4.1 • 11.9K Ratings
🗓️ 1 May 2019
⏱️ 11 minutes
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0:00.0 | This TED Talk features author and policy analyst Michelle Walker, recorded live at Ted Salon, |
0:07.8 | Imagine If 2019. |
0:11.8 | So what if there were a highly obvious problem right in front of you? |
0:17.7 | One that everyone was talking about, one that affected you directly? |
0:24.2 | Would you do everything within your power to fix things before they got worse? |
0:31.3 | Don't be so sure. We are all much more likely than any of us would like to admit |
0:37.5 | to miss what's right in front of our eyes. |
0:40.9 | And in fact, we're sometimes most likely to turn away from things |
0:45.7 | precisely because of the threat that they represent to us |
0:50.4 | in business, life, and the world. |
0:53.9 | So I want to give you an example from my world, economic policy. |
0:59.4 | So when Alan Greenspan was head of the Federal Reserve, his entire job was to watch out |
1:05.9 | for problems in the U.S. economy and to make sure that they didn't spin out of control. |
1:11.5 | So after 2006, when real estate prices peaked, |
1:15.7 | more and more and more, respected leaders and institutions |
1:20.0 | started to sound the alarm bells about risky lending |
1:24.3 | and dangerous market bubbles. |
1:27.9 | As you know, in 2008, it all came tumbling down. |
1:32.2 | Banks collapsed. |
1:33.7 | Global stock markets lost nearly half their value. |
1:37.0 | Millions and millions of people lost their homes to foreclosure. |
1:41.4 | And at the bottom, nearly one in ten Americans was out of work. |
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