sat together in a living room in Oak Park, a suburb of Chicago,

1:03.4

waiting for the end of the world.

1:06.2

They were led by a woman named Dorothy Martin,

1:09.1

who was a conduit for messages from aliens, or God, or both.

1:15.9

The messages were alarming.

1:18.8

At midnight, the aliens would land a flying saucer in the backyard and convey the true believers to the safety of a planet named Clarion.

1:29.4

Then, at dawn, a cataclysmic flood would destroy much of the world.

1:37.1

Now, at five minutes to midnight, the believers were waiting. Some were dishevelled, since the aliens had demanded they remove all metal from their clothing.

1:47.9

Brar clips, buttons, even trouser zips, had been hastily slashed away by fumbling hands wielding scissors or razors.

1:56.2

Some of the group were there out of mere curiosity. Others had sacrificed almost everything for this moment.

2:03.8

They'd quit their jobs, given away their possessions, and said farewell to their families.

2:09.3

But what distinguishes this particular apocalyptic cult from all the others

2:14.6

is that a small team of social scientists,

2:18.2

led by the world-renowned psychologist Leon Festinger,

...

Transcript will be available on the free plan in 5 days. Upgrade to see the full transcript now.

Disclaimer: The podcast and artwork embedded on this page are from Pushkin Industries, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Pushkin Industries and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.

Copyright © Tapesearch 2025.