How banking deregulation makes you unsafe (with Anat Admati)

Pitchfork Economics with Nick Hanauer

Civic Ventures

Business, Government, News, Politics

4.8 • 1.5K Ratings

🗓️ 5 January 2021

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

No matter what some politicians may claim, there’s actually no such thing as ‘less regulation’ — there are only regulations that favor the powerful, and those that don’t. Stanford economist Anat Admati walks us through the deregulation of the banking industry and explains how she would overhaul financial regulations to make them work well for society, not just for the rich and powerful. Anat Admati is the George G.C. Parker Professor of Finance and Economics at Stanford University Graduate School of Business, a director of the Corporations and Society Initiative, and a senior fellow at Stanford Institute for Economic Policy Research. She has written extensively on information dissemination in financial markets, portfolio management, financial contracting, corporate governance, and banking. She is the co-author of ‘The Bankers’ New Clothes: What’s Wrong with Banking and What to Do About It’. Twitter: @anatadmati Show us some love by leaving a rating or a review! RateThisPodcast.com/pitchforkeconomics Making financial regulation work for society: https://www.ineteconomics.org/events/finance-society/agenda/making-financial-regulation-work-a-conversation-with-anat-admati-and-brooksley-born When she talks, banks shudder: https://www.nytimes.com/2014/08/10/business/when-she-talks-banks-shudder.html Financial crises, corporate scandals and blind spots: who is responsible? https://blogs.lse.ac.uk/businessreview/2018/01/25/financial-crises-corporate-scandals-and-blind-spots-who-is-responsible/ The Bankers’ New Clothes: http://bankersnewclothes.com/ Website: http://pitchforkeconomics.com/ Twitter: @PitchforkEcon Instagram: @pitchforkeconomics Nick’s twitter: @NickHanauer

Transcript

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0:00.0	There's this whole world of banking regulation and financial regulation that is super fascinating.
0:05.0	The reason that we're focusing on regulation as an important aspect of building an economy that functions effectively is that it is one of the
0:14.6	pillars of trickle-down economics. You know what we say is trickle-down economics is
0:20.0	wage suppression for the poor, tax cuts for the rich, and deregulation for the powerful.
0:25.0	The regulation of this system remains a mess.
0:27.0	From the home offices of Civic Ventures in downtown Seattle, this is Pitch Fork Economics,
0:38.0	with Nick Hanauer, the best place to get the truth about who gets what and why.
0:43.0	I'm Nick Henauer, founder of Civic Ventures.
0:48.0	I'm Nick Henauer, founder of Civic Ventures.
0:51.0	I'm Jessen Farrell and I'm Senior Vice President at Civic Ventures. Ventures. I'm Jessin Farrell and I'm Senior Vice President at Civic Ventures and a former state legislator.
0:57.0	Today we're diving into the world of regulation and deregulation and specifically banking deregulation.
1:07.6	You know the reason that we're focusing on regulation as an important aspect of building an economy that functions effectively is that it is one of the pillars of trickle down economics that you know what we say is trickle down economics. That, you know, what we say is trickle down economics
1:25.2	is wage suppression for the poor, tax cuts for the rich,
1:28.6	and deregulation for the powerful.
1:31.2	And that idea that the less constrained the powerful will be, the better it will be for everyone,
1:38.0	is one of the oldest lies told by powerful elites in human societies.
1:45.0	But as our friend, the philosopher Elizabeth Anderson
1:49.0	reminded us in the podcast we did with her,
1:52.0	there is no such thing as less or more regulation.
1:55.8	The only question is, are the powerful getting more powerful, less powerful?
2:00.6	Right, that's it. And so the idea that more regulation will be by it by definition that is is prima facie
2:08.0	absurd. Of course of course it's not. You know I think that when we talk about regulating markets, there is no more
	...

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