app / uses
Business Insider
“I follow all sorts of people. I read the Wall Street Journal and the Financial Times and Business Insider.”
Public evidence record
Published podcast speaker
Books, apps, and tools
app / uses
“I follow all sorts of people. I read the Wall Street Journal and the Financial Times and Business Insider.”
paper / uses
“I follow all sorts of people. I read the Wall Street Journal and the Financial Times and Business Insider.”
paper / uses
“I follow all sorts of people. I read the Wall Street Journal and the Financial Times and Business Insider.”
Claim ledger
22 transcript-backed records
01 / evaluation
“It wasn’t that the crash itself was somehow a straight line. It was a series of decisions that were made — in some cases, that weren’t made — by Herbert Hoover, by the Federal Reserve, by a whole bunch of people in Washington and elsewhere that led to, ultimately, unemployment of 25 percent in 1932 and 9,000 banks, I think, by 1933 failing.”
02 / recommendation
“I follow all sorts of people. I read the Wall Street Journal and the Financial Times and Business Insider.”
03 / belief
“While he blamed the broker, if you will, to some degree for suggesting he buy some of these stocks, he ultimately blamed himself, which I think is a very different approach to life than we have today, where there’s always finger-pointing.”
04 / uncertainty
“You know when they’re going to be called in, hopefully five or ten years or whatever the length of the fund and the loans are, but if it all comes undone at one moment, what happens? That’s like a horror movie to me, but I don’t know the script of that movie or what that book would read like at the moment.”
05 / belief
“As I was doing that, I was fascinated to learn that the Glass-Steagall bill was not as pure as I think most people in the public thought it really was.”
06 / uncertainty
“I have been a long-suffering Knicks fan back from the age — I don’t know how old I was — back when Patrick Ewing was still playing.”
07 / belief
“Talking about the GENIUS Act, what do you think of the idea that we’re going to have private credit and venture capital and private equity funds effectively in either retirement accounts or available to retail investors without the commensurate or similar disclosures that we’ve typically had for publicly traded companies, so these are going to be funds that are going to have private assets in them. They’ll have a NAV, a valuation ostensibly — at least in my mind, unfortunately — being measured by the manager of these funds, so I would like to see more disclosure personally and auditing and the like.”
08 / belief
“I think that I would probably have more consolidation in the banking space, but as a result of that, I would probably also force some of those banks to effectively serve communities and provide loans and other things that they would otherwise not provide.”
09 / belief
“I don’t think I need huge amounts of consolidation to do that, but I think that you look at Silicon Valley Bank as a good example or Signature Bank as a good example of what happens in an environment where you have smaller banks doing things that aren’t necessarily the right things without the backstop that you’d prefer.”
10 / belief
“I think that’s a very hard thing to persuade an entire country of in these kinds of moments.”
11 / belief
“The good news is Ben Bernanke, I think, learned a lot of these lessons when he was doing his PhD at Princeton and took some of those lessons into the 2008 financial crisis, where he did decide to flood the system with money.”
12 / belief
“I would say that if the 2008 financial crisis was a function of too much leverage and debt in the system that effectively brought forward this remarkable growth, a somewhat similar story was taking place in the 1920s in terms of the euphoria around the technology, whether it was automobiles or telecommunications or radio.”
13 / belief
“You think about an RCA and radio and the future of radio and what that represented, but three years later, I think RCA was sitting at $3.”
14 / belief
“I think the lesson of what was happening in the 1920s and reading all those diaries suggests that they never were, that they were always concerned about the politics in some regard.”
15 / evaluation
“Interestingly, Carter Glass, who I think I told you before was sort of akin to an Elizabeth Warren — the truth is, he would have been a racist Elizabeth Warren because he was from Virginia.”
16 / evaluation
“Not because he wanted people to work less and be nice to them, but because he thought there was an economic argument that if people didn’t have to work on Saturdays, more people would buy cars and gardening equipment, and do all sorts of things on the weekends, and buy different outfits and clothing.”
17 / evaluation
“I think, first of all, a number of those people in the 1920s actually were not that philanthropic yet, and then, of course, lost so much of their fortune that they were really never in a position to be that philanthropic.”
18 / prediction
“I do worry that, because the stablecoins are going to require the backing of these Treasury bills, that effectively you’re taking that out of the market, which means less credit to the system ultimately, but the alternative also feels risky.”
19 / evaluation
“Look, I think today, you look at the amount of debt that consumers have taken on, that the government has taken on — it’s just wild on a relative basis to what was happening in 1929, but I think that some of that individual basis drove so much of what was happening in the economy and the Roaring Twenties ethos that it really became almost a generational shock for those ordinary Americans who had played the stock market for the first time and lost.”
20 / evaluation
“There’s a battle going on about whether to raise interest rates and by how much, but to the extent that they were talking about that, the view, I think, was that they would have to raise them so much that they had almost pretty much convinced themselves that to really tamp speculation down, you have to raise interest rates so much that you, by default, would tip the economy, and they didn’t have the courage to do that.”
21 / commitment
“Tyler, I will tell you one of the great lessons for me, and this is true of 1929, covering the financial crisis and the like.”
22 / evaluation
“A very similar kind of scenario played out in some ways in 2008 with the subprime mortgage and loans because people’s homes were underwater.”