Contextualizing the Recession | Big Think

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Contextualizing the Recession New videos DAILY: https://bigth.ink/youtube Join Big Think Edge for exclusive videos: https://bigth.ink/Edge ---------------------------------------------------------------------------------- The author of Liar’s Poker, Michael Lewis, on America’s crash history. ---------------------------------------------------------------------------------- Michael Lewis: Michael Lewis is a journalist and the best-selling author of Liar's Poker, The New New Thing, Moneyball: The Art of Winning an Unfair Game, and The Blind Side: Evolution of a Game. He writes for Portfolio and is a columnist for Slate. ---------------------------------------------------------------------------------- TRANSCRIPT: Question: Why have Americans been unable to learn from their mistakes? Michael Lewis: If you look at what’s happened since I walked into the financial markets in the mid-80s, it’s been a series of convulsions, each of which would have sunk an earlier generation. The crash of ‘87, the internet boom and bust, the long-term capital management hedge fund in Greenwich going bust with a trillion dollars of obligation, and the Fed coming in and saying that capitalism as we know it are threatened. It is threatened. In a funny way, up until this point, up until the subprime crisis, there were no consequences. I mean, yes, things happen in the financial markets, but very broadly, the economy didn’t experience anything but a long boom. I mean with little dips in it.

Published 2012-04-24 · Watch on YouTube ↗
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