The Fifth Risk with Michael Lewis
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 1 November 2018
⏱️ 31 minutes
🔗️ Recording | iTunes | RSS
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Summary
If you’re a regular listener, you know this show is not political in nature. We leave that stuff to the so-called experts. But since next Tuesday is Election Day, we thought we’d talk a little politics with rockstar author and repeat guest, Michael Lewis. A prolific writer, it’s highly likely that you’ve probably picked up at least one of his books, including Moneyball, The Blind Side, The Big Short or Flash Boys. In this interview, we discuss his latest work, The Fifth Risk, which focuses on the consequences we may face if some of the people given control over the government have no idea how it works. As you turn the pages, you’ll be taken into various departments of the government that at times resemble a rudderless ship. In Agriculture, the funding of vital programs like food stamps and school lunches is being slashed. The Commerce Department may not have enough staff to conduct the 2020 Census properly. Over at Energy, where international nuclear risk is managed, it’s not clear there will be enough inspectors to track and locate black market uranium before terrorists do. Willful ignorance plays a role in these looming disasters. If your ambition is to maximize short-term gains without regard to the long-term cost, you are better off not knowing those costs. If you want to preserve your personal immunity to the hard problems, it’s better never to really understand those problems. There is upside to ignorance, and downside to knowledge. Knowledge makes life messier. It makes it a bit more difficult for people who wish to shrink the world to a worldview. Thankfully, Michael Lewis also finds the heroes, those public servants whose knowledge, dedication, and proactivity keep the machinery running. If you have a money question, just email me! “Better Off” is sponsored by Betterment. "Better Off" theme music is by Joel Goodman, www.joelgoodman.com. Connect with me at these places for all my content: http://www.jillonmoney.com/ https://twitter.com/jillonmoney https://www.facebook.com/JillonMoney https://www.instagram.com/jillonmoney/ https://www.youtube.com/c/JillSchlesinger https://www.linkedin.com/in/jillonmoney/ http://www.stitcher.com/podcast/jill-on-money https://apple.co/2pmVi50
Transcript
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| 0:00.0 | Hi, it's Jill Schlesinger host of Better Off, and today we're talking about risks that exist in the government. |
| 0:09.4 | There are five times more people working in the civil service who are over the age of 60 than they |
| 0:14.7 | are under the age of 30. |
| 0:16.6 | Most of the technology is ancient and we're throwing a lot of money to kind of trying |
| 0:20.0 | to keep legacy systems kind of chugging along along when really they need new systems. |
| 0:24.0 | Welcome to the Better Off Podcast. We're sponsored by Betterment, the largest independent online |
| 0:29.7 | financial advisor. Well we're dropping this on the Thursday before the midterms and |
| 0:35.1 | while we are not really a political podcast by any stretch of the imagination, |
| 0:40.0 | we're more of a money podcast. What's fascinating is to hear just what has occurred |
| 0:45.0 | in the last couple of years at various parts of the government. |
| 0:49.2 | And for that, we have a special guest, |
| 0:52.0 | a return guest, Michael Lewis Lewis you know him as the |
| 0:54.6 | best-selling author of The Undoing Project that was the one about the |
| 0:59.0 | behavioral finance liars poker flashboys money Blind Side, the Big Short, you know, all that stuff. |
| 1:06.0 | His new book is called The Fifth Risk, and it really goes deep into three different departments of the federal government to see what has |
| 1:15.8 | gone on in the last two years. |
| 1:18.9 | So here's our interview with Michael Lewis. |
| 1:21.1 | You're listening to Better Off with Jill Schlesinger. |
| 1:25.0 | Michael Lewis, welcome back to the program. |
| 1:28.0 | How are you? You know, never better. |
| 1:30.0 | Never better. |
| 1:31.0 | That's amazing. |
... |
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