This is an I-Heart podcast.

Guaranteed human.

I'm Michael Lewis.

And I'm Lydia Jean Cott.

This is the big short companion podcast on Against the Rules.

And today's episode is all about the financial consequences of the 2008 recession.

Michael, when you said you wanted to do this episode, what consequences were you thinking about?

You know, the things that all kinds of things sort of popped to mind when you look at how Wall Street is now versus how Wall Street was in, say, 2007, you can see that, like, the big investment banks, Morgan Stanley, Goldman Sachs are far or less prestigious to work for. They're not getting first

cut of the college graduates. You can see that a whole new set of institutions, Jane Street, Citadel,

jump trading, have arisen to take risk that previously were in the investment banks. It's like the

risk. Who gets to take the risk has changed.

And the banks just generally have been removed from the process.

That's like one thing.

Another thing is like Bitcoin is a response or it seems to have been a response.

The guy who created it, we know and knows who he actually is, but who calls himself Satoshi,

made it very clear that it was a response to the mistrust

he felt on the back end of the financial crisis. I just wanted to isolate the financial

consequences and talk to someone who knows more about this than I do. See what we thought.

Matt Levine, like Matt Levine, from the moment he appeared on the scene and started writing his

Bloomberg column, I thought, thank God, he's paying attention to this so I don't have to.

Like, thank God, like, that I can just like, I mean, I could come back in and dip into Wall Street every now and then for big narratives, but that I don't have to monitor it in the same way because he basically does it for me.

You can just read Matt Levine.

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