Ep. 783 Did Crazy Financial Instruments Bring Down the Economy?

The Tom Woods Show

Tom Woods

Politics, Economics, Libertarian, Government, News

4.8 • 3.3K Ratings

🗓️ 15 November 2016

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

The conventional wisdom holds that mortgage-backed securities, credit-default swaps, and the like were responsible for the fragility, uncertainty, and ultimate collapse of 2008. Is that true? Professor Ed Stringham offers a revisionist account.

Show notes for Ep. 783

Transcript

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0:00.0	The Tom Woods Show, episode 783.
0:03.8	Prepare to set fire to the index card of allowable opinion.
0:08.3	Your daily dose of Liberty Education starts here, the Tom Woods Show.
0:14.5	Folks, don't be envious of me just because I'm getting the best shave of my life.
0:18.1	Join me.
0:18.9	Get your free trial set from Harries.
0:21.5	That's a razor,
0:26.7	five-blade cartridge and shaving gel, plus they're tossing in a post-save bomb, and all you you're going to do is pay three smackers for shipping. So head over to harries.com. That's h-a-r-r-r-s.com,
0:32.9	and enter code Woods. Hi, everybody, Tom Woods here. There's a lot of stuff in the news these days, right,
0:38.5	with the Trump victory and the reaction to it and speculation about people Trump is going to bring
0:45.0	onto his team and all that stuff. And I do want to talk about that. But there are also some
0:49.5	evergreen topics out there that I still want to talk about. And one of them is the financial crisis,
0:56.6	because we still are living with the consequences of that ideologically, because most people
1:02.4	got that wrong. Most people think deregulation caused the problem. Oh, yeah, y'allie. Okay,
1:08.1	I've gone over that in the past. You can dig out episodes on that from, in fact, we'll put on the show notes page, Tomwoods.com slash 783. We'll put some episodes dealing with that. We're going to talk a little bit about that today. But I want to talk about what actually went on during the crisis and was the crisis caused by the sorts of things people claim.
1:30.3	When they're not claiming deregulation, they're claiming it was certain financial instruments that caused the problem.
1:37.3	And I want to talk to Ed Stringham, who's been on the show in the past, because he has an article, a journal article that I'm going to link to also
1:45.1	on the show notes page. And it's called, It's Not Me, It's You, the functioning of Wall Street
1:50.7	during the 2008 economic downturn. And Ed is really hitting at the heart of the conventional
1:58.4	narrative of the financial crisis in this journal article.
2:02.3	So you'll definitely want to read it.
2:04.3	Ed is a professor of economics over at Trinity College in Hartford, Connecticut.
	...

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