4.7 • 1.2K Ratings
🗓️ 2 May 2023
⏱️ 48 minutes
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0:00.0 | So one of the remarkable things after the 2008 financial crisis was the supposed restoration of the financial system that we created in its aftermath |
0:18.9 | actually just created and sewed the seeds for even worse in the future, not in the form of financial crises, |
0:25.8 | but in the form of financial policies that permanently I would say gutted, or at least since then, |
0:31.1 | ever since then, have gutted the essence of American capitalism itself. |
0:35.6 | The first thing we did was we ushered in an era of easy money in this country, money |
0:40.4 | raining from on high like Manna from heaven from the Federal Reserve that was supposedly a short-term stopgap measure to pump liquidity into the markets on the back of the |
0:50.3 | 08 crisis in the middle of that year became Q-E-1 and then Q-E-2 and then operation God-know-what that |
0:57.5 | actually continues year after year to create what really was a culture in this country that disincentivized work that resulted in a |
1:07.4 | maldistribution of wealth. You don't get trickle down economics from Ronald Reagan's |
1:11.6 | era when economic growth is really just driven by |
1:14.3 | artificial paper being printed from the top, only planting the seeds for possibly the next financial |
1:19.1 | crisis, which as we have this conversation today, maybe in the early stages of unfolding, |
1:25.2 | in part because of self-inflicted behavior |
1:27.4 | from the Federal Reserve |
1:28.3 | on the back of the 2008 financial crisis. |
1:30.7 | You saw the rise of the ESG movement, the politicization of capital markets, a sort of dowry that was paid for the arranged marriage between big business and government as effectively a price, a delayed price for the 2008 bailouts on the back of the |
1:45.2 | 08 financial crisis. |
1:46.4 | So what do we learn? |
1:47.8 | We learn that these crises are occasions to actually plant the seeds for quite possibly far more damage done over a longer period of time that follows, |
1:58.0 | but as a justification for a response to that crisis. So let's learn that lesson now as we enter the modern banking instability |
2:07.5 | that we appear to be entering right now. What are we going to see on the back of potential bank failures in the United States of |
2:14.5 | brokered marriages between large banks absorbing small ones? We're having this conversation |
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