Market Meltdown: Why Tech and Crypto Are Crashing - and What Happens Next

Plain English with Derek Thompson

The Ringer

News, News Commentary

4.7 • 2.1K Ratings

🗓️ 11 May 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

The stock market is absolutely gross right now. Everything is down, except (as loyal listeners know) the CATAN portfolio. Crypto has cratered, growth stocks have been ravaged, and hedge funds are imploding. Why is this happening? Is this Dot-Com Bubble 2.0? And what does it mean for the future of the U.S. economy, investing, and tech? Investor, entrepreneur, and podcaster Jason Calacanis joins the show. He gives us a brief history of the 21st century tech industry, explains why this is like and unlike the summer of 2000, makes some bold predictions about crypto and the economy, and tells us how he's advising young chief executives. If you have questions, observations, or ideas for future episodes, email us at PlainEnglish@Spotify.com. Host: Derek Thompson Guest: Jason Calacanis Producer: Devon Manze Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Yo, Rob Harvilla from 60 Songs that explain the 90s here to inform you that we are back
0:05.6	with 30 more songs because the 90s were super long and had a ton of rad music.
0:10.8	Please join us every Wednesday for more 60 Songs that explain the 90s only on Spotify.
0:17.3	Today is an emergency episode of sorts.
0:20.2	We're moving Friday's episode up because the stock market is vomiting all over itself
0:24.7	and I thought some of you might be interested in understanding why.
0:31.4	So if we wind back the tape to last fall when markets were near their peak, there was this
0:36.2	moment in history, this very specific moment that probably should have told all of us that
0:40.6	we're living in a simulation and the simulation's architects are laughing and laughing as they
0:44.3	get ready to pull out the rug from under our feet.
0:47.0	So October 28th, 2021, crypto.com, a trading platform for cryptocurrencies, comes out with
0:56.2	an advertisement featuring Matt Damon walking through some CGI room.
0:59.8	He waves his hands at Columbus, he waves another arm at the Wright Brothers, he talks about
1:04.3	bravery and grit, he walks to a CGI window and Mars is there, of course, and he turns
1:10.9	from the camera and says, fortune favors the brave.
1:16.2	The price of Bitcoin peaked about one week later and it has since crashed more than 50%.
1:23.4	Matt Damon, bless his heart, love his movies, Matt Damon was the top.
1:27.9	He said fortune favors the brave and like basically milliseconds later, the bottom fell
1:32.7	out of crypto.
1:34.5	But it's not just crypto.
1:36.2	This year the NASDAQ is off 30%, growth stocks and pandemic darlings, peloton, zoom of
1:41.9	crash, more than twice that amount, hedge funds that back those growth stocks, arc, tiger
	...

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