John Cochrane on the Financial Crisis

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4.7 • 4.4K Ratings

🗓️ 2 February 2009

⏱️ 74 minutes

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Summary

John Cochrane, of the University of Chicago, talks with EconTalk host Russ Roberts about the financial crisis. He talks about the origins of the crisis, why the Troubled Assets Relief Program (TARP) was flawed from the beginning, why mark-to-market accounting isn't the cause of the problem, argues for letting banks fail, and makes the case against the large increases in government spending.

Transcript

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0:00.0	Welcome to Econ Talk, part of the Library of Economics and Liberty.
0:12.5	I'm your host Russ Roberts of George Mason University and Stanford University's Hoover
0:17.3	Institution.
0:18.7	Our website is econtalk.org where you can subscribe, find other episodes, comment on this podcast,
0:25.8	and find links to other information related to today's conversation.
0:29.9	Our email address is mailadicontalk.org.
0:33.6	We'd love to hear from you.
0:38.3	My guest today is John Cochran, the Myron S. Shoals Professor of Finance at the University
0:43.8	of Chicago's Booth School of Business.
0:45.9	John, welcome to Econ Talk.
0:47.4	Thank you.
0:48.4	Pleasure to be here.
0:49.4	John, I want to start with a little bit of history and I want to get your take on how
0:55.7	the financial system got into the message, got into and how it's spilt into the real
1:00.8	sector of the economy.
1:01.8	So let's start with Wall Street.
1:04.5	What do you think went wrong?
1:05.8	What are your highlights or maybe low lights for the mistakes that were made publicly and
1:10.9	privately to get us to where we are?
1:12.9	Okay.
1:13.9	Well, two things.
1:14.9	I do think this is often characterized as over free markets failed.
	...

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