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On The Tape

The Chronicler of Calamities with Bethany McLean, Author of “The Big Fail”

On The Tape

RiskReversal Media

News, Business, Investing, Business News

4.6757 Ratings

🗓️ 19 February 2024

⏱️ 39 minutes

🧾️ Download transcript

Summary

Dan Nathan and Danny Moses sit down with Bethany McLean, co-author of “The Big Fail”. They discuss failures in the U.S. Government’s response to the pandemic, concerns around Tesla and Elon Musk’s leadership skills, being a contrarian in an environment that rewards blind obedience and where the cracks are starting to show on our financial systems. Subscribe to our newsletter: https://riskreversalmedia.beehiiv.com/subscribe — About the Show: On The Tape is a weekly podcast with CNBC Fast Money’s Guy Adami, Dan Nathan and Danny Moses. Their offering takes on the biggest market-moving headlines of the week, trade ideas, in-depth analysis, tips and advice. Each episode, they are joined by prominent Wall Street participants to help viewers make smarter investment decisions. Bear market, bull market, recession, inflation or deflation… we’re here to help guide your portfolio into the green. Risk Reversal brings you years of experience from former Wall Street insiders trading stocks to experts in the commodity market. — Check out our show notes here See what adding futures can do for you at cmegroup.com/onthetape. — Shoot us an email at [email protected] with any feedback, suggestions, or questions for us to answer on the pod and follow us @OnTheTapePod on Twitter or @riskreversalmedia on Threads — We’re on social: Follow @GuyAdami on Twitter Follow Danny Moses @DMoses34 on Twitter Follow Liz Young @LizYoungStrat on Twitter Follow us on Instagram @RiskReversalMedia Subscribe to our YouTube page The financial opinions expressed in Risk Reversal content are for information purposes only. The opinions expressed by the hosts and participants are not an attempt to influence specific trading behavior, investments, or strategies. Past performance does not necessarily predict future outcomes. No specific results or profits are assured when relying on Risk Reversal. Before making any investment or trade, evaluate its suitability for your circumstances and consider consulting your own financial or investment advisor. The financial products discussed in Risk Reversal carry a high level of risk and may not be appropriate for many investors. If you have uncertainties, it's advisable to seek professional advice. Remember that trading involves a risk to your capital, so only invest money that you can afford to lose. Derivatives are not suitable for all investors and involve the risk of losing more than the amount originally deposited and any profit you might have made. This communication is not a recommendation or offer to buy, sell or retain any specific investment or service.

Transcript

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0:00.0

Welcome to a very special Monday edition of On the Tape podcast on President's Day, a very special guest with us, Beth Thinney McLean, contributing editor of Vanity Fair, contributor now a business insider, former Goldman Sachs Investment Banking analyst, host of podcast Capital Isn't, which you can find in your favorite podcast store, bestselling author.

0:22.6

We're going to get into your most recent book, The Big Fail, which looks at the pandemic.

0:27.4

I got to know you before I ever met you on the smartest guys in the room at Enron, and we can talk

0:31.3

about all the books. But great to have you here, Bethany, a lot to talk about. You were here with us

0:35.1

exactly a year ago, and a lot was about to happen. A lot had already happened. Let's talk about the big fail in the book and how that's going and what's the feedback on it. Marvelous. So the book came out in the fall. I think that the world is not ready to look back on the pandemic yet. I would argue that it's important. But I think timing-wise, it was awkward. And the book came out right as more important

0:55.8

events were superseding it in the Middle East. So it's been a little quieter than I think Joe

1:01.5

and I would have liked. I co-authored it with Joe No Sarah, with whom I also wrote,

1:04.9

All the Devils Are Here, about the Financial Crisis. Somebody who read it said, you're just going to

1:08.8

make enemies everywhere you go because it's not

1:10.9

easily right wing or left wing. And a couple people who have read it have said to me, I can't tell

1:14.8

what your politics are, which I think is a compliment. But in something that has such an ideological

1:19.6

divide as the pandemic, that's not necessarily a good thing. People want to read what they already

1:23.9

think. So the outcome, having looked, I've not read the full book, I'll be honest with you, but I've obviously read, I promise you, I will read it. I could lie and say,

1:30.7

I read the book. I think it's okay. But let me say, but, but the takeaway is that, you know,

1:35.9

the rich, we're in a great spot during the pandemic and the not rich kind of forced to deal with more of the issues that, you know, the rich got to kind of go away. And so there are socioeconomic consequences that have now occurred as a result.

1:47.7

I think in the time people, maybe the U.S. government did what they thought was best, you know,

1:52.0

because there was no precedent for this really to do.

1:54.2

So talk about, I guess, that aspect because we're still living that today in terms of

1:58.1

with the impact of that.

1:59.3

And how have things changed permanently,

2:00.9

you think, in society as a result? The book looks at the lockdown strategy and basically

2:05.2

traces the fact that there, despite the fact that we all talked about following the science,

...

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