The Debt We Don't Talk About
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- Опубліковано 27 бер 2018
- How do you know a major financial crisis is coming? Look for a spike in privately held debt, by households and corporations.
That's the argument of Richard Vague, author of The Next Economic Disaster: Why It's Coming and How to Avoid It. Having worked for more than 30 years in consumer banking, Vague describes how he saw the build-up of private debt in the mortgage and credit card industries first hand--even though it's an issue that neoclassical economists like Milton Friedman barely acknowledge. To avoid another crisis, Vague says firms and governments need to take debt forgiveness--the biblical "jubilee"--seriously. As he says, after the financial crisis "We helped the banks, we didn't help the households."
Dude should change his name to Richard Specific.
Lol. That’s hilarious.
And the winner is . . . .LOL
Jeffrey Gillespie LOL, that name is a daily curse for him. Be okay if he was an attorney, though. Most like to be vague.
How good does this guy have to be to overcome the superstition when mentioning his name?
Hahahahahahaha
We don't produce anything besides printing money. That is the main problem, creating money out of nothing in order to create hipotetical value.
ponzi scheme
The worst of it is that it is YOU and others are giving the excuse to print money each time you take out bank credit.
The state hardly prints any cash at all and the billions that central banks inject during quantitative easing are puny compared to the trillions and trillions created by commercial banks.
I think this is one of the fundamental issues we have to solve. It seems we have set up a system where access to opportunity and prosperity relies on trading in personal autonomy, in the form of a debt, which dictates our decisions through most of adulthood. I think this severely raises the stakes of entrepreneurship, making people go for low-risk careers instead of following their passions and ambitions.
Yes. I was brought up to be thrifty. My dad didn't have a credit card til he was in his 60s, paid it off every month. My parents scrimpt & saved, denying themselves nice things. They didn't own their own home til they were in their 50s. My mother took in roomers, had it paid off in 8yrs. Just about everything they bought was 2nd hand.
@@dianedenham5259 Smart people conserve and live within their means.
Yes, the tipping point of the Great Depression was definitely over lending to private entities who had no hopes of repayment. That’s just bad business. But the true “cause” can not be simply chalked up to “greedy bankers and lenders”. The primary reason these banks even had the opportunity to lend such ridiculous amounts in the first place was due to the establishment of the Federal Reserve in 1913 and the explosion of fractional reserve banking that followed. That was the true catalyst, and then getting the US dollar off of the gold standard in 1971 just sealed the deal. No amount of “tweaks” to private debt will change the true root of the problem.
Sounds like blaming the advent of fast food for my irresponsible eating habits.
Also, private debt-fuelled financial crises (according to Mr Vague) pre-date the Fed, so we can't lay it all at their door.
Uh. Seems an incredible lag between cause and effect. 1913 to 2008. Good to understand fundamental theoretical critiques, but I'm gonna hold out for more proximate cause.
This video is far nice to watch than the latest one about household debt as the major risk in regards to the next recession. Why? Because the listener is looking at a paper rather than his phone. Keep up the good work
"we helped the banks..." That is the entire problem. Lending leads to subdjugating people under debt. It's a means of control. As long as the banks rule the entire world, nothing will change for the people.
One can't help imagining what the blisteringly rapid advance of soon post Singularity Intelligence will make of monetary unit accounting and vested interests . Being increasingly Intelligent Singularity may run simulations and note an orders of magnitude advantage to changing up the former to Real Economy * ( sustainable renewable ecological energy unit accounting sense ) obsoleting an " underperforming " war " economy " .
* " Grunch Of Giants " and " Critical Path " .....Richard Buckminster Fuller ( Head Engineer For Economic Cold War Fairing from beginning to near middle forties ) .
There was a time in the United States when most people didn't go into debt. People saved up and bought stuff in cash. People pulled cash out of a mattress and purchased a car, radio, TV or a pair of shoes. Parents, and children saved for education. Everything is zero down, ez credit, 6 months B4 the first payment. Heloc with a mouse click, with low teaser rates.
I am still doing the same, save to pay and buy, and i have to tell you, it is a lonely and a long road :)
I'll give you an example: to repare a really small house so it can be lived in, it will take me a year, in six separate projects, in place of three weeks. I want to move there as soon as possible, that is why i have to do it this way, and not just save till i have all the money needed. It is going to take four times more time to find and convince builders to do a two or five days work at the time. Also, for the first half of the process, it will not be possible to live there. For the second half, it is going to be quite uncomfortable.
I can have all that, i accept it, but lot of people can't, objectively.
it is mathematically impossible for everyone to save at the same time
Astonishingly well filmed.
This is a keeper. To be listened from time to time.
Very insightful comments.
To avoid the debt problem, the society should come up with ways to forbid relentless lending - blockchain.
I have no faith that officials will actually make the tough calls to fix anything, crisis or not.
What? Your telling me that the "people riddled whit god complexses controlled by lobbyists owned by the rich" system does not work for the common man?
Thats outrageous! That system was perfected to give us the best congress money can buy!
Good day too you sir!
Yeah and another coincidence between the Great Depression and the lead up to the Great Recession, the federal government went into surplus, meaning that it was taxing more money out of the economy in order to “pay off” the National “Debt”... when the government doesn’t spend money into the economy on the people (or taxes too much out) then people turn to lending for money which results in debt bubbles that burst and thus a depression or recession
The system needs to be restructured. Eliminate the Fractional Reserve Banking system so that banks cannot create money. Go back to sound money by keeping it constant and backing it with gold. Reset the price of gold to 20,000 an ounce and pay off the national debt with it.
How would they reset the price of gold?
@@georgiajeep7 Gold is money. Everything else is debt. The government did it in May of 1933. They reset it from 20.65 an ounce to $35 an ounce. Right now the price of gold is "managed" by the bullion banks. By simply stopping the manipulation, the price would rise just like bitcoin is rising. The dollar will eventually collapse unless it it backed by gold or some mixture of real assets. So the government could reset the price of gold and then back the dollar with it. That would save the dollar.
The Federal Reserve bases our dollar on the productivity of a mostly employed American workforce.
You and a few more dinosaurs want our economic system to be based on the value of some rocks dug up by natives in south Africa. That's the most ridiculous fiat system that has baboozled people through the millenia. I seriously would NOT trust gold if it was being given away.
@@politickery9412 Many good paying manufacturing jobs have been outsourced to Asia especially China. Many factories shut down. The American worker has faired poorly in the past 25 years. The value of the dollar is based on the supply and demand for dollars. We are still the global reserve currency and the dollar is used for international trade so demand stays high. Have you heard of the petrodollar?
Since the 1970's when we went off the gold standard, inflation has gone up 400%. That is because without the Gold standard, the Fed is free to print as much paper money as it wants. In the second half of the 19th century, we were on a gold standard and prices came down and the standard of living for most people improved. It doesn't have to be gold. The important issue is that the money supply must stay constant.
@@pjdelucala The only differences between the petrodollar and the gold dollar is which bauble one dug from the ground that one wants to overvalue and petroleum is actually used up after it is traded.
How can you say prices came down and the standard of living improved in the latter half of the 1800s? That was the era of the robber barons when a miniscule few became economic lords while most Americans became enslaved.
The size of our country and its need doesn't stay constant and neither should our money supply.
The American worker hs been bypassed for over 40 years, not 25, since the Reagan Revolution started its looting of the treasury which continues to this day.
In 1984, the aggregate of dividends and rents surpassed that of all paid labor and we should have immediately thrown out the whole abstruse and intrusive system of Federal income taxes and moved to an easy to calculate system of charging 2 or 3% sales tax on the trading of financial instruments like stocks, bonds, derivatives, and currency.
Good guest for Ron Paul
This guy and professor Steve keen need to sit down and discuss this together
just a thought, isnt private debt mainly controlled by the interest rates the fed set...something economists (milton friedman like you mentioned) surely talk about.
So, how would a Jubilee be affected? How to do it?
Government debit is now also the bad debt government purchased from the banks.
With less than 94K views in 3 years tells me many Americans don't care and just want to keep borrowing.
We're addicted to debt.
sdozer1990 consumers are addicted to consumption. Debt may be a symptom, but it isn’t the disease.
@@CJ_18 We have a debt-based monetary system and their policy is inflation.
@@tymalone4500 "inflation" is the cost of debt increasing prices and debasing the value of a $, £ and €.
@@alexanderrr1825 Inflation is an increase in the money supply. They "inflate" the money supply. It causes a general rise in prices because there are more dollars competing for the same amount of goods and services. But you are correct that it is a willful debasement of the value of the currency.
The problem with a debt jubilee is that it will be the savers and hard workers (mostly of developing nations) that will be forgiving the debt of deficit spenders (americans and europeans). It would need to implemented very carefully such that only those that have excess money are those that are doing the debt forgiveness
If you are 100k underwater - foreclose. Save your moral objections and walk away from a crap deal.
Please let me know about 6 months before debt forgiveness so I can CHARGE EVERYTHING!!
Don't take out loans. Pay off your credit card monthly. Save for college.
Unfortunately its a "I want it now" mindset. Most today don't understand the concept of saving for a rainy day.
Not possible.
Practically all money is created as bank credit and paying it back destroys credit-money.
This guy just admitted to being a legal forger, he said that when he created a loan " that loan was new money in the system". That is the ability to create money from nothing! I'm sure he would say " well all we have to have in our loan company is 10-30 % of said loan" They call it fractional reserve banking ( and hint it's a real scam ) but try that with anything other than money. Lets see we'll give you a blood transfusion but we only have one tenth of the blood you need in our facility, but we'll charge you for all of it. Banker and loan makers aren't called shark's for nothing. What a mess Trillions really.... It would take a person 31 years, 251 days, 7 hours, 46 minutes, and 40 seconds just to count to a billion, 31,709.79 years for a trillion , what a racket!!! And after they make their new money the poor slob that gets the loan gets to pay back all of it with interest, they should all be shot. But then that's why I stack gold and silver, It's Gods money. GOD bless
Why would God need money, idiot?
I call it sliding the tandems
money as debt. fractional reserve banking system. keep the people in debt. soon a new born will owe $$ to some corporation. lastly---profits over people
Whoa! Take a peek at outstanding domestic private debt securities to GDP for United States on St.Louis FRED.
see: Professor Steve keen. look him up on the web. he also proposes debt jubilee.
Steve Keen, on UA-cam : ua-cam.com/users/ProfSteveKeen
Debt jubilee sounds good wat about equity I had 80,000 in personal debt and I've nearly paid it so if u forgive debt wat about us who lost 10 years doing the right thing
answer you don;t matter at all
How about when Chipotle gave away burritos??? I paid for mine last week, but this week they're free!!! What about us who paid for a burrito last week???
Debt jubilee in his view seems viable for property loans under water where everyone was encouraged to be responsible but bought in inflated markets they had no control over. Personal debt is often to support a fictitious lifestyle. Sadly for today's youth it's becoming more a necessity to balance everything that spirals out of control. And we can't forget the exponential rise in payday loans and easy credit that bears ruinous rates of interest and exorbitant fee structures. Perhaps debt jubilee for you could extend to a rebate on interest that was rigged to benefit the banks.
You should have just done nothing like all the people who will be rewarded for their bad decisions.
Craig people doing the right thing and being honest and honourable is so last decade. Best, lie ,cheat, thieve, be greedy, spend.
I think they do it on purpose. Banks know
Of course ... Its the Fees & Cheap Money from the F E D / thru the U S Treasury , Has created Vampire / Squid everywhere , [ Hedge-funds / Unregulated Banks , Options Trading / Proprietary Derivative Speculation ... Most Commodities are Heavily Traded Many times before they enter the Distribution System ... M B S & other Securities , / C D O s / C D S / C L O s , have Destroyed the ' Invisible Hand ' ... There is No Level Playing Field Anymore ... Without Honorable , Evenhanded Exchange , there is No Capitalism ...
When the West become a bunch of debtor banana republics, they, of course, would like to have a debt jubilee. Twenty to thirty years ago, when everyone in the West borrowed like there were no tomorrow, no one talked about debt jubilee. Economists at that time just kept boasting US treasury bills were the safest investment in the world. Now, after accumulating a mountain of debt, they start to talk about the problems of having too much debt and default seems to be the only way out. I cannot help suspecting from the very beginning, they had no intention of repaying their debt.
You are wrong @MrMilanoLau ... most ordinary workers fully intend to repay their debts. The fact they never had a chance is a function of, (a) austerity economics which shrinks workers' share of profit, and (b) the capitalist banking sector being so poorly and loosely regulated in the name of neoliberalism that fraudulent loans have become entirely legal. The treasury (Federal) debt is not a problem at all --- look at China, which sustains a huge government debt --- governments running fiat currencies can always pay their debts when needed, on the spot, with the touch of a keyboard entry. The problem is private household debt which can only be repaid by wage income. The bankers do NOT want debt jubilee's, because that would remove a substantial source of their income (interest payments on debt and foreclosures an seizures from debtors). Go back last year and listen to what that parasite scumbag Jaime Diamond said about bankers loving recessions.
@@Achrononmaster You say governments can pay of their own debts at the touch of a button. Totally Wrong. You can only say that if the debt is worthless in the first place.
Governments cannot' pay of their debts' in real terms and any attempt to do a financial "pay off" ignores the fact that government debt is wealth taken from the people in the private sector to start with as soon as government spends that newly obtained money and takes wealth from the private sector.
The only way a government can reduce the debt is to get taxpayers to pay for it either on the maturity of the debt or via buy backs paid by taxes.
Keene and many others ignore this fact and that is the only way they can justify their theory.
To say government can pay off it's debt is just is making a case for the government cooking the books to create a fabric of lies about government finances.
Would you say that it should be legal for other organizations or people themselves to do the same as you claim government should or could do?
If not why not ?
Why can't I just lose my debt book and pretend it is not owed? Or just cross out the debt numbers in it? Would you say that would be correct or would government then pursue me for doing so?
Try just paying of your own debt by taking money from one pocket, a credit and puting it in another, the pocket with a debt and pretending you are better off overall. Will that work out?
@@Rob-fx2dw Whether it's wrong or not is a besides the larger point that it's what is currently being practiced here and elsewhere. We don't use accounting trickery to maintain nominal price levels, guarantee economic growth, and stave of depressions to the same extent as a player like China, but there is an incredible amount of monetary mischief going on to keep inflation and interest rates low, unemployment low, and economic growth high.
@@Achrononmaster It is a shame that I am only your third "like"!American's are blind,perhaps willfully,to their personal debt problem!
Brilliant expose Richard. Ill get your book. So private debt if 150% of GDP or grows 20% within 5 yrs triggers the Minsky dangerous bubble that creates a bust. Orthodox economists such smucks ignoring private debt, never discussed in my economics class....Bravo Richard!
Our corrupt Congress is the crux of the problem. We have always had an abundance of affordable housing. Just buy what you can afford.
I like the fact that you inet has its own textbook. Please write more specialized textbooks.
Inet shouldn't just have one fat textbook where you have small bits of everything. Core - Econ should be split up so that the subjects can be elaborated.
There's already lots of content in the main textbook. Just allow for specialization, especially when it comes to the banking system. Please bombard the specialized textbooks with lots of detail. Please DO NOT leave out institutional structures and their interactions.
Very few people I've seen or read about have a coherent systemic view on interactions with the central bank and the treasury. Hardly anybody can explain the difference between a corridor system with or without reserve requirements.
Another subject you might want to explore is whether complexity theory can help with understanding and modeling an economy. Whether it's system dynamics, agent based or some other technique you can find out yourself.
Blaze It Ken Can you link or provide title of textbook?
I too would like to know more about the actual title or a link to the textbook
Please, provide title and/or link to the textbook.
Straight
What's the connection between rises in private debt and the bursting of the housing bubble?
Deflation
The inability to repay the debt.
It's a silly game where you try to repay debt by taking on more debt.
The exponential function of interest always wins and humanity as a whole always loses.
@@ben.incani Irving Fisher's debt-deflation spiral.
Why the stock buybacks from 2018 tax reform rather than payback debt?
Because buybacks increase their stock's value and the dividend to shareholders. Paying down the debt doesn't create value. It's a corporate ponzi scheme.
@@rainforesthermit6983 Plus the fact that debt is cheap at the moment. There is more upside to buying back stocks even using debt to do it. This can even paper over unseen weakness in the business itself.
Where does all the money goes, when we repay the loans and it goes back to the bank what does corporations and government do with the money, some goes back into circulation but where does the majority of it goes.
Everything but interest is destroyed.
Just like IOUs they are thrown in the bin once they have served their purpose.
If all bank loans were paid, no one would have a bank deposit, and there would not be a dollar of currency or coin in circulation.
This is a staggering thought. We are completely dependent on the commercial banks. Someone has to borrow every dollar we have in circulation, cash or credit. If the banks create ample synthetic money, we are prosperous; if not, we starve. We are absolutely without a permanent monetary system.
When one gets a complete grasp upon this picture, the tragic absurdity of our helpless position is almost incredible-but there it is.
- Robert Herman Hemphill, Credit Manager of the Federal Reserve Bank of Atlanta.
Preface of Irving Fisher's 100% Money.
Exodus 22:25 If thou lend money to any of my people that is poor by thee, thou shalt not be to him as an usurer, neither shalt thou lay upon him usury.
Leviticus 25 for Debt Jubilee... See Michael Hudsons book...
All you can do is to remain debt free. I paid the house off in 1996 and have paid every credit card off each month since then, I owe $0 in debt past the 30 day mark. That means I pay zero interest, I use credit cards as an interest free convenience.
For a few years the fed interest rate was close to zero but consumer credit card interest was 15-28%, that is because the banks know a lot of those credit card debts will not be paid off. So if you are carrying balances on credit cards you are paying high interest to help protect the bank. Think about that the next time your tempted to put items on credit you can't pay off in full at the end of the month. Houses and cars are so expensive very few can pay for them out of pocket but they have intrinsic value. A new big screen TV or fancy meal at a good restaurant have zero intrinsic value, when you take possesion of them the value immediately drops to ZERO.
If you don't have enough Dinars don't acquire it.....
Okay, tell that to Deutchebank
Shortly before my father died at age 79, he told me that whoever dies with the most personal debt wins.
He got out owing about $50,000.
Great Africa first!!!
Great ideas but the intent is to destroy middle class...so on & so on. How do you fix what was intentional?
To get people to stop unintentionally contributing to the problem. Education.
He sounds like he has been listening to Prof. Steve Keen.
Peter Ohman lol, that's what I was gonna say
They worked together. Keen has name checked him multiple times in lectures.
I don't understand why people borrow money at really high interest rates. I understand why people lend money at high interest rates but I dont understand why they have so many customers.
People borrow at whatever rates they can get when they don't have enough money. Stuff like credit cards are unsecured debt, so the risk is higher and so the rates are higher. If you a had society that had high rates of saving and low borrowing, like in China, there would be far fewer high interest loans.
sound like Michael Hudson....
Screw a debt Jubilee, people need to be held accountable for their behaviour. As a saver I am already being screwed by low interest rates by the financially irresponsible, fuck em.
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Sounds like he was to busy stuffing his pockets to realize what was happenings
lol David Graeber has entered the chat.
It was moral degradation lack of Prayer and seeking the face of God and taking prayer out of the schools is the basis for the downfall.
The original Christianity was about the forgiveness of debts.
Where do you see forgiveness in the world today?
Do not forgive debt. It will only encourage more irresponsible debt. It is called moral hazard.
So you are saying that the 2 trillion dollars for the Greedy Bastards should be recouped?
That worked out well during the French revolution, the Russian revolution and the two world wars.
Fancy starvation or millions of people killing each other?
Why doesn’t he account for the fees and interest skimmed...? Where is the fundamental understanding of treating money as a commodity (interest) and the impact of this on EVERY transaction...
Milton Friedman did address debt tho. It was just in the form of spending which ultimately leads to debt. America has a spending problem not debt problem. Most people use their debt to turn it around but I agree we shouldn't have to be in debt to begin with to really have a growth instead of being stagnate. It always leads down to government spending, I just don't get why some people who talk about economics only focus on one factor lol it's a chain of events people cmon.
Jubilee? This sounds like what will happen. Debt will be forgiven.
Circulation Credit Theory of the Trade Cycle / Austrian Business Cycle Theory explains this.
Yesterday's Austrians were way better informed than today's misguided "libertarians" that complain about government money printing.
@@alexanderrr1825 Not all of us, but I certainly know what you're talking about...
Federal Reserve notes are debt .... each bill printed is debt it is a loan at interest so when your money is debt itself it is ridiculous to suggest that their is any other conclusions than financial collapse. Each bill is printed to create a slave in the form of a trade, you trade your labouring energy to receive back debt notes that belong to the federal reserve. If you took all the bills in your wallet attached to debt out of your wallet you’d have no money left sadly.
it's the american way.
blaaa, The original American way was to pay cash for everything. But in order to help the economy after the war the government and banks got together and made it much easier to borrow money. The same thing happened after 9/11. Unfortunately most Americans today think being in debt is not a big deal.
The top players who wish to control the markets don’t want any data or performance indicators to be easily available to the public so they can solely benefit.
Bunk! Nothing can stay hidden anymore. It's just that a doctoral candidate hasn't decided to look at it yet.
Debt can be good. Build a line of credit paying it off... schooling, car, mortgage, seedy Las Vegas “business loan” from the mob...
Debt, debt, debt. This dude makes private debt sound soooo complicated. Simple explanation is private debt is only necessary when private income is DEPRESSED.
Why it's depressed? Question still lingers around, isn't it?
it doesn't matter hulk smash
What does a debt jubilee include? Would it mean anyone who has a mortgage or car loan gets a free house and car? I have no debt. If a debt jubilee were to be implemented I would want to load up on debt beforehand so I would benefit from it. Otherwise, I am totally against this concept. It would mostly benefit people who live beyond thier means.
No it would be things like student loans and government bonds.
@@alexanderhowarth6460 I see. Thanks
@@mistysmith2348 no proleamo
@@mistysmith2348 and junk bonds as well probably. The kind of things that in many case can never be paid off
@@mistysmith2348 the small loans people take out to buy cars and things are an agreement with the retailer. I'm pretty sure they'd be under no obligation to forgive those
Great concept unless you happen to have lent out money you earned. How about the Fed just pay off all outstanding debt with printed money. Now thats real helicopter money.
If you did that, then you just made a shitty investment. I'm done with all this nanny state, "let the banks be reckless and incompetent and bail them out when they fuck up" bs
Why don’t all economists know banks create money when a loan is made? Is it stupidly or a conspiracy?
It's called banking religion.
China crisis, Trumpnomics, BOJOnomics, Brexit, and the anomalies mentioned will lead to a crash in late 2020/1st quarter 2021.
Other countries own our debt
The world has used finance long enough to the point that people in this financial circle start to know how to play. Without regulation to control their creative packages then debt will become unimaginable crazy. With the support from communist china and socialist russia then the debt game become more about national debt than simply individual debt. Future to me is so unknown in this area that it may simply fall into black hole by itself or destroy its own credibility to the point that finance must be regulated by each nation (among the three big financial players) to hold up its own currency to be accepted worldwide. I would always go with the original idea of America to do a better job in withholding its currency. Communist china to me is still newborn and its currency is like so so unsecured to the point of no value haha
Credit Card man talks about DEBT....ok
Debt... the skeleton in the room. Forget the closet. Everyone knows, no one dare say
1 percent soothsaasyer
The CLO zombies will be walking around soon eating what money you have left.
Vague...very Vague.
I found it extremely clear.
Eisenhower had quote: A country that forgets its principle, soon lose both. What is the worse case scenario of suffering? Thinking noone thinks of you. Begin to doubt God.
Eisenhower: "A people that values its privileges above its principles soon loses both." He was advocating growing the government to boost the economy in his first inaugural address. "We must be willing, individually and as a Nation, to accept whatever sacrifices may be required of us." Desegregation, the Green Revolution, and the interstate highway system were coming up. Republican spending on credit the likes of which Roosevelt and the Democrats never dreamed of.
But we like hurting the poors so...I guess not.
While jubilee was a biblical idea, occurring every seven years, there are no records of it ever occuring. In fact, the period Judah spent in exile in Babylon was equal to the amount of jubilee years they apparently never had. Scholars don't believe this is a coincidence.
every 50 years. yes there are records.
yitzhill indeed it is 50 years.
Authur Jackson Dr. Hudson says Jesus was killed because he wanted Jubilee
Do other systems like Socialism or Communism enslave all future generations with a ever increasing National Debt?
buy Bitcoin.
the guy took part in the lending , he looks bloated soon his time will come .
Fractional reserve lending does not create money. At best it creates currency but really it creates debt. That debt, which the bank created from nothing with the stroke of a pen and the borrower secures with tangible assets. The borrower must then bust a move to protect that asset from foreclosure by getting currency from other debtors to replace that nothing with interest which, conveniently is never put into circulation. Banks are total scam devised by the lazy to steal from the productive. Not real mystery why the records you sought were hard to find.
@conradnickels Seems an incredible lag between cause and effect. 1913 to 2008. Good to understand fundamental theoretical critiques, but might need to hold out for more proximate cause. I don't know... maybe.... financial market deregulation that connected mortgage lending institutions to the creation of securitized investment products....? Wamu wholesale brokerage division to goldman sachs maybe. Considering flow of funds and conditions created by asian financial crisis 1997 and Nasdaq bubble 2008 might be useful as well. The talking dude is right though. Milton Friedman and monetarist theory does not consider private market financial innovation as destabilizing. Neither did 40 years of banking legislation. Not stupid. Yes willfully and conveniently ignorant for personal gain. read Keynes instead of Friedman. Or Minsky. But, too late. The supply of free thinking economists has been tamped down pretty good, most doctorate programs = blindfold factories to support vested interests. INET YSI... maybe useful or just pretentious yak attack. Not sure. Would be good to study or evaluate policy influence of funding grants, and market success $ for books no one reads... good for younger scholars and old farts, but if program has been rolling for a while, how about sharing evidence of successful influence. Wonder how it stacks up compared to mercatus institute or other koch projects.