Transcript
  • 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
    • 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
    • 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 impactn 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 youn 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


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

New Media  | 16 de noviembre de 2011  | Vistas: 4

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. 


 

 

 


Conferencista

Gene Epstein is Barron's economics editor and author of the column…

IDEAS DE LA LIBERTAD

Nuestra misión es la enseñanza y difusión de los principios éticos, jurídicos y económicos de una sociedad de personas libres y responsables.

Universidad Francisco Marroquín