00:00    |    
Initial credits
00:06    |    
Introduction
01:10    |    
Great Recession of 2008-2009
01:45    |    
Aftermath of the Great Recession 
02:23    |    
Definition of capitalism
03:11    |    
Definition of crapitalism
Key examples
05:16    |    
Austrian School 
Criticism to economics 
06:44    |    
Failure of crapitalism 
Main factors for the meltdown of 2008-2009
Enabling factor
Propelling factor 
Precipitating factor 
08:08    |    
Enabling factor: Central bank's negative interest-rate policy, 2002-2005  
Quotes "How did Economists Get It So Wrong," Paul Krugman
Intellectual isolation 
Alternative view 
Quotes Jeffrey Sachs 
Review of negative interest rates 
Money lending at below rates of inflation 
Quotes "Monetary Policy and the Housing Bubble," Ben Bernanke
16:55    |    
Propelling factor: U.S. government's housing policy beginning in 1992 
Quotes Raghuram Rajan
Quotes Housing and Community Development Act of 1992
Breakdown of the high risk mortgages of mid-2008 
Price story: House prices 
Quotes, "Fannie, Freddie and You," Paul Krugman
25:43    |    
Precipitating factor: replacement of mortgage bankers with casino capitalists  
Private sector 
Why did the worst get on top?
Factors involved 
Quotes Angelo Mozilo 
Other factors involved
Deposit insurance 
Quotes Franklin D. Roosevelt
35:46    |    
Aftermath
Most aggressive fiscal policy in history 
Most aggressive monetary policy in history 
38:37    |    
What is to be done? 
Radical solution 
Proposals for radical reform 
Fixed interest-rate on federal funds
Abolish deposit insurance 
Allow financial institutions to own concentrated shares in banks 
Abolish government involvement in mortgage market 
Suggested readings
42:53    |    
Question and answer period
What role did these issues play in the crisis?
Declining global savings rate
Mark to market
What do you think would be the sense of the zero interest rate?
Interest rates below the rate of inflation
Focus on interest rates
Small business optimism index
Do you know what is the gap between today's zero interest rate and what it should be, in order to assess what will the impact of this proposal be?  Have you consider any social security reform?
Taylor law
Social security problem
Government and medical care
Addressing the Index of Economic Freedom
What is your opinion on the Occupy Wall Street movement?
Occupy Wall Street movement
What does this mean for the American culture?
Conflicting elements
Is education the next big problem?
Possible solution: Virtual universities and cheaper education
What is your opinion on the role of credit rating agencies?
Competitive rating agencies
Do you have any idea if what you called casino capitalists are only made by incentives of Fannie Mae and Freddie Mac?  Do you think there are other type of casino capitalists?  What are their major factors?
Reshaping mortgage bankers
Mutual and pension funds
Hedge and private equity funds
Similar lessons to be learned
01:20:03    |    
Final credits



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Austrian Perspective on the Great Recession and its Aftermath (Meeting Lunch)

16 de noviembre de 2011   | Vistas: 1 |  

Gene Epstein comments on the Great Recession of the United States during the years of 2008 and 2009, a subject he has studied closely. He tells a story and sets various examples to explain what caused the recession and its aftermath. Epstein defines important concepts to guarantee a better understanding on the subject and analyzes the problem from the Austrian perspective. Afterwards, he describes the three main factors, that according to him, are responsible for the 2008-2009 meltdown, and concludes talking about possible solutions to improve the United States economy and explaining his proposal for a radical reform. 




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