Wall Street Executive Reveals How a Market Crashes
I sat down with investor and economist David Bahnsen to unpack what really happened in the 2008 financial crisis. Socialists blame capitalism and Wall Street, while libertarians blame the government, especially the Federal Reserve, but David argues that all of the popular narratives are missing a key piece. He places a significant amount of the blame on what he calls the “Crisis of Responsibility,” also the title of his book on the subject.
Bankruptcy and foreclosure were once seen as shameful events, not standard parts of the American dream of homeownership. By the time of the financial crisis, signing up for a mortgage you obviously couldn’t afford had been normalized on all sides: lenders, investors, and even “average Americans” themselves.
We dig into how easy money, government backstops, and cultural decay fueled a nationwide housing bubble and, in the end, turned both the left and right against free markets and toward populism.
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Outline:
[0:00] The financial crisis broke the American economy
[10:15] What is “neoliberalism”?
[15:23] Was Ron Paul right about the financial crisis?
[20:24] The moral failing of the financial crisis
[29:10] Low interest rates and government-backed mortgages
[37:43] Wall Street really believed their own lies
[41:23] The crisis of responsibility and the cult of housing
[47:28] How can we make housing more affordable?
[55:45] The generational shift in home ownership
[1:06:12] Populism, elitism, and luxury beliefs
[1:18:18] Is government too big to fix?
[1:27:21] The death of policy debate in America
[1:33:18] Can liberalism survive without Christianity?
[1:45:11] Freedom and virtue have to go together
Proud papa, filmmaker, entrepreneur, and arm-chair philosopher John Papola explores the biggest issues facing our country through the lens of fatherhood, releasing exclusive interviews and deep dives every week. We need to make sure the next generation of Americans is raised to thrive in a free society and be champions of civilization.
Dad Saves America has hosted all sorts of experts in the studio, including Jonathan Haidt, Dr. Drew, Michael Shellenberger, Bret Weinstein, Vivek Ramaswamy, and Adam Carolla.
#financialcrisis #housingbubble #freemarkets