[Applause]

[Applause]

[Applause] [Music]

[Music]

[Music]

[Music] he<00:00:14.719> won<00:00:14.880> his<00:00:15.120> job<00:00:15.440> in<00:00:15.599> a<00:00:15.679> card<00:00:15.920> game

he won his job in a card game

he won his job in a card game he<00:00:16.640> made<00:00:16.880> a<00:00:17.039> fortune<00:00:17.680> from<00:00:17.840> the<00:00:18.000> financial

he made a fortune from the financial

he made a fortune from the financial crisis

crisis

crisis now<00:00:19.760> he's<00:00:20.000> warning<00:00:20.400> the<00:00:20.560> world<00:00:21.199> the<00:00:21.439> system

now he's warning the world the system

now he's warning the world the system has<00:00:22.080> to<00:00:22.320> change

has to change

has to change today<00:00:23.680> we<00:00:23.920> hear<00:00:24.160> his<00:00:24.400> story<00:00:25.039> this<00:00:25.359> shutdown<00:00:25.920> is

today we hear his story this shutdown is

today we hear his story this shutdown is creating<00:00:26.560> the

creating the

creating the greatest<00:00:27.599> wealth<00:00:28.000> heist<00:00:28.640> the<00:00:28.800> unemployment

greatest wealth heist the unemployment

greatest wealth heist the unemployment rate<00:00:29.519> has<00:00:29.840> skyrocketed<00:00:30.560> to<00:00:30.720> its<00:00:30.880> highest

rate has skyrocketed to its highest

rate has skyrocketed to its highest level<00:00:31.599> since<00:00:31.840> the<00:00:31.920> great<00:00:32.160> depression

level since the great depression

level since the great depression one<00:00:32.880> of<00:00:32.960> the<00:00:33.120> largest<00:00:33.680> corporate<00:00:34.079> bailouts

one of the largest corporate bailouts

one of the largest corporate bailouts with<00:00:34.960> as<00:00:35.120> few<00:00:35.440> strings<00:00:35.840> as<00:00:36.000> possible

with as few strings as possible

with as few strings as possible in<00:00:36.800> american<00:00:37.760> history<00:00:38.640> welcome<00:00:39.040> to<00:00:39.200> the

in american history welcome to the

in american history welcome to the another<00:00:39.600> europe<00:00:39.920> podcast<00:00:40.480> with<00:00:40.719> me

another europe podcast with me

another europe podcast with me luke<00:00:41.440> cooper<00:00:41.920> and<00:00:42.160> my<00:00:42.399> co-host<00:00:42.960> zoe<00:00:43.360> williams

luke cooper and my co-host zoe williams

luke cooper and my co-host zoe williams today<00:00:44.399> we're<00:00:44.640> joined<00:00:44.879> by<00:00:45.120> gary<00:00:45.520> stevenson<00:00:46.559> a

today we're joined by gary stevenson a

today we're joined by gary stevenson a one-time<00:00:47.280> city<00:00:47.680> trader

one-time city trader

one-time city trader he<00:00:48.480> made<00:00:48.800> a<00:00:48.879> small<00:00:49.360> fortune<00:00:49.920> after<00:00:50.160> the<00:00:50.239> last

he made a small fortune after the last

he made a small fortune after the last financial<00:00:51.199> crisis

financial crisis

financial crisis he<00:00:52.239> successfully<00:00:52.960> predicted<00:00:53.600> that<00:00:53.840> massive

he successfully predicted that massive

he successfully predicted that massive state<00:00:54.719> support<00:00:55.120> to<00:00:55.280> the<00:00:55.360> financial<00:00:56.000> system

state support to the financial system

state support to the financial system would<00:00:57.039> lead<00:00:57.280> to<00:00:57.440> a<00:00:57.600> sharp<00:00:58.079> inflation<00:00:58.800> in<00:00:59.039> asset

would lead to a sharp inflation in asset

would lead to a sharp inflation in asset prices

prices

prices so<00:01:00.559> things<00:01:00.879> like<00:01:01.120> property<00:01:01.680> stocks<00:01:02.160> and

so things like property stocks and

so things like property stocks and shares<00:01:03.120> he<00:01:03.280> was<00:01:03.520> right

shares he was right

shares he was right as<00:01:04.400> the<00:01:04.559> real<00:01:04.799> world<00:01:05.040> economy<00:01:05.519> was<00:01:05.680> barely

as the real world economy was barely

as the real world economy was barely growing<00:01:06.640> there<00:01:06.799> were<00:01:07.040> bull<00:01:07.280> markets<00:01:07.840> in<00:01:08.000> wall

growing there were bull markets in wall

growing there were bull markets in wall street<00:01:08.640> and<00:01:08.720> the<00:01:08.880> city<00:01:09.200> of<00:01:09.360> london

street and the city of london

street and the city of london you'd<00:01:10.080> be<00:01:10.240> forgiven<00:01:10.720> for<00:01:10.880> thinking<00:01:11.360> the<00:01:11.520> rich

you'd be forgiven for thinking the rich

you'd be forgiven for thinking the rich got<00:01:12.080> bailed<00:01:12.400> out<00:01:12.720> and<00:01:12.880> the<00:01:13.040> rest<00:01:13.439> got<00:01:13.680> sold<00:01:14.080> out

got bailed out and the rest got sold out

got bailed out and the rest got sold out gary<00:01:15.119> retired<00:01:15.680> from<00:01:15.840> the<00:01:16.000> city<00:01:16.320> at<00:01:16.400> the<00:01:16.560> age<00:01:16.720> of

gary retired from the city at the age of

gary retired from the city at the age of 27

27

27 and<00:01:18.000> is<00:01:18.159> now<00:01:18.400> working<00:01:18.799> as<00:01:18.880> an<00:01:18.960> economist

and is now working as an economist

and is now working as an economist warning<00:01:19.920> of<00:01:20.000> the<00:01:20.159> dangers<00:01:20.560> of<00:01:20.640> an<00:01:20.799> economic

warning of the dangers of an economic

warning of the dangers of an economic model<00:01:21.680> with<00:01:21.920> big<00:01:22.159> returns<00:01:22.560> for<00:01:22.799> capital

model with big returns for capital

model with big returns for capital low<00:01:23.840> returns<00:01:24.320> for<00:01:24.479> labour<00:01:25.360> after<00:01:25.680> his

low returns for labour after his

low returns for labour after his dazzling<00:01:26.320> predictions

dazzling predictions

dazzling predictions in<00:01:27.439> the<00:01:27.520> last<00:01:27.840> financial<00:01:28.400> crisis<00:01:28.880> we'll<00:01:29.119> be

in the last financial crisis we'll be

in the last financial crisis we'll be asking<00:01:29.680> him<00:01:29.920> what<00:01:30.079> he<00:01:30.240> makes<00:01:30.560> of<00:01:30.720> the<00:01:30.880> one

asking him what he makes of the one

asking him what he makes of the one we're<00:01:31.439> in

we're in

we're in an<00:01:32.560> even<00:01:32.960> bigger<00:01:33.439> economic<00:01:34.000> collapse<00:01:34.479> brought

an even bigger economic collapse brought

an even bigger economic collapse brought about<00:01:35.200> by<00:01:35.360> the<00:01:35.520> coronavirus<00:01:36.479> pandemic

about by the coronavirus pandemic

about by the coronavirus pandemic he<00:01:38.079> also<00:01:38.400> has<00:01:38.560> a<00:01:38.720> youtube<00:01:39.200> channel<00:01:39.600> gary's

he also has a youtube channel gary's

he also has a youtube channel gary's economics<00:01:40.960> where<00:01:41.119> this<00:01:41.439> podcast<00:01:42.079> will<00:01:42.320> also

economics where this podcast will also

economics where this podcast will also be<00:01:42.799> broadcast

be broadcast

be broadcast he's<00:01:43.840> got<00:01:44.000> some<00:01:44.240> great<00:01:44.479> videos<00:01:44.880> on<00:01:45.040> there<00:01:45.280> so

he's got some great videos on there so

he's got some great videos on there so check<00:01:45.759> it<00:01:45.920> out<00:01:46.560> as<00:01:46.799> usual<00:01:47.200> you<00:01:47.280> can<00:01:47.520> feed<00:01:47.759> back

check it out as usual you can feed back

check it out as usual you can feed back to<00:01:48.159> us<00:01:48.320> on<00:01:48.479> the<00:01:48.640> show

to us on the show

to us on the show and<00:01:49.119> feed<00:01:49.439> in<00:01:49.600> ideas<00:01:50.079> on<00:01:50.159> what<00:01:50.320> you'd<00:01:50.479> like<00:01:50.720> us

and feed in ideas on what you'd like us

and feed in ideas on what you'd like us to<00:01:51.040> cover<00:01:51.280> in<00:01:51.439> the<00:01:51.520> future

to cover in the future

to cover in the future by<00:01:52.479> emailing<00:01:53.119> podcast<00:01:54.159> another<00:01:54.560> europe.org

by emailing podcast another europe.org

by emailing podcast another europe.org you<00:01:55.840> can<00:01:56.000> also<00:01:56.240> support<00:01:56.640> the<00:01:56.719> podcast<00:01:57.280> by

you can also support the podcast by

you can also support the podcast by leaving<00:01:57.759> a<00:01:57.920> rating<00:01:58.320> or<00:01:58.479> review

leaving a rating or review

leaving a rating or review on<00:01:59.280> your<00:01:59.439> podcast<00:02:00.000> platform<00:02:00.880> an<00:02:01.119> extended

on your podcast platform an extended

on your podcast platform an extended version<00:02:02.000> of<00:02:02.079> this<00:02:02.320> podcast<00:02:02.880> is<00:02:02.960> available<00:02:03.439> to

version of this podcast is available to

version of this podcast is available to members<00:02:04.079> of<00:02:04.240> another<00:02:04.640> europe<00:02:04.960> is<00:02:05.200> possible

members of another europe is possible

members of another europe is possible another<00:02:06.320> europe<00:02:06.640> is<00:02:06.799> the<00:02:06.960> home<00:02:07.280> of<00:02:07.360> the

another europe is the home of the

another europe is the home of the european<00:02:08.160> left<00:02:08.479> in<00:02:08.560> britain

european left in britain

european left in britain by<00:02:09.520> joining<00:02:09.920> us<00:02:10.160> you<00:02:10.399> participate<00:02:11.200> in<00:02:11.360> our

by joining us you participate in our

by joining us you participate in our movement<00:02:11.920> building<00:02:12.319> efforts<00:02:12.640> to<00:02:12.800> confront

movement building efforts to confront

movement building efforts to confront injustice

injustice

injustice oppose<00:02:15.120> brexit<00:02:15.680> disaster<00:02:16.400> capitalism<00:02:17.440> and

oppose brexit disaster capitalism and

oppose brexit disaster capitalism and promote<00:02:18.160> grassroots<00:02:19.000> internationalism

promote grassroots internationalism

promote grassroots internationalism to<00:02:20.640> join<00:02:21.200> support<00:02:21.599> our<00:02:21.840> work<00:02:22.160> and<00:02:22.319> gain<00:02:22.640> access

to join support our work and gain access

to join support our work and gain access to<00:02:23.280> an<00:02:23.440> extended<00:02:24.000> version<00:02:24.319> of<00:02:24.400> this<00:02:24.640> podcast

to an extended version of this podcast

to an extended version of this podcast go<00:02:25.760> to<00:02:25.920> another<00:02:26.319> europe.org<00:02:27.440> forward<00:02:27.760> slash

go to another europe.org forward slash

go to another europe.org forward slash join

gary<00:02:35.440> welcome<00:02:35.760> to<00:02:35.840> the<00:02:36.000> show<00:02:36.800> so<00:02:37.200> tell<00:02:37.519> us<00:02:37.760> how

gary welcome to the show so tell us how

gary welcome to the show so tell us how did<00:02:38.080> you<00:02:38.160> come<00:02:38.400> to<00:02:38.480> work<00:02:38.720> as<00:02:38.879> a<00:02:38.959> trader

did you come to work as a trader

did you come to work as a trader and<00:02:39.680> what<00:02:39.840> was<00:02:40.080> it<00:02:40.160> like<00:02:40.879> but<00:02:41.040> it's<00:02:41.200> a<00:02:41.280> funny

and what was it like but it's a funny

and what was it like but it's a funny story<00:02:42.000> actually<00:02:42.400> um<00:02:42.720> i<00:02:42.879> actually<00:02:43.120> won<00:02:43.360> my

story actually um i actually won my

story actually um i actually won my job<00:02:44.640> trading<00:02:45.040> in<00:02:45.120> a<00:02:45.200> card<00:02:45.519> game<00:02:45.680> when<00:02:45.840> i<00:02:45.920> was<00:02:46.080> at

job trading in a card game when i was at

job trading in a card game when i was at university

university

university seems<00:02:47.920> strange<00:02:48.239> but<00:02:48.400> i<00:02:48.480> guess<00:02:48.720> that's<00:02:49.440> how

seems strange but i guess that's how

seems strange but i guess that's how things<00:02:49.920> happen<00:02:50.239> sometimes

things happen sometimes

things happen sometimes pre-financial<00:02:51.599> crisis<00:02:52.080> so<00:02:52.239> i<00:02:52.400> did<00:02:52.560> my

pre-financial crisis so i did my

pre-financial crisis so i did my undergrad<00:02:53.120> at<00:02:53.280> lsc<00:02:53.760> london<00:02:54.000> school<00:02:54.160> of

undergrad at lsc london school of

undergrad at lsc london school of economics

economics

economics i<00:02:55.360> don't<00:02:55.519> know<00:02:55.519> if<00:02:55.599> you<00:02:55.680> know<00:02:55.920> the<00:02:56.000> university

i don't know if you know the university

i don't know if you know the university well<00:02:56.560> but<00:02:56.959> back<00:02:57.200> then<00:02:57.519> i'm<00:02:57.680> guessing<00:02:57.920> it's

well but back then i'm guessing it's

well but back then i'm guessing it's still<00:02:58.239> the<00:02:58.319> same<00:02:58.560> now

still the same now

still the same now it<00:02:59.280> was<00:02:59.360> a<00:02:59.440> bit<00:02:59.599> of<00:02:59.680> a<00:02:59.840> mad<00:03:00.159> place<00:03:00.480> where<00:03:00.959> a<00:03:01.120> lot

it was a bit of a mad place where a lot

it was a bit of a mad place where a lot of<00:03:01.360> people<00:03:01.599> were

of people were

of people were borderline<00:03:02.800> obsessed<00:03:03.120> with<00:03:03.280> getting<00:03:03.599> jobs<00:03:03.840> in

borderline obsessed with getting jobs in

borderline obsessed with getting jobs in investment<00:03:04.319> banking<00:03:04.959> i<00:03:05.120> remember<00:03:05.360> i<00:03:05.440> did<00:03:05.599> my

investment banking i remember i did my

investment banking i remember i did my first<00:03:06.000> year<00:03:06.159> i<00:03:06.239> came<00:03:06.400> back<00:03:06.560> in<00:03:06.720> second<00:03:06.959> year

first year i came back in second year

first year i came back in second year and<00:03:07.280> just<00:03:07.440> suddenly

and just suddenly

and just suddenly everyone<00:03:09.040> was<00:03:09.280> applying<00:03:09.680> for<00:03:09.840> 20<00:03:10.400> 30

everyone was applying for 20 30

everyone was applying for 20 30 different<00:03:11.200> investment<00:03:11.680> banks<00:03:12.159> and

different investment banks and

different investment banks and they're<00:03:13.440> applying<00:03:13.760> to<00:03:13.840> all<00:03:14.000> these<00:03:14.159> different

they're applying to all these different

they're applying to all these different divisions<00:03:14.959> which<00:03:15.280> all<00:03:15.519> seem<00:03:15.680> to<00:03:15.840> have

divisions which all seem to have

divisions which all seem to have acronym<00:03:17.120> names<00:03:17.760> ibd<00:03:18.560> and<00:03:18.959> m<00:03:19.280> a<00:03:19.519> or

acronym names ibd and m a or

acronym names ibd and m a or nbs<00:03:20.640> trading<00:03:21.200> with<00:03:21.519> cds<00:03:22.159> and<00:03:22.480> i<00:03:22.640> really<00:03:22.879> didn't

nbs trading with cds and i really didn't

nbs trading with cds and i really didn't have<00:03:23.200> any<00:03:23.440> idea

have any idea

have any idea what<00:03:24.480> was<00:03:24.560> going<00:03:24.879> on<00:03:25.120> for<00:03:25.280> me<00:03:25.440> it<00:03:25.519> was<00:03:25.680> quite

what was going on for me it was quite

what was going on for me it was quite intimidating<00:03:26.720> really<00:03:27.040> because<00:03:27.200> i

intimidating really because i

intimidating really because i i<00:03:27.680> don't<00:03:27.840> really<00:03:28.000> know<00:03:28.159> anyone<00:03:28.319> who<00:03:28.400> comes<00:03:28.560> to

i don't really know anyone who comes to

i don't really know anyone who comes to that<00:03:28.720> sort<00:03:28.879> of<00:03:28.959> background<00:03:30.000> somewhere<00:03:30.319> from

that sort of background somewhere from

that sort of background somewhere from the<00:03:30.560> year<00:03:30.720> above

the year above

the year above approached<00:03:32.159> me<00:03:32.319> and<00:03:32.480> he<00:03:32.640> was<00:03:32.799> being<00:03:33.040> paid<00:03:33.280> by

approached me and he was being paid by

approached me and he was being paid by citibank<00:03:34.000> he<00:03:34.239> he'd<00:03:34.480> interned<00:03:34.799> at<00:03:34.879> seat<00:03:35.120> bank

citibank he he'd interned at seat bank

citibank he he'd interned at seat bank year<00:03:35.519> before

year before

year before and<00:03:36.319> he<00:03:36.400> was<00:03:36.560> being<00:03:36.799> paid<00:03:36.959> to<00:03:37.120> sort<00:03:37.280> of<00:03:37.360> do<00:03:37.519> some

and he was being paid to sort of do some

and he was being paid to sort of do some sort<00:03:37.840> of<00:03:38.000> talent<00:03:38.400> scouting<00:03:38.879> or<00:03:38.959> something

sort of talent scouting or something

sort of talent scouting or something he<00:03:40.159> approached<00:03:40.560> me<00:03:40.640> and<00:03:40.799> said<00:03:41.040> oh<00:03:41.360> we'll<00:03:41.599> see

he approached me and said oh we'll see

he approached me and said oh we'll see bank<00:03:42.000> high<00:03:42.159> as<00:03:42.239> one<00:03:42.480> trader<00:03:42.720> year<00:03:42.959> through<00:03:43.120> a

bank high as one trader year through a

bank high as one trader year through a maths<00:03:43.519> game

maths game

maths game um<00:03:44.959> i<00:03:45.040> heard<00:03:45.200> you're<00:03:45.360> pretty<00:03:45.519> good<00:03:45.680> at<00:03:45.760> math<00:03:46.000> so

um i heard you're pretty good at math so

um i heard you're pretty good at math so maybe<00:03:46.400> you<00:03:46.480> should<00:03:46.799> try<00:03:47.040> that

maybe you should try that

maybe you should try that so<00:03:48.239> i<00:03:48.319> thought<00:03:48.560> why<00:03:48.720> not<00:03:48.879> i'll<00:03:49.040> give<00:03:49.280> it<00:03:49.360> a<00:03:49.440> go

so i thought why not i'll give it a go

so i thought why not i'll give it a go so<00:03:50.560> i<00:03:50.640> turned<00:03:50.879> up<00:03:50.959> for<00:03:51.120> this<00:03:51.200> math<00:03:51.440> competition

so i turned up for this math competition

so i turned up for this math competition and<00:03:52.159> it<00:03:52.239> was<00:03:52.400> kind<00:03:52.640> of<00:03:52.720> like<00:03:52.879> it<00:03:52.959> was<00:03:53.040> a<00:03:53.120> card

and it was kind of like it was a card

and it was kind of like it was a card game<00:03:53.599> like<00:03:53.760> a<00:03:53.840> sort<00:03:54.000> of

game like a sort of

game like a sort of supposed<00:03:54.720> to<00:03:54.799> be<00:03:54.879> a<00:03:55.040> trading<00:03:55.360> style<00:03:55.680> game<00:03:56.000> you

supposed to be a trading style game you

supposed to be a trading style game you buy<00:03:56.560> and<00:03:56.720> you<00:03:56.879> sell

buy and you sell

buy and you sell but<00:03:58.400> it's<00:03:58.480> hard<00:03:58.959> it<00:03:59.040> was<00:03:59.200> a<00:03:59.280> maths<00:03:59.519> game<00:03:59.920> so<00:04:00.319> i

but it's hard it was a maths game so i

but it's hard it was a maths game so i just<00:04:00.720> ended<00:04:00.959> that<00:04:01.120> game<00:04:01.439> and

just ended that game and

just ended that game and i<00:04:02.400> won<00:04:02.640> the<00:04:02.720> first<00:04:03.040> round<00:04:03.280> i<00:04:03.360> got<00:04:03.519> through<00:04:03.680> to

i won the first round i got through to

i won the first round i got through to the<00:04:03.920> final<00:04:04.239> and<00:04:04.319> then<00:04:04.560> i<00:04:04.720> i<00:04:04.879> studied<00:04:05.280> it<00:04:05.360> a<00:04:05.439> lot

the final and then i i studied it a lot

the final and then i i studied it a lot i<00:04:05.840> went<00:04:06.000> to<00:04:06.159> the<00:04:06.239> final<00:04:06.640> and<00:04:06.879> and<00:04:06.959> i<00:04:07.040> won<00:04:07.280> that

i went to the final and and i won that

i went to the final and and i won that and<00:04:07.519> i<00:04:07.840> got<00:04:08.000> a<00:04:08.080> job

and i got a job

and i got a job i<00:04:09.120> was<00:04:09.599> completely<00:04:10.000> mad<00:04:10.560> yeah<00:04:10.879> it<00:04:10.959> was<00:04:11.200> i<00:04:11.280> was

i was completely mad yeah it was i was

i was completely mad yeah it was i was working<00:04:11.599> at<00:04:11.680> dfs<00:04:12.159> fluffing<00:04:12.480> pillows<00:04:12.799> at<00:04:12.879> the

working at dfs fluffing pillows at the

working at dfs fluffing pillows at the time<00:04:13.200> in<00:04:13.360> weekends<00:04:13.760> and<00:04:13.840> holidays

time in weekends and holidays

time in weekends and holidays getting<00:04:15.120> paid<00:04:15.360> 45<00:04:15.840> pounds<00:04:16.079> a<00:04:16.160> day<00:04:16.720> i<00:04:16.880> don't

getting paid 45 pounds a day i don't

getting paid 45 pounds a day i don't believe<00:04:17.280> you<00:04:17.440> quite<00:04:17.600> believe<00:04:17.840> that<00:04:17.919> i'd

believe you quite believe that i'd

believe you quite believe that i'd manage<00:04:18.239> to<00:04:18.320> get<00:04:18.400> a<00:04:18.479> job<00:04:18.720> in<00:04:18.799> this<00:04:19.040> bizarre

manage to get a job in this bizarre

manage to get a job in this bizarre fashion<00:04:19.759> but

fashion but

fashion but you<00:04:20.320> know<00:04:20.400> i<00:04:20.479> won<00:04:20.639> the<00:04:20.720> game<00:04:21.040> so<00:04:21.199> it's<00:04:21.440> great

you know i won the game so it's great

you know i won the game so it's great and<00:04:21.759> then<00:04:21.919> i<00:04:22.240> turned<00:04:22.560> up

and then i turned up

and then i turned up on<00:04:23.360> the<00:04:23.440> trading<00:04:23.759> floor<00:04:24.080> and<00:04:24.160> i<00:04:24.240> would<00:04:24.400> have

on the trading floor and i would have

on the trading floor and i would have just<00:04:24.639> turned<00:04:24.880> 20.<00:04:25.360> i<00:04:25.520> didn't<00:04:25.759> really<00:04:25.840> know

just turned 20. i didn't really know

just turned 20. i didn't really know what's<00:04:26.160> going<00:04:26.320> on<00:04:26.479> i<00:04:26.560> was<00:04:26.639> just<00:04:26.880> offering<00:04:27.120> to

what's going on i was just offering to

what's going on i was just offering to buy<00:04:27.440> people<00:04:27.759> coffees<00:04:28.080> and<00:04:28.160> go<00:04:28.400> get<00:04:28.560> lunches

buy people coffees and go get lunches

buy people coffees and go get lunches because

because

because that's<00:04:29.759> supposed<00:04:29.919> to<00:04:30.080> do<00:04:30.160> with<00:04:30.240> dfs<00:04:31.919> but<00:04:32.240> yeah

that's supposed to do with dfs but yeah

that's supposed to do with dfs but yeah they<00:04:32.720> they<00:04:32.880> liked<00:04:33.199> me<00:04:33.360> i<00:04:33.759> i<00:04:33.919> didn't<00:04:34.080> know

they they liked me i i didn't know

they they liked me i i didn't know what's<00:04:34.400> going<00:04:34.560> on<00:04:34.720> i<00:04:34.880> don't<00:04:34.960> know<00:04:35.040> if<00:04:35.120> you've

what's going on i don't know if you've

what's going on i don't know if you've been<00:04:35.360> on<00:04:35.440> a<00:04:35.520> trading<00:04:35.759> field<00:04:35.919> but<00:04:36.080> it's<00:04:36.240> a<00:04:36.320> crazy

been on a trading field but it's a crazy

been on a trading field but it's a crazy place

place

place it's<00:04:37.280> a<00:04:37.440> huge<00:04:38.400> huge<00:04:38.720> huge<00:04:39.040> room<00:04:39.360> and

it's a huge huge huge room and

it's a huge huge huge room and everyone's<00:04:40.080> got<00:04:40.240> like<00:04:40.479> six<00:04:40.800> or<00:04:40.880> seven<00:04:41.199> or<00:04:41.280> even

everyone's got like six or seven or even

everyone's got like six or seven or even nine

nine

nine monitors<00:04:42.720> and<00:04:43.199> lots<00:04:43.440> of<00:04:43.520> shouting<00:04:43.919> and<00:04:44.000> lots

monitors and lots of shouting and lots

monitors and lots of shouting and lots of<00:04:44.320> noise<00:04:44.720> and

of noise and

of noise and yeah<00:04:45.840> it<00:04:45.919> took<00:04:46.080> a<00:04:46.160> bit<00:04:46.240> of<00:04:46.400> time<00:04:46.639> to<00:04:47.120> figure<00:04:47.440> out

yeah it took a bit of time to figure out

yeah it took a bit of time to figure out what<00:04:47.680> was<00:04:47.840> happening<00:04:48.639> and<00:04:48.800> what<00:04:49.040> and<00:04:49.120> what

what was happening and what and what

what was happening and what and what year<00:04:49.600> was<00:04:49.759> that<00:04:49.919> was<00:04:50.080> that

year was that was that

year was that was that that<00:04:50.639> must<00:04:50.800> have<00:04:50.880> been<00:04:51.040> before<00:04:51.440> the<00:04:51.759> financial

that must have been before the financial

that must have been before the financial crash<00:04:52.639> right<00:04:52.960> so<00:04:53.120> my<00:04:53.360> internships<00:04:53.840> would<00:04:54.000> have

crash right so my internships would have

crash right so my internships would have been<00:04:54.160> in<00:04:54.240> 2006<00:04:54.960> and<00:04:55.040> 2007

been in 2006 and 2007

been in 2006 and 2007 because<00:04:56.240> i<00:04:56.400> started<00:04:56.880> full<00:04:57.199> time<00:04:57.520> in<00:04:57.680> 2008

because i started full time in 2008

because i started full time in 2008 right<00:05:00.000> right<00:05:00.240> right<00:05:00.479> right<00:05:00.880> so<00:05:01.120> you<00:05:01.280> basically

right right right right so you basically

right right right right so you basically arrived<00:05:02.160> just<00:05:02.400> in<00:05:02.479> time<00:05:02.720> for<00:05:02.880> this

arrived just in time for this

arrived just in time for this unbelievable<00:05:04.160> explosion<00:05:05.440> which<00:05:05.680> must<00:05:05.919> have

unbelievable explosion which must have

unbelievable explosion which must have been<00:05:06.400> an<00:05:06.560> experience

been an experience

been an experience kind<00:05:08.000> of<00:05:08.160> in<00:05:08.320> itself<00:05:09.120> what<00:05:09.360> um<00:05:09.600> what<00:05:09.840> was<00:05:10.080> the

kind of in itself what um what was the

kind of in itself what um what was the atmosphere<00:05:10.639> like<00:05:10.880> then<00:05:11.039> did<00:05:11.199> you

atmosphere like then did you

atmosphere like then did you did<00:05:12.320> did<00:05:12.479> it<00:05:12.639> seem<00:05:12.880> really<00:05:13.199> extreme<00:05:13.680> or

did did it seem really extreme or

did did it seem really extreme or because<00:05:14.160> you'd<00:05:14.320> had<00:05:14.400> nothing<00:05:14.639> to<00:05:14.720> compare<00:05:15.120> it

because you'd had nothing to compare it

because you'd had nothing to compare it to

to

to did<00:05:16.000> it<00:05:16.080> just<00:05:16.240> seem<00:05:16.400> like<00:05:16.560> they<00:05:16.720> were<00:05:16.800> extreme

did it just seem like they were extreme

did it just seem like they were extreme already<00:05:17.680> i<00:05:17.840> started<00:05:18.160> full<00:05:18.320> time<00:05:18.560> in<00:05:18.639> june<00:05:18.800> 2008

already i started full time in june 2008

already i started full time in june 2008 right<00:05:19.680> so<00:05:19.840> the

right so the

right so the the<00:05:20.320> lima<00:05:20.639> crisis<00:05:20.960> was<00:05:21.280> really<00:05:21.520> soon<00:05:21.840> after<00:05:22.080> i

the lima crisis was really soon after i

the lima crisis was really soon after i began<00:05:22.880> lehman<00:05:23.199> brothers<00:05:23.520> staff<00:05:23.919> arrived<00:05:24.320> at

began lehman brothers staff arrived at

began lehman brothers staff arrived at work<00:05:24.720> in<00:05:24.800> london<00:05:25.199> this<00:05:25.360> morning<00:05:25.600> to<00:05:25.759> be<00:05:25.919> told

work in london this morning to be told

work in london this morning to be told the<00:05:26.240> bank<00:05:26.479> had<00:05:26.639> been<00:05:26.800> put<00:05:27.039> into

the bank had been put into

the bank had been put into administration

administration

administration stocks<00:05:28.960> all<00:05:29.120> around<00:05:29.440> the<00:05:29.520> world<00:05:29.919> are<00:05:30.160> tanking

stocks all around the world are tanking

stocks all around the world are tanking because<00:05:31.360> of<00:05:31.440> the<00:05:31.600> crisis<00:05:32.240> on<00:05:32.479> wall<00:05:32.720> street

because of the crisis on wall street

because of the crisis on wall street at<00:05:33.280> the<00:05:33.440> time<00:05:33.759> i<00:05:33.840> was<00:05:34.240> a<00:05:34.320> bit<00:05:34.560> too

at the time i was a bit too

at the time i was a bit too inexperienced<00:05:35.840> really<00:05:36.160> perhaps<00:05:36.840> to

inexperienced really perhaps to

inexperienced really perhaps to grasp<00:05:38.960> the<00:05:39.039> severity<00:05:39.520> of<00:05:39.680> it<00:05:39.840> but<00:05:40.080> you<00:05:40.160> know

grasp the severity of it but you know

grasp the severity of it but you know the<00:05:40.560> traders<00:05:40.880> let<00:05:41.039> me<00:05:41.120> know

the traders let me know

the traders let me know they<00:05:42.000> said<00:05:42.160> like<00:05:42.320> this<00:05:42.560> is<00:05:42.960> a<00:05:43.120> massive<00:05:43.600> massive

they said like this is a massive massive

they said like this is a massive massive deal<00:05:44.240> here<00:05:44.560> sort<00:05:44.720> of<00:05:44.800> amounts<00:05:45.199> of<00:05:45.280> money<00:05:45.520> being

deal here sort of amounts of money being

deal here sort of amounts of money being made<00:05:46.000> and<00:05:46.080> lost<00:05:46.400> were<00:05:46.560> much<00:05:46.800> much

made and lost were much much

made and lost were much much bigger<00:05:48.479> people<00:05:48.720> were<00:05:48.880> saying<00:05:49.199> you<00:05:49.280> know

bigger people were saying you know

bigger people were saying you know citibank<00:05:50.400> was<00:05:50.560> bowed<00:05:50.880> out<00:05:50.960> by<00:05:51.120> the<00:05:51.280> american

citibank was bowed out by the american

citibank was bowed out by the american government<00:05:52.240> and

government and

government and relatively<00:05:53.600> quickly<00:05:54.000> people<00:05:54.240> realized<00:05:54.639> that

relatively quickly people realized that

relatively quickly people realized that the<00:05:54.880> solvency<00:05:55.360> of<00:05:55.600> the<00:05:55.759> bank

the solvency of the bank

the solvency of the bank was<00:05:57.199> under<00:05:57.440> threat<00:05:57.680> but<00:05:57.840> also<00:05:58.240> that<00:05:58.400> there<00:05:58.560> was

was under threat but also that there was

was under threat but also that there was a<00:05:58.800> sovereignty<00:05:59.199> of<00:05:59.280> basically<00:05:59.600> every<00:05:59.759> bank

a sovereignty of basically every bank

a sovereignty of basically every bank under<00:06:00.639> threat<00:06:01.039> so<00:06:01.520> right<00:06:02.720> they<00:06:02.960> knew<00:06:03.199> it<00:06:03.280> was

under threat so right they knew it was

under threat so right they knew it was serious<00:06:04.560> i<00:06:04.800> knew<00:06:05.039> it<00:06:05.120> was<00:06:05.680> serious<00:06:06.160> without

serious i knew it was serious without

serious i knew it was serious without really

really

really knowing<00:06:07.440> what<00:06:07.680> serious<00:06:08.160> meant<00:06:08.400> if<00:06:08.560> that<00:06:08.720> makes

knowing what serious meant if that makes

knowing what serious meant if that makes sense<00:06:09.280> because<00:06:09.520> i<00:06:09.919> was<00:06:10.080> so<00:06:10.319> young

sense because i was so young

sense because i was so young i<00:06:10.880> was<00:06:11.039> sort<00:06:11.199> of<00:06:11.360> taking<00:06:11.680> it<00:06:12.720> i<00:06:12.800> could<00:06:13.039> see<00:06:13.199> the

i was sort of taking it i could see the

i was sort of taking it i could see the emotion<00:06:13.840> from

emotion from

emotion from the<00:06:14.479> traders<00:06:14.960> at<00:06:15.120> lse<00:06:15.600> everyone's<00:06:15.919> applying

the traders at lse everyone's applying

the traders at lse everyone's applying for<00:06:16.400> 20<00:06:16.639> 30<00:06:16.880> banks<00:06:17.199> it's<00:06:17.360> kind<00:06:17.520> of<00:06:17.600> random<00:06:18.000> what

for 20 30 banks it's kind of random what

for 20 30 banks it's kind of random what banks<00:06:18.400> you<00:06:18.560> end<00:06:18.720> up<00:06:18.880> at<00:06:18.960> you<00:06:19.039> know<00:06:19.199> so<00:06:19.280> i<00:06:19.360> had<00:06:19.440> a

banks you end up at you know so i had a

banks you end up at you know so i had a couple<00:06:19.680> of<00:06:19.840> friends<00:06:20.160> who<00:06:20.319> were<00:06:20.479> at<00:06:20.560> lehman

couple of friends who were at lehman

couple of friends who were at lehman and<00:06:21.680> just<00:06:22.000> you<00:06:22.080> know<00:06:22.240> a<00:06:22.319> couple<00:06:22.560> years<00:06:22.800> into

and just you know a couple years into

and just you know a couple years into their<00:06:23.039> career<00:06:23.360> they<00:06:23.440> suddenly<00:06:23.759> lost<00:06:24.000> their

their career they suddenly lost their

their career they suddenly lost their jobs<00:06:24.400> so

jobs so

jobs so the<00:06:25.120> kind<00:06:25.280> of<00:06:25.440> overall<00:06:25.919> mood<00:06:26.319> did<00:06:26.560> it<00:06:26.880> feel

the kind of overall mood did it feel

the kind of overall mood did it feel like<00:06:27.440> kind<00:06:27.600> of<00:06:27.680> in<00:06:27.840> the<00:06:28.000> eye<00:06:28.160> of<00:06:28.240> the<00:06:28.400> crisis

like kind of in the eye of the crisis

like kind of in the eye of the crisis did<00:06:29.280> your<00:06:29.520> colleagues<00:06:30.080> seem<00:06:30.639> like<00:06:30.960> they

did your colleagues seem like they

did your colleagues seem like they thought<00:06:31.280> there<00:06:31.440> was<00:06:31.600> a<00:06:31.680> big<00:06:32.000> reckoning<00:06:32.479> coming

thought there was a big reckoning coming

thought there was a big reckoning coming with<00:06:33.520> the<00:06:33.680> way<00:06:34.560> the<00:06:34.720> system<00:06:35.120> worked<00:06:35.440> the<00:06:35.520> way

with the way the system worked the way

with the way the system worked the way the<00:06:35.759> economic<00:06:36.240> model<00:06:36.560> worked<00:06:36.800> the<00:06:36.880> way

the economic model worked the way

the economic model worked the way finance<00:06:37.680> plugged<00:06:38.000> into<00:06:38.240> that

finance plugged into that

finance plugged into that or<00:06:40.400> were<00:06:40.639> people<00:06:40.880> not<00:06:41.120> thinking<00:06:41.600> in<00:06:41.680> that<00:06:41.919> kind

or were people not thinking in that kind

or were people not thinking in that kind of

of

of way<00:06:43.440> on<00:06:43.520> the<00:06:43.680> trading<00:06:44.080> floor<00:06:44.479> traders<00:06:44.960> are

way on the trading floor traders are

way on the trading floor traders are very<00:06:45.520> very

very very

very very focused<00:06:46.639> on<00:06:46.880> making<00:06:47.280> money<00:06:47.919> they're<00:06:48.080> not

focused on making money they're not

focused on making money they're not really<00:06:48.560> incentivized<00:06:49.360> to<00:06:49.599> think<00:06:49.840> about

really incentivized to think about

really incentivized to think about what's<00:06:51.120> happening<00:06:51.440> with<00:06:51.599> the<00:06:51.759> system

what's happening with the system

what's happening with the system especially<00:06:53.120> not<00:06:53.280> on<00:06:53.440> any<00:06:53.599> sort<00:06:53.759> of

especially not on any sort of

especially not on any sort of moral<00:06:54.639> or<00:06:54.800> human<00:06:55.120> sense<00:06:55.360> they're<00:06:55.520> very

moral or human sense they're very

moral or human sense they're very incentivized<00:06:56.240> to<00:06:56.400> make<00:06:56.639> predictions

incentivized to make predictions

incentivized to make predictions so<00:06:57.680> they<00:06:57.840> might<00:06:58.080> be<00:06:58.160> thinking<00:06:58.479> about<00:06:59.520> for

so they might be thinking about for

so they might be thinking about for example<00:06:59.919> in<00:07:00.000> the<00:07:00.160> area<00:07:00.400> where<00:07:00.639> i<00:07:00.800> worked

example in the area where i worked

example in the area where i worked a<00:07:01.599> big<00:07:01.840> part<00:07:02.000> of<00:07:02.080> what<00:07:02.240> we<00:07:02.639> did<00:07:02.880> and<00:07:02.960> what<00:07:03.120> we

a big part of what we did and what we

a big part of what we did and what we were<00:07:03.360> supposed<00:07:03.680> to<00:07:03.759> do<00:07:04.319> was

were supposed to do was

were supposed to do was predict<00:07:05.599> the<00:07:05.680> strength<00:07:06.000> of<00:07:06.160> the<00:07:06.240> future

predict the strength of the future

predict the strength of the future economy<00:07:06.960> so<00:07:07.599> obviously<00:07:08.080> we<00:07:08.319> have<00:07:08.479> to<00:07:08.560> do<00:07:08.720> a<00:07:08.800> lot

economy so obviously we have to do a lot

economy so obviously we have to do a lot of<00:07:09.039> that<00:07:09.120> you<00:07:09.199> know<00:07:09.360> and<00:07:09.440> there<00:07:09.599> was<00:07:09.680> a<00:07:09.759> guy<00:07:10.000> on

of that you know and there was a guy on

of that you know and there was a guy on my<00:07:10.400> team<00:07:10.639> who

my team who

my team who did<00:07:11.440> really<00:07:11.680> well<00:07:11.919> which<00:07:12.080> was<00:07:12.240> just<00:07:12.319> saying

did really well which was just saying

did really well which was just saying this<00:07:12.639> is<00:07:12.720> going<00:07:12.880> to<00:07:12.960> be<00:07:13.039> a<00:07:13.120> disaster<00:07:13.599> it's

this is going to be a disaster it's

this is going to be a disaster it's going<00:07:13.840> to<00:07:13.919> last<00:07:14.160> a<00:07:14.319> really<00:07:14.479> really<00:07:14.720> long<00:07:14.960> time

going to last a really really long time

going to last a really really long time we're<00:07:15.840> not<00:07:16.000> going<00:07:16.080> to<00:07:16.160> get<00:07:16.319> out<00:07:16.400> of<00:07:16.479> this<00:07:16.560> for

we're not going to get out of this for

we're not going to get out of this for ages<00:07:17.120> and<00:07:17.440> he<00:07:17.520> made<00:07:17.680> a<00:07:17.759> lot<00:07:17.840> of<00:07:17.919> money<00:07:18.240> on<00:07:18.400> that

ages and he made a lot of money on that

ages and he made a lot of money on that but

but

but there's<00:07:20.000> no<00:07:21.120> you're<00:07:21.280> not<00:07:21.440> incentivized<00:07:22.160> to

there's no you're not incentivized to

there's no you're not incentivized to think<00:07:23.919> about<00:07:24.080> what<00:07:24.240> that<00:07:24.479> means<00:07:24.880> really

think about what that means really

think about what that means really you're<00:07:25.360> very<00:07:25.680> very<00:07:25.840> heavily<00:07:26.160> incentivized<00:07:26.720> to

you're very very heavily incentivized to

you're very very heavily incentivized to make

make

make correct<00:07:27.919> predictions<00:07:28.960> so<00:07:29.199> there's<00:07:29.360> not

correct predictions so there's not

correct predictions so there's not really<00:07:29.680> much<00:07:30.000> space<00:07:30.319> for<00:07:30.479> sort<00:07:30.720> of<00:07:30.880> sitting

really much space for sort of sitting

really much space for sort of sitting and<00:07:31.360> pondering

and pondering

and pondering what<00:07:32.479> does<00:07:32.639> this<00:07:32.800> mean<00:07:33.039> for<00:07:33.199> society<00:07:34.080> and<00:07:34.319> so

what does this mean for society and so

what does this mean for society and so when<00:07:35.120> the<00:07:35.360> bailouts<00:07:36.000> happened

when the bailouts happened

when the bailouts happened surely<00:07:37.840> at<00:07:38.080> that<00:07:38.479> moment<00:07:39.520> like<00:07:39.759> the<00:07:40.000> whole

surely at that moment like the whole

surely at that moment like the whole idea

idea

idea that<00:07:41.759> free<00:07:42.080> market<00:07:42.560> economics<00:07:43.280> teaches<00:07:43.759> us

that free market economics teaches us

that free market economics teaches us that<00:07:45.360> if<00:07:45.840> a<00:07:46.000> state<00:07:46.560> provides<00:07:47.199> resources<00:07:47.919> to

that if a state provides resources to

that if a state provides resources to the<00:07:48.240> private<00:07:48.800> sector

the private sector

the private sector then<00:07:49.919> that<00:07:50.160> creates<00:07:50.560> a<00:07:50.639> moral<00:07:50.960> hazard<00:07:51.759> like

then that creates a moral hazard like

then that creates a moral hazard like situation<00:07:52.960> because<00:07:53.280> if<00:07:53.440> the<00:07:53.599> risk

situation because if the risk

situation because if the risk mechanism<00:07:54.960> in<00:07:55.120> the<00:07:55.199> system<00:07:55.599> just<00:07:55.759> won't<00:07:56.080> work

mechanism in the system just won't work

mechanism in the system just won't work in<00:07:56.560> the<00:07:56.720> way<00:07:57.280> that<00:07:57.520> it's<00:07:57.680> meant

in the way that it's meant

in the way that it's meant to<00:07:58.720> work<00:07:59.120> because<00:07:59.440> companies<00:08:00.000> will<00:08:00.160> know<00:08:00.400> that

to work because companies will know that

to work because companies will know that they're<00:08:00.720> getting<00:08:00.960> bailed<00:08:01.440> out

they're getting bailed out

they're getting bailed out at<00:08:02.000> the<00:08:02.160> end<00:08:02.319> of<00:08:02.400> the<00:08:02.560> day<00:08:03.039> was<00:08:03.280> there<00:08:03.440> no<00:08:04.000> so

at the end of the day was there no so

at the end of the day was there no so there's<00:08:04.319> no<00:08:04.639> conversation<00:08:05.599> on<00:08:05.840> the<00:08:06.000> trading

there's no conversation on the trading

there's no conversation on the trading floor

floor

floor really<00:08:08.080> about<00:08:08.400> hang<00:08:08.639> on<00:08:08.720> a<00:08:08.800> minute<00:08:09.120> the<00:08:09.360> whole

really about hang on a minute the whole

really about hang on a minute the whole global<00:08:10.160> financial<00:08:10.800> system

global financial system

global financial system has<00:08:11.759> just<00:08:12.080> been<00:08:12.319> bailed<00:08:12.720> out<00:08:13.280> by<00:08:13.599> the<00:08:13.840> state

has just been bailed out by the state

has just been bailed out by the state but<00:08:14.400> things<00:08:14.639> go<00:08:14.879> on<00:08:15.039> as<00:08:15.199> normal

but things go on as normal

but things go on as normal at<00:08:16.319> the<00:08:16.479> time<00:08:16.720> the<00:08:16.879> bailouts<00:08:17.360> happened<00:08:18.000> there

at the time the bailouts happened there

at the time the bailouts happened there were<00:08:18.400> a<00:08:18.479> couple<00:08:18.720> of<00:08:18.800> people<00:08:19.120> who

were a couple of people who

were a couple of people who would<00:08:19.840> mention<00:08:20.160> this<00:08:20.319> kind<00:08:20.560> of<00:08:20.720> thing<00:08:21.039> on<00:08:21.199> the

would mention this kind of thing on the

would mention this kind of thing on the trading<00:08:21.680> floor<00:08:21.919> there's<00:08:22.319> some<00:08:22.560> huge<00:08:22.800> places

trading floor there's some huge places

trading floor there's some huge places there's<00:08:23.280> hundreds<00:08:23.599> of<00:08:23.680> traders<00:08:24.000> right<00:08:24.240> and

there's hundreds of traders right and

there's hundreds of traders right and i<00:08:24.720> was<00:08:24.879> on<00:08:25.039> interest<00:08:25.360> rates<00:08:25.599> trading<00:08:26.400> people

i was on interest rates trading people

i was on interest rates trading people there<00:08:26.800> would<00:08:26.960> be<00:08:27.039> very<00:08:27.199> willing<00:08:27.440> to<00:08:27.520> say<00:08:27.680> well

there would be very willing to say well

there would be very willing to say well it<00:08:27.919> was<00:08:28.080> the<00:08:28.160> credit<00:08:28.479> traders

it was the credit traders

it was the credit traders that<00:08:29.360> blew<00:08:29.520> the<00:08:29.680> economy<00:08:30.080> up<00:08:30.240> so<00:08:30.400> they<00:08:30.560> sort<00:08:30.720> of

that blew the economy up so they sort of

that blew the economy up so they sort of they<00:08:31.199> washed<00:08:31.440> their<00:08:31.520> hands<00:08:31.759> of<00:08:31.840> it<00:08:31.919> so<00:08:32.080> it<00:08:32.159> was

they washed their hands of it so it was

they washed their hands of it so it was nothing<00:08:32.479> to<00:08:32.560> do<00:08:32.640> with<00:08:32.800> us

nothing to do with us

nothing to do with us kind<00:08:33.360> of<00:08:33.440> thing<00:08:34.159> i<00:08:34.240> think<00:08:34.399> there<00:08:34.560> were<00:08:34.719> some

kind of thing i think there were some

kind of thing i think there were some people<00:08:35.200> who<00:08:35.360> were<00:08:35.599> aware<00:08:36.080> like

people who were aware like

people who were aware like you<00:08:36.959> know<00:08:37.599> it's<00:08:37.839> people<00:08:38.159> on<00:08:38.320> this<00:08:38.479> floor

you know it's people on this floor

you know it's people on this floor who've<00:08:38.959> made<00:08:39.120> a<00:08:39.200> lot<00:08:39.360> of<00:08:39.440> money

who've made a lot of money

who've made a lot of money even<00:08:40.320> if<00:08:40.479> it<00:08:40.560> wasn't<00:08:40.800> people<00:08:41.039> on<00:08:41.120> my<00:08:41.360> team

even if it wasn't people on my team

even if it wasn't people on my team directly<00:08:42.399> and<00:08:42.560> then

directly and then

directly and then when<00:08:43.599> the<00:08:43.680> losses<00:08:44.080> come<00:08:44.240> in<00:08:44.959> the<00:08:45.120> government's

when the losses come in the government's

when the losses come in the government's taking<00:08:45.839> them<00:08:46.160> people<00:08:46.399> were<00:08:46.640> aware

taking them people were aware

taking them people were aware that<00:08:47.440> happened<00:08:48.240> but<00:08:49.680> a<00:08:49.839> trading<00:08:50.240> floor

that happened but a trading floor

that happened but a trading floor is<00:08:50.880> not<00:08:51.440> really<00:08:51.600> much<00:08:51.839> of<00:08:51.920> a<00:08:52.000> place<00:08:52.240> for

is not really much of a place for

is not really much of a place for moralizing<00:08:53.360> just<00:08:53.360> just<00:08:53.760> a<00:08:53.839> couple<00:08:54.000> of<00:08:54.160> years

moralizing just just a couple of years

moralizing just just a couple of years after<00:08:54.640> 2008<00:08:55.360> we<00:08:55.519> used<00:08:55.680> to<00:08:55.760> have<00:08:55.920> once<00:08:56.240> a<00:08:56.320> year

after 2008 we used to have once a year

after 2008 we used to have once a year we<00:08:56.640> had

we had

we had what<00:08:57.040> was<00:08:57.200> called<00:08:57.360> a<00:08:57.440> trading<00:08:57.760> off<00:08:57.920> site<00:08:58.160> where

what was called a trading off site where

what was called a trading off site where all<00:08:58.399> the<00:08:58.560> traders<00:08:58.959> go<00:08:59.440> to<00:08:59.600> some<00:08:59.839> place

all the traders go to some place

all the traders go to some place somewhere<00:09:00.480> and<00:09:00.560> have<00:09:00.720> like<00:09:00.880> a<00:09:00.959> weekend<00:09:01.279> away

somewhere and have like a weekend away

somewhere and have like a weekend away to<00:09:01.680> get<00:09:01.760> to<00:09:01.920> know<00:09:02.080> each<00:09:02.240> other<00:09:02.480> and<00:09:02.640> this<00:09:02.800> kind

to get to know each other and this kind

to get to know each other and this kind of<00:09:03.120> stuff<00:09:03.360> and

of stuff and

of stuff and just<00:09:04.160> two<00:09:04.320> years<00:09:04.560> later<00:09:04.880> in<00:09:05.080> 2010<00:09:06.160> was<00:09:06.320> it<00:09:06.480> or

just two years later in 2010 was it or

just two years later in 2010 was it or 2011<00:09:07.360> at<00:09:07.440> the<00:09:07.600> beginning<00:09:07.920> of<00:09:08.000> the<00:09:08.160> year

2011 at the beginning of the year

2011 at the beginning of the year they<00:09:09.200> took<00:09:09.440> us<00:09:09.600> away<00:09:09.839> and<00:09:09.920> they<00:09:10.080> gave<00:09:10.320> us<00:09:10.399> this

they took us away and they gave us this

they took us away and they gave us this massive<00:09:10.959> speech<00:09:11.360> saying<00:09:11.680> look<00:09:12.000> you're<00:09:12.240> all

massive speech saying look you're all

massive speech saying look you're all great<00:09:12.560> traders<00:09:13.120> we<00:09:13.279> think<00:09:13.519> you<00:09:13.600> should

great traders we think you should

great traders we think you should take<00:09:14.240> more<00:09:14.480> risk<00:09:15.279> and<00:09:15.360> they<00:09:15.519> gave<00:09:15.760> us<00:09:15.920> these

take more risk and they gave us these

take more risk and they gave us these little<00:09:16.720> camo<00:09:17.120> baseball<00:09:17.440> hats<00:09:17.680> we<00:09:17.839> said<00:09:18.000> on<00:09:18.080> the

little camo baseball hats we said on the

little camo baseball hats we said on the front

front

front go<00:09:19.040> big<00:09:19.279> or<00:09:19.360> go<00:09:19.600> home<00:09:20.240> and<00:09:20.320> they<00:09:20.480> said<00:09:20.959> if

go big or go home and they said if

go big or go home and they said if you're<00:09:21.600> comfortable<00:09:22.080> taking<00:09:22.320> a<00:09:22.399> risk<00:09:22.800> in

you're comfortable taking a risk in

you're comfortable taking a risk in in<00:09:23.760> one<00:09:23.920> million<00:09:24.240> dollars<00:09:24.720> why<00:09:24.880> don't<00:09:25.040> you

in one million dollars why don't you

in one million dollars why don't you take<00:09:25.360> it<00:09:25.440> in<00:09:25.600> 10<00:09:25.760> million

take it in 10 million

take it in 10 million and<00:09:27.440> the<00:09:28.399> i<00:09:28.480> mean<00:09:28.640> this<00:09:28.880> is<00:09:29.040> clearly<00:09:29.360> taking

and the i mean this is clearly taking

and the i mean this is clearly taking advantage<00:09:30.160> of

advantage of

advantage of the<00:09:31.360> system<00:09:31.680> that<00:09:31.839> is<00:09:32.000> in<00:09:32.080> place<00:09:32.320> with

the system that is in place with

the system that is in place with investment<00:09:33.279> banks<00:09:33.519> which<00:09:33.600> runs<00:09:33.839> all<00:09:34.000> the<00:09:34.080> way

investment banks which runs all the way

investment banks which runs all the way through

through

through as<00:09:34.880> an<00:09:35.040> individual<00:09:35.440> trader<00:09:36.160> if<00:09:36.320> you<00:09:36.399> make<00:09:36.640> a

as an individual trader if you make a

as an individual trader if you make a lot<00:09:36.800> of<00:09:36.880> money<00:09:37.440> you'll<00:09:37.680> be<00:09:37.839> paid<00:09:38.000> a<00:09:38.080> lot<00:09:38.160> of

lot of money you'll be paid a lot of

lot of money you'll be paid a lot of money

money

money but<00:09:38.959> if<00:09:39.040> you<00:09:39.200> lose<00:09:39.440> a<00:09:39.519> lot<00:09:39.600> of<00:09:39.680> money<00:09:40.000> you<00:09:40.160> might

but if you lose a lot of money you might

but if you lose a lot of money you might get<00:09:40.560> fired<00:09:41.120> but<00:09:41.360> you<00:09:41.519> won't

get fired but you won't

get fired but you won't lose<00:09:42.240> any<00:09:42.480> money<00:09:42.720> personally<00:09:43.519> but<00:09:43.680> the<00:09:43.839> same

lose any money personally but the same

lose any money personally but the same situation<00:09:44.480> exists<00:09:44.800> for<00:09:44.959> your<00:09:45.040> boss

situation exists for your boss

situation exists for your boss and<00:09:45.839> the<00:09:45.920> same<00:09:46.160> situation<00:09:46.560> exists<00:09:46.800> for<00:09:46.959> his

and the same situation exists for his

and the same situation exists for his boss<00:09:47.600> and<00:09:47.760> the<00:09:47.839> same<00:09:48.000> situation<00:09:48.399> exists<00:09:48.720> for

boss and the same situation exists for

boss and the same situation exists for his<00:09:49.040> boss<00:09:49.279> so

his boss so

his boss so there<00:09:49.839> really<00:09:50.080> is<00:09:50.240> an<00:09:50.399> incentive<00:09:50.959> for<00:09:52.480> traders

there really is an incentive for traders

there really is an incentive for traders and

and

and all<00:09:53.920> really<00:09:54.240> through<00:09:54.480> that<00:09:54.880> structure<00:09:55.440> to

all really through that structure to

all really through that structure to encourage<00:09:56.240> greater<00:09:56.560> risk<00:09:56.800> taking

encourage greater risk taking

encourage greater risk taking to<00:09:57.600> the<00:09:57.760> extent<00:09:58.000> that<00:09:58.160> even<00:09:58.320> a<00:09:58.399> couple<00:09:58.640> years

to the extent that even a couple years

to the extent that even a couple years after<00:09:59.040> 2008<00:09:59.839> when

after 2008 when

after 2008 when these<00:10:00.800> banks<00:10:01.120> collectively<00:10:01.680> blew<00:10:01.920> the<00:10:02.000> world

these banks collectively blew the world

these banks collectively blew the world up<00:10:03.360> we<00:10:03.519> would<00:10:03.680> be<00:10:03.760> encouraged<00:10:04.240> just<00:10:04.480> to<00:10:04.720> take

up we would be encouraged just to take

up we would be encouraged just to take much<00:10:05.200> more<00:10:05.360> risk<00:10:05.600> go<00:10:05.760> back<00:10:05.920> and<00:10:06.000> take<00:10:06.240> much

much more risk go back and take much

much more risk go back and take much more<00:10:06.560> risk<00:10:06.800> than<00:10:06.880> you<00:10:06.959> normally<00:10:07.279> would

more risk than you normally would

more risk than you normally would greed<00:10:09.040> fraud<00:10:10.279> dishonesty

greed fraud dishonesty

greed fraud dishonesty and<00:10:12.000> arrogance<00:10:13.440> these<00:10:13.839> are<00:10:14.160> some<00:10:14.399> of<00:10:14.560> the

and arrogance these are some of the

and arrogance these are some of the words

words

words that<00:10:16.160> best<00:10:16.560> describe<00:10:17.680> the<00:10:17.839> reality<00:10:18.640> of<00:10:18.800> wall

that best describe the reality of wall

that best describe the reality of wall street

street

street today<00:10:20.399> the<00:10:20.560> predictions<00:10:21.120> that<00:10:21.360> you<00:10:21.600> made<00:10:21.839> a

today the predictions that you made a

today the predictions that you made a lot<00:10:22.000> of<00:10:22.079> money<00:10:22.399> on<00:10:22.640> what<00:10:22.880> were<00:10:23.040> they

lot of money on what were they

lot of money on what were they on<00:10:23.839> were<00:10:24.000> they<00:10:24.240> on<00:10:24.399> interest<00:10:24.720> rates<00:10:25.920> yeah<00:10:26.240> so

on were they on interest rates yeah so

on were they on interest rates yeah so the<00:10:26.640> way<00:10:26.800> interest<00:10:27.040> rates<00:10:27.279> are<00:10:27.360> supposed<00:10:27.680> to

the way interest rates are supposed to

the way interest rates are supposed to work<00:10:28.079> they're<00:10:28.399> they're<00:10:28.640> fixed<00:10:28.880> by<00:10:29.040> the

work they're they're fixed by the

work they're they're fixed by the central<00:10:29.519> bank<00:10:29.760> so<00:10:29.920> in<00:10:30.000> this<00:10:30.079> country<00:10:30.399> the<00:10:30.480> bank

central bank so in this country the bank

central bank so in this country the bank of<00:10:30.800> england

of england

of england in<00:10:31.600> the<00:10:31.680> us<00:10:31.920> the<00:10:32.000> federal<00:10:32.320> reserve<00:10:33.040> and<00:10:33.519> the

in the us the federal reserve and the

in the us the federal reserve and the idea<00:10:34.000> is<00:10:34.079> actually<00:10:34.320> relatively<00:10:34.800> simple<00:10:35.120> right

idea is actually relatively simple right

idea is actually relatively simple right if<00:10:35.440> they<00:10:35.680> think<00:10:35.920> if<00:10:36.079> the<00:10:36.160> central<00:10:36.480> bank<00:10:36.640> thinks

if they think if the central bank thinks

if they think if the central bank thinks the<00:10:37.040> economy<00:10:37.360> is<00:10:37.519> weak

the economy is weak

the economy is weak and<00:10:38.240> it's<00:10:38.399> stimulating<00:10:39.519> they<00:10:39.680> cut<00:10:39.839> the

and it's stimulating they cut the

and it's stimulating they cut the interest<00:10:40.320> rate<00:10:40.720> and<00:10:40.800> that's<00:10:41.040> supposed<00:10:41.279> to

interest rate and that's supposed to

interest rate and that's supposed to make<00:10:41.600> it<00:10:41.760> cheaper<00:10:42.079> for<00:10:42.320> companies<00:10:42.720> to<00:10:42.880> borrow

make it cheaper for companies to borrow

make it cheaper for companies to borrow and<00:10:43.279> invest

and invest

and invest cheaper<00:10:44.480> for<00:10:44.720> individuals<00:10:45.279> to<00:10:45.360> borrow<00:10:45.680> and

cheaper for individuals to borrow and

cheaper for individuals to borrow and spend<00:10:46.560> it<00:10:46.640> makes<00:10:46.959> it<00:10:47.120> less<00:10:47.360> worthwhile<00:10:47.920> saving

spend it makes it less worthwhile saving

spend it makes it less worthwhile saving and<00:10:48.800> it's<00:10:48.959> supposed<00:10:49.279> to<00:10:49.519> encourage<00:10:50.000> people

and it's supposed to encourage people

and it's supposed to encourage people and<00:10:50.480> companies<00:10:50.880> to<00:10:50.959> get<00:10:51.120> out<00:10:51.279> and<00:10:51.360> spend<00:10:51.680> and

and companies to get out and spend and

and companies to get out and spend and get<00:10:51.920> the<00:10:52.079> economy

get the economy

get the economy going<00:10:53.519> if<00:10:53.600> they<00:10:53.760> think<00:10:53.920> the<00:10:54.000> economy<00:10:54.320> is<00:10:54.480> too

going if they think the economy is too

going if they think the economy is too hot<00:10:55.120> and<00:10:55.360> they're<00:10:55.519> worried<00:10:55.760> about<00:10:55.920> inflation

hot and they're worried about inflation

hot and they're worried about inflation they<00:10:56.399> do<00:10:56.560> the<00:10:56.640> opposite<00:10:56.959> they<00:10:57.040> raise<00:10:57.360> rates

they do the opposite they raise rates

they do the opposite they raise rates and<00:10:57.680> that's<00:10:57.839> supposed<00:10:58.079> to<00:10:58.240> encourage<00:10:58.560> people

and that's supposed to encourage people

and that's supposed to encourage people to

to

to save<00:11:00.399> so<00:11:00.880> in<00:11:01.040> 2008<00:11:01.839> all<00:11:01.920> those<00:11:02.079> interest<00:11:02.320> rates

save so in 2008 all those interest rates

save so in 2008 all those interest rates collapsed<00:11:02.959> very<00:11:03.200> very<00:11:03.360> quickly<00:11:03.760> to

collapsed very very quickly to

collapsed very very quickly to zero<00:11:04.800> or<00:11:04.959> close<00:11:05.200> to<00:11:05.360> zero<00:11:06.480> previously<00:11:06.959> they've

zero or close to zero previously they've

zero or close to zero previously they've been<00:11:07.360> sort<00:11:07.519> of<00:11:07.600> like<00:11:07.839> five<00:11:08.160> percentage

been sort of like five percentage

been sort of like five percentage depending<00:11:09.040> on<00:11:09.120> the<00:11:09.200> country

depending on the country

depending on the country you're<00:11:10.000> looking<00:11:10.320> at<00:11:11.040> and<00:11:11.200> at<00:11:11.360> the<00:11:11.519> time

you're looking at and at the time

you're looking at and at the time because<00:11:12.720> it<00:11:12.800> was<00:11:12.959> such<00:11:13.120> a<00:11:13.279> huge<00:11:13.680> move<00:11:13.920> in

because it was such a huge move in

because it was such a huge move in interest<00:11:14.399> rates

interest rates

interest rates previously<00:11:15.519> they'd<00:11:15.760> move<00:11:16.000> rates<00:11:16.480> very<00:11:16.640> small

previously they'd move rates very small

previously they'd move rates very small amount<00:11:17.200> like<00:11:17.440> four<00:11:17.600> and<00:11:17.760> a<00:11:17.760> half<00:11:18.000> to<00:11:18.079> four<00:11:18.240> and

amount like four and a half to four and

amount like four and a half to four and a<00:11:18.399> quarter

a quarter

a quarter five<00:11:19.519> and<00:11:19.600> three<00:11:19.760> quarters<00:11:20.000> to<00:11:20.079> five<00:11:20.320> and<00:11:20.399> a

five and three quarters to five and a

five and three quarters to five and a half<00:11:20.720> suddenly<00:11:21.200> everyone<00:11:21.440> was<00:11:21.600> cutting<00:11:21.920> i

half suddenly everyone was cutting i

half suddenly everyone was cutting i think<00:11:22.079> the<00:11:22.160> uk<00:11:22.480> cut<00:11:22.640> from<00:11:22.800> five<00:11:23.040> and<00:11:23.120> a<00:11:23.200> half<00:11:23.440> to

think the uk cut from five and a half to

think the uk cut from five and a half to zero<00:11:23.920> point<00:11:24.079> five

zero point five

zero point five and<00:11:24.880> every<00:11:25.120> country<00:11:25.440> was<00:11:25.600> doing<00:11:25.839> that

and every country was doing that

and every country was doing that everyone<00:11:27.040> expected<00:11:27.680> there<00:11:27.839> to<00:11:27.920> be<00:11:28.000> a<00:11:28.160> really

everyone expected there to be a really

everyone expected there to be a really rapid<00:11:28.640> recovery<00:11:29.200> based<00:11:29.440> on<00:11:29.519> these

rapid recovery based on these

rapid recovery based on these huge<00:11:30.160> moves<00:11:30.399> and<00:11:30.560> interest<00:11:30.880> rates<00:11:32.160> so<00:11:32.320> my<00:11:32.480> job

huge moves and interest rates so my job

huge moves and interest rates so my job was<00:11:32.800> to<00:11:32.959> basically<00:11:33.360> bet<00:11:33.519> what<00:11:33.680> will<00:11:33.839> the

was to basically bet what will the

was to basically bet what will the interest<00:11:34.240> rate<00:11:34.399> be<00:11:34.640> in

interest rate be in

interest rate be in two<00:11:35.279> years<00:11:35.519> time<00:11:35.839> in<00:11:35.920> three<00:11:36.160> years<00:11:36.399> time<00:11:37.200> and

two years time in three years time and

two years time in three years time and based<00:11:37.760> on

based on

based on basically<00:11:38.800> will<00:11:39.279> when<00:11:39.519> will<00:11:39.760> the<00:11:39.839> economy

basically will when will the economy

basically will when will the economy recover

recover

recover if<00:11:41.600> you<00:11:41.680> go<00:11:41.839> back<00:11:42.000> and<00:11:42.079> look<00:11:42.240> at<00:11:42.399> the<00:11:42.480> history

if you go back and look at the history

if you go back and look at the history of<00:11:42.800> this<00:11:42.959> it's<00:11:43.279> really<00:11:43.519> interesting<00:11:44.000> because

of this it's really interesting because

of this it's really interesting because the<00:11:44.720> rates<00:11:44.959> collapsed<00:11:45.279> to<00:11:45.360> zero<00:11:45.600> in<00:11:45.680> 2008<00:11:46.800> and

the rates collapsed to zero in 2008 and

the rates collapsed to zero in 2008 and at<00:11:47.120> the<00:11:47.279> time<00:11:47.600> everyone<00:11:47.920> predicted

at the time everyone predicted

at the time everyone predicted they'll<00:11:48.800> go<00:11:48.959> up<00:11:49.120> in<00:11:49.200> 2009<00:11:50.560> then<00:11:50.720> when<00:11:50.880> 2009

they'll go up in 2009 then when 2009

they'll go up in 2009 then when 2009 came

came

came the<00:11:52.720> economy<00:11:53.040> was<00:11:53.200> still<00:11:53.360> weak<00:11:53.600> those

the economy was still weak those

the economy was still weak those predictions<00:11:54.160> got<00:11:54.320> pushed<00:11:54.480> back<00:11:54.639> to<00:11:54.839> 2010.<00:11:55.920> but

predictions got pushed back to 2010. but

predictions got pushed back to 2010. but in<00:11:56.240> 2010<00:11:56.880> it<00:11:56.959> was<00:11:57.120> 2011<00:11:57.839> 2011<00:11:58.480> it<00:11:58.560> was<00:11:58.639> 2012.

in 2010 it was 2011 2011 it was 2012.

in 2010 it was 2011 2011 it was 2012. in<00:11:59.760> 2012<00:12:00.399> it<00:12:00.480> was<00:12:00.560> 2013.<00:12:01.760> and<00:12:01.920> even<00:12:02.079> if<00:12:02.240> you<00:12:02.399> go

in 2012 it was 2013. and even if you go

in 2012 it was 2013. and even if you go back<00:12:02.800> last<00:12:03.120> year

back last year

back last year people<00:12:04.079> were<00:12:04.160> predicting<00:12:04.560> rises<00:12:04.959> for<00:12:05.120> this

people were predicting rises for this

people were predicting rises for this year<00:12:05.839> so<00:12:06.639> it's

year so it's

year so it's it's<00:12:07.360> really<00:12:07.839> it's<00:12:08.720> it's<00:12:08.959> some<00:12:09.279> it's<00:12:09.360> it's

it's really it's it's some it's it's

it's really it's it's some it's it's really<00:12:10.399> phenomenal<00:12:10.959> to<00:12:11.040> think<00:12:11.200> about<00:12:11.440> it's<00:12:11.600> as

really phenomenal to think about it's as

really phenomenal to think about it's as if<00:12:11.920> you<00:12:12.000> turn<00:12:12.160> on<00:12:12.240> the<00:12:12.320> weather<00:12:12.560> forecast

if you turn on the weather forecast

if you turn on the weather forecast and<00:12:13.279> they<00:12:13.440> were<00:12:13.600> just<00:12:13.760> predicting<00:12:14.800> 37<00:12:15.360> degrees

and they were just predicting 37 degrees

and they were just predicting 37 degrees and<00:12:15.839> sunny<00:12:16.160> every<00:12:16.399> day

and sunny every day

and sunny every day in<00:12:16.880> london<00:12:17.279> or<00:12:17.519> if<00:12:17.680> you<00:12:17.760> watch<00:12:18.000> the<00:12:18.079> penalty

in london or if you watch the penalty

in london or if you watch the penalty shooter<00:12:18.720> and<00:12:18.800> they<00:12:18.959> all<00:12:19.440> hit<00:12:19.680> off<00:12:19.760> for<00:12:19.920> a

shooter and they all hit off for a

shooter and they all hit off for a throw-in

throw-in

throw-in they've<00:12:20.800> just<00:12:20.959> been<00:12:21.120> wrong<00:12:21.440> every<00:12:21.680> single

they've just been wrong every single

they've just been wrong every single year<00:12:22.240> so<00:12:22.720> my<00:12:22.959> job<00:12:23.120> was<00:12:23.279> to<00:12:23.440> bet<00:12:23.680> will<00:12:23.920> this

year so my job was to bet will this

year so my job was to bet will this happen

happen

happen and<00:12:25.040> after<00:12:25.360> seeing<00:12:25.600> the<00:12:25.680> first<00:12:25.920> couple<00:12:26.240> of

and after seeing the first couple of

and after seeing the first couple of years<00:12:26.720> of<00:12:27.200> predicting<00:12:27.680> a<00:12:27.760> recovery<00:12:28.160> that

years of predicting a recovery that

years of predicting a recovery that didn't<00:12:28.480> happen

didn't happen

didn't happen i<00:12:29.600> started<00:12:29.920> to<00:12:30.000> become<00:12:30.959> i<00:12:31.120> started<00:12:31.360> to

i started to become i started to

i started to become i started to question<00:12:31.760> really<00:12:32.000> the<00:12:32.079> ideas<00:12:32.399> i<00:12:32.480> learned<00:12:32.639> at

question really the ideas i learned at

question really the ideas i learned at the<00:12:32.720> university<00:12:33.519> and

the university and

the university and why<00:12:34.639> is<00:12:34.800> the<00:12:34.880> recovery<00:12:35.360> not<00:12:35.440> happening<00:12:35.760> what

why is the recovery not happening what

why is the recovery not happening what is<00:12:36.160> the<00:12:36.240> problem<00:12:36.959> and<00:12:37.120> i<00:12:37.200> developed<00:12:37.760> these

is the problem and i developed these

is the problem and i developed these theories<00:12:38.480> that<00:12:38.639> inequality<00:12:39.200> is<00:12:39.360> much<00:12:39.600> more

theories that inequality is much more

theories that inequality is much more important<00:12:40.320> than<00:12:40.720> most<00:12:41.040> economists<00:12:41.519> to

important than most economists to

important than most economists to realize

realize

realize which<00:12:42.800> means<00:12:43.040> that<00:12:43.200> because<00:12:43.519> we're<00:12:43.680> not

which means that because we're not

which means that because we're not addressing<00:12:44.240> inequality<00:12:45.200> the<00:12:45.440> crisis

addressing inequality the crisis

addressing inequality the crisis will<00:12:46.639> be<00:12:46.800> very<00:12:47.040> very<00:12:47.279> long<00:12:47.519> term<00:12:48.240> because

will be very very long term because

will be very very long term because we're<00:12:48.959> not<00:12:49.120> fixing<00:12:49.440> the<00:12:49.519> underlying<00:12:49.839> problem

we're not fixing the underlying problem

we're not fixing the underlying problem essentially

essentially

essentially so<00:12:51.120> i<00:12:51.279> basically<00:12:51.760> bet<00:12:52.000> that<00:12:52.320> rates<00:12:52.560> will<00:12:52.720> stay

so i basically bet that rates will stay

so i basically bet that rates will stay zero<00:12:53.760> or<00:12:53.920> close<00:12:54.079> to<00:12:54.240> zero<00:12:54.480> for<00:12:54.639> a<00:12:54.720> very<00:12:54.959> long

zero or close to zero for a very long

zero or close to zero for a very long time

time

time and<00:12:56.160> they<00:12:56.320> did<00:12:56.720> is<00:12:56.880> it<00:12:57.040> right<00:12:57.360> to<00:12:57.519> say<00:12:57.920> that<00:12:58.160> if

and they did is it right to say that if

and they did is it right to say that if you're

you're

you're the<00:12:59.360> one<00:12:59.680> trader<00:13:00.560> who's<00:13:01.760> getting<00:13:02.000> the

the one trader who's getting the

the one trader who's getting the predictions<00:13:02.880> right

predictions right

predictions right and<00:13:04.320> everyone<00:13:04.800> else<00:13:05.120> is<00:13:05.279> getting<00:13:05.519> the

and everyone else is getting the

and everyone else is getting the predictions<00:13:06.399> wrong

predictions wrong

predictions wrong that<00:13:07.440> means<00:13:07.680> that<00:13:07.839> you're<00:13:08.000> going<00:13:08.079> to<00:13:08.240> make

that means that you're going to make

that means that you're going to make more<00:13:08.720> money<00:13:09.040> is<00:13:09.120> that<00:13:09.279> a<00:13:09.360> fair<00:13:09.680> assumption

more money is that a fair assumption

more money is that a fair assumption yeah<00:13:11.200> yeah<00:13:11.440> i<00:13:11.519> mean<00:13:11.839> the<00:13:12.320> things<00:13:12.560> have<00:13:12.639> changed

yeah yeah i mean the things have changed

yeah yeah i mean the things have changed a<00:13:13.120> little<00:13:13.200> bit<00:13:13.360> since<00:13:13.600> i<00:13:13.760> was<00:13:13.920> there

a little bit since i was there

a little bit since i was there um<00:13:16.399> but<00:13:16.720> back<00:13:16.959> then<00:13:17.680> you

um but back then you

um but back then you you<00:13:18.240> were<00:13:18.320> expected<00:13:18.800> to<00:13:18.959> make<00:13:19.519> personally<00:13:20.079> a

you were expected to make personally a

you were expected to make personally a percentage<00:13:20.639> of<00:13:20.720> what<00:13:20.800> you<00:13:20.880> made<00:13:21.120> for<00:13:21.279> the<00:13:21.360> bank

percentage of what you made for the bank

percentage of what you made for the bank it<00:13:22.079> was<00:13:22.240> all<00:13:22.399> a<00:13:22.480> little<00:13:22.639> bit<00:13:22.800> murky<00:13:23.279> because

it was all a little bit murky because

it was all a little bit murky because there's<00:13:24.639> no<00:13:24.880> contractual<00:13:25.519> obligation<00:13:26.000> for

there's no contractual obligation for

there's no contractual obligation for the<00:13:26.160> bank<00:13:26.399> to<00:13:26.480> do<00:13:26.720> that<00:13:26.959> so<00:13:27.120> at<00:13:27.200> the<00:13:27.360> end<00:13:27.519> of<00:13:27.600> the

the bank to do that so at the end of the

the bank to do that so at the end of the year<00:13:27.920> you<00:13:28.000> kind<00:13:28.160> of<00:13:28.240> have<00:13:28.399> to<00:13:28.639> hope<00:13:28.880> that<00:13:29.040> they

year you kind of have to hope that they

year you kind of have to hope that they actually

actually

actually pay<00:13:30.240> you<00:13:30.560> which<00:13:30.880> was<00:13:31.120> sort<00:13:31.200> of<00:13:31.360> a<00:13:31.440> strange

pay you which was sort of a strange

pay you which was sort of a strange setup<00:13:32.320> but<00:13:32.639> yeah<00:13:32.880> the<00:13:33.040> idea<00:13:33.519> is<00:13:33.600> that<00:13:33.760> you<00:13:33.920> will

setup but yeah the idea is that you will

setup but yeah the idea is that you will get<00:13:34.240> paid

get paid

get paid more<00:13:35.120> personally<00:13:35.600> if<00:13:35.760> you<00:13:35.839> make<00:13:36.079> more<00:13:36.320> for<00:13:36.480> the

more personally if you make more for the

more personally if you make more for the bank<00:13:37.120> as<00:13:37.279> you<00:13:37.440> had<00:13:37.760> this<00:13:38.000> realization

bank as you had this realization

bank as you had this realization did<00:13:39.120> your<00:13:39.440> politics<00:13:40.000> change<00:13:40.480> as<00:13:40.639> you<00:13:40.800> were

did your politics change as you were

did your politics change as you were doing<00:13:41.040> the<00:13:41.199> economics

doing the economics

doing the economics your<00:13:42.560> personal<00:13:42.959> politics<00:13:43.839> and<00:13:44.000> not<00:13:44.160> at<00:13:44.320> first

your personal politics and not at first

your personal politics and not at first because

because

because you<00:13:45.680> know<00:13:46.079> at<00:13:46.240> the<00:13:46.399> time<00:13:46.959> i<00:13:47.040> was<00:13:47.279> just<00:13:48.079> super

you know at the time i was just super

you know at the time i was just super focused<00:13:48.880> on

focused on

focused on understanding<00:13:50.480> the<00:13:50.880> economy<00:13:51.760> it's<00:13:52.160> it's<00:13:52.320> such

understanding the economy it's it's such

understanding the economy it's it's such an<00:13:52.639> interesting<00:13:53.120> place

an interesting place

an interesting place to<00:13:53.920> work<00:13:54.320> and<00:13:54.480> to<00:13:54.639> sort<00:13:54.800> of<00:13:54.959> be<00:13:55.199> there

to work and to sort of be there

to work and to sort of be there competitively<00:13:56.160> making<00:13:56.480> predictions

competitively making predictions

competitively making predictions trying<00:13:57.680> to<00:13:57.760> make<00:13:57.920> the<00:13:58.000> right<00:13:58.160> predictions<00:13:58.720> i

trying to make the right predictions i

trying to make the right predictions i was<00:13:58.959> really<00:13:59.199> just<00:13:59.360> single-mindedly<00:14:00.160> focused

was really just single-mindedly focused

was really just single-mindedly focused on

on

on try<00:14:01.279> make<00:14:01.440> the<00:14:01.519> right<00:14:01.680> prediction<00:14:02.079> try<00:14:02.160> and

try make the right prediction try and

try make the right prediction try and make<00:14:02.399> the<00:14:02.480> right<00:14:02.639> prediction<00:14:03.199> now<00:14:03.680> when<00:14:03.839> i

make the right prediction now when i

make the right prediction now when i first<00:14:04.320> came<00:14:04.560> to<00:14:04.720> this

first came to this

first came to this idea<00:14:06.079> that<00:14:06.480> i<00:14:06.639> think<00:14:06.800> inequality<00:14:07.360> is<00:14:07.519> much

idea that i think inequality is much

idea that i think inequality is much much<00:14:08.000> more<00:14:08.160> important<00:14:08.560> than

much more important than

much more important than economists<00:14:10.560> realize<00:14:11.040> or<00:14:11.120> what<00:14:11.279> they<00:14:11.360> teach<00:14:11.600> at

economists realize or what they teach at

economists realize or what they teach at university

university

university at<00:14:13.120> first<00:14:13.360> i<00:14:13.519> wasn't<00:14:13.760> certain<00:14:14.079> of<00:14:14.160> that<00:14:14.480> i<00:14:14.639> was

at first i wasn't certain of that i was

at first i wasn't certain of that i was quite<00:14:15.040> confident<00:14:15.519> because<00:14:15.839> you<00:14:15.920> know<00:14:16.000> i've

quite confident because you know i've

quite confident because you know i've been<00:14:16.240> thinking<00:14:16.560> about<00:14:16.720> these<00:14:16.880> ideas<00:14:17.120> for<00:14:17.199> a

been thinking about these ideas for a

been thinking about these ideas for a couple<00:14:17.440> of<00:14:17.519> years<00:14:17.839> but<00:14:17.920> i<00:14:18.000> wasn't<00:14:18.320> certain

couple of years but i wasn't certain

couple of years but i wasn't certain but<00:14:19.440> i<00:14:19.519> was<00:14:19.600> confident<00:14:19.920> enough<00:14:20.160> to<00:14:20.240> make<00:14:20.320> a<00:14:20.399> big

but i was confident enough to make a big

but i was confident enough to make a big bet<00:14:20.800> on<00:14:20.959> it<00:14:21.839> and<00:14:22.000> then

bet on it and then

bet on it and then yeah<00:14:23.040> when<00:14:23.279> it<00:14:23.440> came<00:14:23.680> back<00:14:24.160> super<00:14:24.480> successful

yeah when it came back super successful

yeah when it came back super successful and<00:14:25.120> it<00:14:25.199> was<00:14:25.440> phenomenally<00:14:26.000> successful<00:14:26.480> that

and it was phenomenally successful that

and it was phenomenally successful that year<00:14:26.800> when<00:14:26.959> i<00:14:27.040> did<00:14:27.199> that<00:14:27.440> 2011

year when i did that 2011

year when i did that 2011 i<00:14:28.639> was<00:14:28.800> the<00:14:28.880> most<00:14:29.040> profitable<00:14:29.440> trader<00:14:29.839> in<00:14:30.000> the

i was the most profitable trader in the

i was the most profitable trader in the bank<00:14:30.399> globally<00:14:31.040> that<00:14:31.199> year<00:14:31.440> on<00:14:31.519> the<00:14:31.600> back<00:14:31.839> of

bank globally that year on the back of

bank globally that year on the back of that

that

that then<00:14:33.680> when<00:14:33.920> that<00:14:34.160> came<00:14:34.399> back<00:14:35.920> at<00:14:36.079> first<00:14:36.320> i<00:14:36.399> just

then when that came back at first i just

then when that came back at first i just wanted<00:14:36.720> to<00:14:36.800> make<00:14:36.959> sure<00:14:37.120> i<00:14:37.199> got<00:14:37.440> paid

wanted to make sure i got paid

wanted to make sure i got paid because<00:14:38.639> this<00:14:38.880> is<00:14:38.959> a<00:14:39.120> weird<00:14:39.360> world<00:14:39.680> and<00:14:39.839> you

because this is a weird world and you

because this is a weird world and you know<00:14:40.320> they<00:14:40.480> might<00:14:40.639> just<00:14:40.880> fire<00:14:41.040> you<00:14:41.199> instead<00:14:41.440> of

know they might just fire you instead of

know they might just fire you instead of paying<00:14:41.839> you<00:14:42.000> and<00:14:42.160> it<00:14:42.240> was<00:14:42.399> a<00:14:42.480> lot<00:14:42.560> of<00:14:42.639> money

paying you and it was a lot of money

paying you and it was a lot of money that<00:14:42.959> was<00:14:43.120> on<00:14:43.199> the<00:14:43.279> line

that was on the line

that was on the line but<00:14:44.240> once<00:14:44.480> that<00:14:44.639> was<00:14:44.800> done<00:14:45.120> i<00:14:45.279> sort<00:14:45.440> of<00:14:45.600> sat

but once that was done i sort of sat

but once that was done i sort of sat back<00:14:46.000> and<00:14:46.160> i<00:14:46.240> thought<00:14:46.560> well<00:14:46.720> that<00:14:46.880> was

back and i thought well that was

back and i thought well that was strange<00:14:48.560> because<00:14:49.839> i<00:14:49.920> mean<00:14:50.160> you<00:14:50.240> might<00:14:50.480> think

strange because i mean you might think

strange because i mean you might think in<00:14:50.959> a<00:14:51.040> civilized<00:14:51.519> society

in a civilized society

in a civilized society if<00:14:52.959> you<00:14:53.519> have<00:14:53.760> been<00:14:53.920> paid<00:14:54.160> a<00:14:54.160> lot<00:14:54.320> of<00:14:54.399> money<00:14:54.720> to

if you have been paid a lot of money to

if you have been paid a lot of money to correctly<00:14:55.199> predict<00:14:55.600> that<00:14:55.680> there's<00:14:56.000> going<00:14:56.079> to

correctly predict that there's going to

correctly predict that there's going to be<00:14:56.320> a<00:14:56.399> long-term

be a long-term

be a long-term economic<00:14:57.680> crisis<00:14:58.240> there<00:14:58.399> might<00:14:58.560> be<00:14:58.639> some<00:14:58.800> sort

economic crisis there might be some sort

economic crisis there might be some sort of<00:14:59.040> like<00:14:59.199> escalation<00:14:59.839> like

of like escalation like

of like escalation like okay<00:15:00.480> you<00:15:00.560> should<00:15:00.720> probably<00:15:00.959> go<00:15:01.199> and<00:15:01.279> talk<00:15:01.440> to

okay you should probably go and talk to

okay you should probably go and talk to the<00:15:01.600> government<00:15:01.920> and<00:15:02.079> explain<00:15:02.720> what's<00:15:02.959> going

the government and explain what's going

the government and explain what's going to<00:15:03.120> happen<00:15:03.440> but

to happen but

to happen but they<00:15:04.399> just<00:15:04.560> said<00:15:04.800> all<00:15:04.959> right<00:15:05.519> that<00:15:05.680> was<00:15:05.920> great

they just said all right that was great

they just said all right that was great we<00:15:06.399> all<00:15:06.480> made<00:15:06.639> money<00:15:06.959> do<00:15:07.199> it<00:15:07.279> again

we all made money do it again

we all made money do it again it<00:15:08.079> was<00:15:08.240> only<00:15:08.560> after<00:15:09.199> it<00:15:09.440> happened<00:15:09.760> it<00:15:09.920> had

it was only after it happened it had

it was only after it happened it had been<00:15:10.160> really<00:15:10.399> successful<00:15:10.880> that<00:15:11.040> i<00:15:11.120> started<00:15:11.360> to

been really successful that i started to

been really successful that i started to think

think

think well<00:15:12.880> that<00:15:13.040> was<00:15:13.920> strange<00:15:14.720> if<00:15:14.800> you're<00:15:15.120> very

well that was strange if you're very

well that was strange if you're very very<00:15:15.440> good<00:15:15.600> at<00:15:15.680> making<00:15:15.839> economic<00:15:16.240> predictions

very good at making economic predictions

very good at making economic predictions you<00:15:17.199> can<00:15:17.279> get<00:15:17.440> paid<00:15:17.760> a<00:15:17.839> lot<00:15:18.959> by<00:15:19.199> bank<00:15:19.600> but

you can get paid a lot by bank but

you can get paid a lot by bank but there's<00:15:20.399> not<00:15:20.480> really<00:15:20.959> many<00:15:21.360> other<00:15:21.519> places<00:15:22.000> i

there's not really many other places i

there's not really many other places i mean

mean

mean that's<00:15:23.440> why<00:15:23.519> i'm<00:15:23.680> here<00:15:23.760> on<00:15:23.839> this<00:15:24.000> podcast

that's why i'm here on this podcast

that's why i'm here on this podcast right<00:15:24.560> to<00:15:24.639> try<00:15:24.720> and<00:15:24.800> tell<00:15:25.040> people<00:15:25.279> right<00:15:25.839> if

right to try and tell people right if

right to try and tell people right if the<00:15:26.160> government's<00:15:26.560> listening<00:15:26.880> give<00:15:27.040> me<00:15:27.120> a

the government's listening give me a

the government's listening give me a shout<00:15:27.440> i'll<00:15:27.519> work<00:15:27.680> for<00:15:27.839> free<00:15:28.079> i'll<00:15:28.240> tell<00:15:28.399> you

shout i'll work for free i'll tell you

shout i'll work for free i'll tell you what's<00:15:28.639> happening

what's happening

what's happening i<00:15:30.160> mean<00:15:30.560> but<00:15:30.880> just<00:15:31.199> that<00:15:31.759> story<00:15:32.560> i<00:15:32.639> mean<00:15:32.800> the

i mean but just that story i mean the

i mean but just that story i mean the story<00:15:33.360> itself

story itself

story itself is<00:15:34.079> just<00:15:34.880> extraordinary<00:15:35.920> because<00:15:36.240> of<00:15:36.320> course

is just extraordinary because of course

is just extraordinary because of course it's<00:15:36.880> just

it's just

it's just so<00:15:37.759> true<00:15:38.160> and<00:15:38.399> so<00:15:39.360> correct

so true and so correct

so true and so correct that<00:15:41.279> if<00:15:41.519> you<00:15:42.320> have<00:15:42.560> something<00:15:42.959> to<00:15:43.199> contribute

that if you have something to contribute

that if you have something to contribute to<00:15:44.399> the<00:15:44.560> structure<00:15:44.959> of<00:15:45.120> society<00:15:46.079> that<00:15:46.320> is<00:15:46.560> hang

to the structure of society that is hang

to the structure of society that is hang on<00:15:46.880> a<00:15:46.959> minute

on a minute

on a minute inequality<00:15:48.720> is<00:15:48.959> unproductive<00:15:50.079> to<00:15:50.320> our

inequality is unproductive to our

inequality is unproductive to our economy

economy

economy the<00:15:51.920> bank<00:15:52.240> has<00:15:52.480> made<00:15:52.880> a<00:15:53.120> massive<00:15:53.440> amount<00:15:53.759> of

the bank has made a massive amount of

the bank has made a massive amount of cash

cash

cash from<00:15:55.199> that<00:15:55.440> prediction<00:15:56.560> you<00:15:57.279> and<00:15:57.440> then<00:15:57.600> they

from that prediction you and then they

from that prediction you and then they say<00:15:58.000> okay<00:15:58.480> fine

say okay fine

say okay fine that's<00:16:00.000> good<00:16:00.240> work<00:16:00.959> go<00:16:01.120> away<00:16:01.519> and<00:16:01.680> do<00:16:01.920> it<00:16:02.000> again

that's good work go away and do it again

that's good work go away and do it again and<00:16:03.120> of<00:16:03.279> course<00:16:03.519> this<00:16:03.759> prediction<00:16:04.320> has<00:16:04.880> really

and of course this prediction has really

and of course this prediction has really a<00:16:05.360> lot<00:16:05.600> of<00:16:05.759> social<00:16:06.240> utility<00:16:06.880> for<00:16:07.040> the<00:16:07.120> rest<00:16:07.360> of

a lot of social utility for the rest of

a lot of social utility for the rest of society

society

society as<00:16:08.240> you<00:16:08.320> say<00:16:08.560> in<00:16:08.720> a<00:16:08.800> civilized<00:16:09.759> country<00:16:10.399> and<00:16:10.639> in

as you say in a civilized country and in

as you say in a civilized country and in a<00:16:10.880> civilized<00:16:11.519> world

a civilized world

a civilized world this<00:16:12.480> would<00:16:12.639> be<00:16:12.800> hang<00:16:13.040> on<00:16:13.120> a<00:16:13.199> minute<00:16:13.519> we<00:16:13.600> need

this would be hang on a minute we need

this would be hang on a minute we need to<00:16:13.920> have<00:16:14.639> significant

to have significant

to have significant macroeconomic<00:16:16.720> change<00:16:17.199> to<00:16:17.360> redress<00:16:18.480> the

macroeconomic change to redress the

macroeconomic change to redress the imbalance<00:16:19.279> between<00:16:19.680> labor<00:16:20.079> and<00:16:20.240> capital

imbalance between labor and capital

imbalance between labor and capital right

right

right i<00:16:21.519> mean<00:16:21.680> what<00:16:21.680> what<00:16:22.000> happened<00:16:22.320> was<00:16:22.959> this<00:16:23.199> sort

i mean what what happened was this sort

i mean what what happened was this sort of<00:16:23.440> problem<00:16:23.759> sort<00:16:23.920> of<00:16:24.000> built<00:16:24.240> up<00:16:24.399> in<00:16:24.480> me

of problem sort of built up in me

of problem sort of built up in me over<00:16:25.120> time<00:16:25.519> eventually<00:16:26.000> i<00:16:26.560> i<00:16:26.880> escalated<00:16:27.360> to

over time eventually i i escalated to

over time eventually i i escalated to management<00:16:27.839> and<00:16:28.000> i<00:16:28.079> said<00:16:28.240> you<00:16:28.320> know<00:16:28.560> i<00:16:28.639> just

management and i said you know i just

management and i said you know i just don't<00:16:28.959> think<00:16:29.120> i<00:16:29.279> can<00:16:29.360> do<00:16:29.519> this<00:16:29.839> anymore

don't think i can do this anymore

don't think i can do this anymore because

because

because i<00:16:31.120> think<00:16:31.519> you<00:16:31.600> know<00:16:32.079> my<00:16:32.320> genuine<00:16:32.720> predictions

i think you know my genuine predictions

i think you know my genuine predictions at<00:16:33.360> the<00:16:33.440> time

at the time

at the time were<00:16:34.399> that<00:16:34.560> the<00:16:34.720> economy<00:16:35.040> was<00:16:35.199> going<00:16:35.360> to<00:16:35.440> be

were that the economy was going to be

were that the economy was going to be really<00:16:36.240> weak<00:16:36.480> for<00:16:36.639> a<00:16:36.720> long<00:16:36.880> time

really weak for a long time

really weak for a long time and<00:16:37.680> they<00:16:37.839> still<00:16:38.160> are<00:16:38.320> they<00:16:38.480> have<00:16:38.639> been<00:16:38.800> ever

and they still are they have been ever

and they still are they have been ever since<00:16:39.360> and<00:16:39.519> the<00:16:39.759> predictions<00:16:40.240> have<00:16:40.320> been<00:16:40.399> very

since and the predictions have been very

since and the predictions have been very successful<00:16:41.199> ever<00:16:41.360> since<00:16:41.600> then

successful ever since then

successful ever since then and<00:16:42.399> you<00:16:42.560> know<00:16:42.720> after<00:16:42.880> about<00:16:43.040> six<00:16:43.279> months

and you know after about six months

and you know after about six months after<00:16:43.759> that<00:16:43.920> i<00:16:44.000> went<00:16:44.160> to<00:16:44.399> management<00:16:44.800> and<00:16:44.800> said

after that i went to management and said

after that i went to management and said yeah<00:16:45.120> i<00:16:45.199> think<00:16:45.279> i<00:16:45.440> need<00:16:45.519> to<00:16:45.600> take<00:16:45.759> some<00:16:45.839> time

yeah i think i need to take some time

yeah i think i need to take some time out<00:16:46.160> and<00:16:46.240> figure<00:16:46.480> out<00:16:46.560> what<00:16:46.639> i<00:16:46.800> can<00:16:46.880> do<00:16:47.120> here

out and figure out what i can do here

out and figure out what i can do here and<00:16:48.000> then<00:16:48.160> they<00:16:48.720> they<00:16:48.880> very<00:16:49.120> strongly

and then they they very strongly

and then they they very strongly encouraged<00:16:49.839> me<00:16:49.920> not<00:16:50.079> to<00:16:50.160> do<00:16:50.320> that<00:16:50.560> and<00:16:50.639> then

encouraged me not to do that and then

encouraged me not to do that and then about<00:16:52.000> a<00:16:52.079> year<00:16:52.240> later<00:16:52.560> i<00:16:52.639> went<00:16:52.800> back<00:16:53.040> and<00:16:53.120> said

about a year later i went back and said

about a year later i went back and said look<00:16:53.519> i<00:16:53.839> i<00:16:54.160> think<00:16:54.399> i<00:16:54.480> need<00:16:54.639> to<00:16:54.720> leave<00:16:54.959> i<00:16:55.040> think<00:16:55.199> i

look i i think i need to leave i think i

look i i think i need to leave i think i need<00:16:55.440> to<00:16:55.519> go<00:16:55.759> and<00:16:55.839> work<00:16:56.079> for<00:16:56.160> a<00:16:56.240> charity

need to go and work for a charity

need to go and work for a charity that's<00:16:57.759> work<00:16:57.920> on<00:16:58.079> inequality<00:16:58.639> because<00:16:59.199> i<00:16:59.360> just

that's work on inequality because i just

that's work on inequality because i just don't<00:16:59.920> think<00:17:00.160> it's<00:17:00.320> right<00:17:00.480> me<00:17:00.639> just<00:17:00.800> sitting

don't think it's right me just sitting

don't think it's right me just sitting here<00:17:01.199> making<00:17:01.440> money<00:17:01.759> on

here making money on

here making money on the<00:17:02.399> world<00:17:02.720> being<00:17:03.199> terrible<00:17:03.680> and<00:17:03.839> um<00:17:04.640> yeah

the world being terrible and um yeah

the world being terrible and um yeah let's<00:17:05.520> just<00:17:05.919> i<00:17:06.240> don't<00:17:06.400> want<00:17:06.480> to<00:17:06.559> go<00:17:06.640> in<00:17:06.720> too

let's just i don't want to go in too

let's just i don't want to go in too much<00:17:07.120> detail<00:17:07.439> on<00:17:07.520> that<00:17:07.679> but<00:17:08.079> let's<00:17:08.319> say<00:17:08.480> the

much detail on that but let's say the

much detail on that but let's say the bank<00:17:08.799> made<00:17:09.039> it<00:17:09.199> very<00:17:09.439> difficult<00:17:09.760> for<00:17:09.919> me<00:17:10.079> to

bank made it very difficult for me to

bank made it very difficult for me to make<00:17:10.400> that<00:17:10.559> decision

make that decision

make that decision of<00:17:11.600> finally<00:17:12.000> leaving<00:17:12.400> and<00:17:12.640> uh<00:17:12.880> talking

of finally leaving and uh talking

of finally leaving and uh talking publicly<00:17:13.600> about<00:17:13.760> inequality<00:17:14.319> so<00:17:14.559> yes

publicly about inequality so yes

publicly about inequality so yes it's<00:17:15.199> a<00:17:15.280> strange<00:17:15.600> world<00:17:15.760> we<00:17:15.839> live<00:17:16.079> in<00:17:16.160> where<00:17:16.400> if

it's a strange world we live in where if

it's a strange world we live in where if you<00:17:16.959> you<00:17:17.039> can<00:17:17.199> get<00:17:17.439> paid

you you can get paid

you you can get paid huge<00:17:18.799> sums<00:17:19.039> of<00:17:19.120> money<00:17:19.600> working<00:17:19.919> for

huge sums of money working for

huge sums of money working for investment<00:17:20.640> banks<00:17:21.039> betting<00:17:21.439> the<00:17:21.520> economy

investment banks betting the economy

investment banks betting the economy will<00:17:22.000> be<00:17:22.079> terrible<00:17:22.400> forever

will be terrible forever

will be terrible forever but<00:17:23.520> i<00:17:23.600> mean<00:17:23.839> after<00:17:24.000> i<00:17:24.079> went<00:17:24.240> to<00:17:24.400> oxford<00:17:24.799> and<00:17:25.039> to

but i mean after i went to oxford and to

but i mean after i went to oxford and to do<00:17:25.360> a<00:17:25.439> master's<00:17:25.760> degree<00:17:25.919> and<00:17:26.079> tried<00:17:26.240> to<00:17:26.319> tell

do a master's degree and tried to tell

do a master's degree and tried to tell the<00:17:26.559> professors<00:17:26.959> and<00:17:27.039> say<00:17:27.199> look<00:17:27.439> economy<00:17:27.760> is

the professors and say look economy is

the professors and say look economy is going<00:17:27.919> to<00:17:28.000> be<00:17:28.079> terrible<00:17:28.400> forever<00:17:28.799> and<00:17:28.880> they

going to be terrible forever and they

going to be terrible forever and they just<00:17:29.280> said<00:17:29.520> well<00:17:29.679> go<00:17:29.840> read<00:17:30.000> this<00:17:30.160> 100<00:17:30.640> page

just said well go read this 100 page

just said well go read this 100 page paper<00:17:31.360> you<00:17:31.440> know<00:17:31.760> they<00:17:31.919> weren't<00:17:32.160> too

paper you know they weren't too

paper you know they weren't too interesting

interesting

interesting i<00:17:34.400> think<00:17:34.559> that's<00:17:34.880> a<00:17:35.039> lot<00:17:35.200> of<00:17:35.360> the<00:17:35.600> journey<00:17:36.080> but

i think that's a lot of the journey but

i think that's a lot of the journey but i<00:17:36.720> mean<00:17:36.960> i<00:17:37.039> should<00:17:37.280> say<00:17:37.520> for<00:17:37.679> podcast

i mean i should say for podcast

i mean i should say for podcast listeners

listeners

listeners i<00:17:39.039> mean<00:17:39.200> you've<00:17:39.360> written<00:17:40.000> some<00:17:40.160> stuff<00:17:40.400> for

i mean you've written some stuff for

i mean you've written some stuff for open<00:17:40.880> democracy

open democracy

open democracy that<00:17:42.320> we<00:17:42.480> will<00:17:42.720> put<00:17:43.039> in<00:17:43.200> the<00:17:43.520> podcast

that we will put in the podcast

that we will put in the podcast description<00:17:45.039> but<00:17:45.200> we<00:17:45.360> came<00:17:45.600> across

description but we came across

description but we came across you<00:17:46.480> through<00:17:47.280> a<00:17:47.600> mutual<00:17:48.000> friend<00:17:48.320> who<00:17:48.480> works

you through a mutual friend who works

you through a mutual friend who works for<00:17:48.880> another<00:17:49.120> europe<00:17:49.520> is<00:17:49.679> possible<00:17:50.080> alina

for another europe is possible alina

for another europe is possible alina ravanava<00:17:51.120> he's<00:17:51.360> a<00:17:51.440> momentum<00:17:51.919> member

ravanava he's a momentum member

ravanava he's a momentum member in<00:17:52.799> tower<00:17:53.120> hamlets<00:17:54.000> so<00:17:54.240> just<00:17:54.559> at<00:17:54.720> this<00:17:54.960> stage

in tower hamlets so just at this stage

in tower hamlets so just at this stage you<00:17:55.840> know<00:17:56.320> you<00:17:56.559> must<00:17:56.880> have<00:17:57.280> in<00:17:57.440> this<00:17:58.000> journey

you know you must have in this journey

you know you must have in this journey through<00:17:59.200> citibank<00:18:00.320> to<00:18:00.559> oxford<00:18:01.520> you<00:18:01.840> ended<00:18:02.160> up

through citibank to oxford you ended up

through citibank to oxford you ended up thinking<00:18:02.799> well<00:18:02.960> hang<00:18:03.120> on<00:18:03.280> a<00:18:03.360> minute

thinking well hang on a minute

thinking well hang on a minute this<00:18:04.320> guy<00:18:05.120> jeremy<00:18:05.600> corbyn<00:18:06.160> momentum<00:18:06.799> they've

this guy jeremy corbyn momentum they've

this guy jeremy corbyn momentum they've actually<00:18:07.360> got<00:18:07.600> a<00:18:07.679> point

actually got a point

actually got a point i<00:18:08.240> mean<00:18:08.400> that's<00:18:08.799> like<00:18:09.440> a<00:18:09.600> quite<00:18:10.080> phenomenal

i mean that's like a quite phenomenal

i mean that's like a quite phenomenal journey<00:18:11.919> in<00:18:12.160> quite<00:18:12.320> a<00:18:12.400> short<00:18:12.720> space<00:18:13.039> of<00:18:13.200> time

journey in quite a short space of time

journey in quite a short space of time it<00:18:13.760> might<00:18:14.000> seem<00:18:14.240> like<00:18:14.400> a<00:18:14.480> big<00:18:14.640> journey<00:18:15.039> really

it might seem like a big journey really

it might seem like a big journey really but

but

but for<00:18:16.000> me<00:18:16.240> i<00:18:16.320> think<00:18:17.520> i<00:18:17.600> don't<00:18:17.760> view<00:18:18.000> myself<00:18:18.400> as<00:18:18.559> a

for me i think i don't view myself as a

for me i think i don't view myself as a hugely<00:18:19.280> political<00:18:19.679> person<00:18:20.080> but<00:18:20.320> you<00:18:20.400> know<00:18:20.880> my

hugely political person but you know my

hugely political person but you know my life<00:18:21.360> has<00:18:21.520> been

life has been

life has been devoted<00:18:22.720> for<00:18:23.039> 15<00:18:23.360> years<00:18:23.600> now<00:18:23.760> to<00:18:23.919> the<00:18:24.080> study<00:18:24.320> of

devoted for 15 years now to the study of

devoted for 15 years now to the study of economics<00:18:25.120> and

economics and

economics and i've<00:18:26.160> been<00:18:26.400> very<00:18:26.640> successful<00:18:27.360> doing<00:18:27.600> that

i've been very successful doing that

i've been very successful doing that i've<00:18:27.919> made<00:18:28.080> a<00:18:28.160> lot<00:18:28.240> of<00:18:28.320> money<00:18:28.559> doing<00:18:28.799> that<00:18:29.039> and

i've made a lot of money doing that and

i've made a lot of money doing that and i<00:18:29.520> think<00:18:29.760> it's<00:18:30.000> because<00:18:30.960> i<00:18:31.200> have<00:18:31.440> understood

i think it's because i have understood

i think it's because i have understood that<00:18:32.000> inequality<00:18:32.480> is<00:18:32.559> phenomenally

that inequality is phenomenally

that inequality is phenomenally important<00:18:34.559> i<00:18:34.640> think<00:18:34.799> if<00:18:34.880> you<00:18:34.960> don't<00:18:35.120> do

important i think if you don't do

important i think if you don't do something<00:18:35.520> about<00:18:35.840> it

something about it

something about it it's<00:18:36.720> not<00:18:36.799> just<00:18:37.039> the<00:18:37.120> moral<00:18:37.440> issue<00:18:37.600> here<00:18:37.760> you

it's not just the moral issue here you

it's not just the moral issue here you know<00:18:38.000> it<00:18:38.160> leads<00:18:38.480> to<00:18:39.120> low<00:18:39.360> wages<00:18:39.919> unaffordable

know it leads to low wages unaffordable

know it leads to low wages unaffordable housing<00:18:40.880> lower<00:18:41.039> living<00:18:41.280> conditions

housing lower living conditions

housing lower living conditions and<00:18:44.240> that's<00:18:44.480> what<00:18:44.559> i<00:18:44.640> think

and that's what i think

and that's what i think happens<00:18:45.600> if<00:18:45.679> you<00:18:45.760> have<00:18:45.840> very<00:18:46.000> high<00:18:46.160> inequality

happens if you have very high inequality

happens if you have very high inequality and<00:18:46.960> i<00:18:47.039> don't<00:18:47.200> think<00:18:47.360> it's<00:18:47.520> really<00:18:47.760> understood

and i don't think it's really understood

and i don't think it's really understood at<00:18:48.160> university<00:18:48.799> i<00:18:48.880> think<00:18:49.039> that's<00:18:49.200> the<00:18:49.280> reason

at university i think that's the reason

at university i think that's the reason why<00:18:49.679> i've<00:18:49.840> been<00:18:50.000> able<00:18:50.240> to

why i've been able to

why i've been able to beat<00:18:50.880> the<00:18:50.960> market<00:18:51.360> year<00:18:51.600> after<00:18:51.840> year<00:18:52.559> so<00:18:53.280> since

beat the market year after year so since

beat the market year after year so since i<00:18:53.760> think<00:18:54.000> that<00:18:54.480> that's<00:18:54.720> my<00:18:54.880> economic<00:18:55.280> view<00:18:56.080> i

i think that that's my economic view i

i think that that's my economic view i need<00:18:56.559> to<00:18:56.720> find<00:18:56.960> a<00:18:57.039> way

need to find a way

need to find a way to<00:18:57.440> get<00:18:57.600> my<00:18:57.760> voice<00:18:58.080> out<00:18:58.240> basically<00:18:58.640> so<00:18:58.799> i've

to get my voice out basically so i've

to get my voice out basically so i've been<00:18:59.200> looking<00:18:59.360> for<00:18:59.520> the<00:18:59.600> last<00:18:59.840> few<00:19:00.000> years

been looking for the last few years

been looking for the last few years basically

basically

basically just<00:19:00.799> spaces<00:19:01.280> where<00:19:01.440> i<00:19:01.520> can<00:19:01.840> speak<00:19:02.160> about

just spaces where i can speak about

just spaces where i can speak about inequality<00:19:03.039> and<00:19:03.200> its<00:19:03.280> relevance<00:19:03.679> to

inequality and its relevance to

inequality and its relevance to economics<00:19:04.240> so<00:19:04.480> i've<00:19:04.640> been<00:19:04.799> looking<00:19:05.120> through

economics so i've been looking through

economics so i've been looking through loads<00:19:05.919> of<00:19:06.000> different<00:19:06.240> channels<00:19:06.640> i

loads of different channels i

loads of different channels i volunteered<00:19:07.120> at<00:19:07.280> new<00:19:07.440> economics<00:19:07.840> foundation

volunteered at new economics foundation

volunteered at new economics foundation for<00:19:08.480> a<00:19:08.559> bit<00:19:08.799> working<00:19:09.120> with<00:19:09.280> a<00:19:09.360> guy<00:19:09.600> called

for a bit working with a guy called

for a bit working with a guy called james<00:19:10.080> midway

james midway

james midway when<00:19:11.520> momentum<00:19:12.000> popped<00:19:12.240> up<00:19:12.320> but<00:19:12.559> these<00:19:12.720> guys

when momentum popped up but these guys

when momentum popped up but these guys were<00:19:12.960> talking<00:19:13.280> a<00:19:13.280> lot<00:19:13.440> about<00:19:13.600> inequality

were talking a lot about inequality

were talking a lot about inequality and<00:19:14.480> i<00:19:14.559> thought<00:19:14.799> maybe<00:19:15.039> here's<00:19:15.360> a<00:19:15.520> place<00:19:16.240> where

and i thought maybe here's a place where

and i thought maybe here's a place where i<00:19:16.480> can<00:19:16.559> get<00:19:16.720> a<00:19:16.799> bit<00:19:16.880> of<00:19:17.039> a<00:19:17.120> voice

i can get a bit of a voice

i can get a bit of a voice to<00:19:18.320> be<00:19:18.400> honest<00:19:18.640> i've<00:19:18.720> been<00:19:18.880> looking<00:19:19.039> all<00:19:19.200> over

to be honest i've been looking all over

to be honest i've been looking all over the<00:19:19.440> place<00:19:19.600> you<00:19:19.679> know<00:19:19.760> i<00:19:19.840> wrote<00:19:20.000> for<00:19:20.080> the<00:19:20.160> daily

the place you know i wrote for the daily

the place you know i wrote for the daily express

express

express last<00:19:21.440> week<00:19:22.000> yeah<00:19:22.160> it<00:19:22.240> might<00:19:22.480> seem<00:19:22.640> like<00:19:22.799> a<00:19:22.880> long

last week yeah it might seem like a long

last week yeah it might seem like a long journey<00:19:23.280> to<00:19:23.440> be<00:19:23.520> honest<00:19:23.760> but<00:19:24.000> you<00:19:24.080> know

journey to be honest but you know

journey to be honest but you know i<00:19:24.559> look<00:19:24.799> i<00:19:24.880> learned<00:19:25.120> about<00:19:25.280> economics<00:19:25.840> at<00:19:26.320> lsu

i look i learned about economics at lsu

i look i learned about economics at lsu and<00:19:27.200> in<00:19:27.280> the<00:19:27.360> banking<00:19:27.760> sector<00:19:28.160> and

and in the banking sector and

and in the banking sector and the<00:19:29.039> way<00:19:29.280> i<00:19:29.440> see<00:19:29.679> it<00:19:29.840> is<00:19:30.240> if<00:19:30.400> we<00:19:30.480> don't<00:19:30.640> do

the way i see it is if we don't do

the way i see it is if we don't do something<00:19:30.960> about<00:19:31.120> inequality

something about inequality

something about inequality the<00:19:32.320> economy<00:19:32.720> is<00:19:32.799> going<00:19:32.880> to<00:19:32.960> be<00:19:33.039> in<00:19:33.200> a<00:19:33.280> really

the economy is going to be in a really

the economy is going to be in a really really<00:19:34.080> bad<00:19:34.400> way<00:19:34.720> so

really bad way so

really bad way so you<00:19:36.000> know<00:19:37.039> for<00:19:37.200> me<00:19:37.360> it's<00:19:37.440> not<00:19:37.520> a<00:19:37.600> political

you know for me it's not a political

you know for me it's not a political issue<00:19:38.320> do<00:19:38.480> you<00:19:38.559> want<00:19:38.640> an<00:19:38.799> economic<00:19:39.120> disaster

issue do you want an economic disaster

issue do you want an economic disaster or<00:19:39.679> don't<00:19:39.919> you

before<00:19:46.799> we<00:19:46.960> get<00:19:47.200> back<00:19:47.440> to<00:19:47.600> the<00:19:47.679> podcast<00:19:48.320> with

before we get back to the podcast with

before we get back to the podcast with gary<00:19:48.960> and<00:19:49.200> his<00:19:49.520> truly<00:19:49.919> amazing<00:19:50.400> story

gary and his truly amazing story

gary and his truly amazing story a<00:19:51.360> quick<00:19:51.679> shout<00:19:52.000> out<00:19:52.320> for<00:19:52.480> a<00:19:52.559> new<00:19:52.799> series<00:19:53.200> of

a quick shout out for a new series of

a quick shout out for a new series of podcasts<00:19:53.919> i've<00:19:54.080> made<00:19:54.320> for<00:19:54.480> the<00:19:54.559> lse

podcasts i've made for the lse

podcasts i've made for the lse about<00:19:55.600> the<00:19:55.760> causes<00:19:56.240> of<00:19:56.400> war<00:19:56.720> and<00:19:56.799> conflict<00:19:57.440> in

about the causes of war and conflict in

about the causes of war and conflict in the<00:19:57.679> 21st<00:19:58.400> century

the 21st century

the 21st century across<00:19:59.840> six<00:20:00.160> episodes<00:20:00.720> we<00:20:00.960> dig<00:20:01.280> deeper<00:20:01.760> into

across six episodes we dig deeper into

across six episodes we dig deeper into the<00:20:02.159> ideas<00:20:02.640> and<00:20:02.799> theory<00:20:03.280> you<00:20:03.520> need<00:20:03.760> to<00:20:03.919> make

the ideas and theory you need to make

the ideas and theory you need to make sense<00:20:04.480> of<00:20:04.640> society's<00:20:05.360> experiencing

sense of society's experiencing

sense of society's experiencing intractable<00:20:07.440> conflict<00:20:08.320> and<00:20:08.640> organized

intractable conflict and organized

intractable conflict and organized violence

violence

violence we<00:20:10.400> investigate<00:20:11.039> the<00:20:11.200> causes<00:20:11.600> of<00:20:11.760> conflict<00:20:12.320> in

we investigate the causes of conflict in

we investigate the causes of conflict in the<00:20:12.480> horn<00:20:12.799> of<00:20:12.960> africa<00:20:13.440> central<00:20:13.919> africa<00:20:14.400> and

the horn of africa central africa and

the horn of africa central africa and the<00:20:14.640> middle<00:20:15.039> east

the middle east

the middle east expose<00:20:16.320> the<00:20:16.480> networks<00:20:17.120> of<00:20:17.280> dark<00:20:17.679> money

expose the networks of dark money

expose the networks of dark money fueling<00:20:18.880> conflict

fueling conflict

fueling conflict and<00:20:19.919> uncover<00:20:20.400> the<00:20:20.559> positive<00:20:21.120> stories<00:20:21.919> of

and uncover the positive stories of

and uncover the positive stories of democratic<00:20:22.960> civil<00:20:23.360> society<00:20:24.000> resistance

democratic civil society resistance

democratic civil society resistance promoting<00:20:25.679> peace<00:20:26.240> and<00:20:26.559> social<00:20:27.039> justice<00:20:28.000> you

promoting peace and social justice you

promoting peace and social justice you can<00:20:28.400> find<00:20:28.720> them

can find them

can find them by<00:20:29.440> searching<00:20:29.919> for<00:20:30.240> conflict<00:20:30.799> zone<00:20:31.520> from<00:20:31.679> the

by searching for conflict zone from the

by searching for conflict zone from the lse

lse

lse wherever<00:20:33.039> you<00:20:33.200> get<00:20:33.440> your<00:20:33.600> podcasts<00:20:34.480> from

so<00:20:42.080> to<00:20:42.240> move<00:20:42.559> on<00:20:42.640> to<00:20:42.799> that<00:20:43.039> impending<00:20:43.440> disaster

so to move on to that impending disaster

so to move on to that impending disaster or<00:20:44.400> the<00:20:44.559> disaster<00:20:45.039> we're<00:20:45.280> already<00:20:45.679> in

or the disaster we're already in

or the disaster we're already in can<00:20:46.320> you<00:20:46.559> describe<00:20:47.039> how<00:20:47.200> the<00:20:47.280> economic

can you describe how the economic

can you describe how the economic choices<00:20:48.240> made<00:20:48.480> in<00:20:48.559> the<00:20:48.640> financial<00:20:49.200> crash

choices made in the financial crash

choices made in the financial crash produced<00:20:50.320> a<00:20:50.480> sharp<00:20:50.720> increase<00:20:51.039> in<00:20:51.120> global

produced a sharp increase in global

produced a sharp increase in global inequality<00:20:52.159> yeah<00:20:52.320> so<00:20:52.480> when<00:20:52.640> we<00:20:52.720> go<00:20:52.880> back<00:20:53.039> to

inequality yeah so when we go back to

inequality yeah so when we go back to 2008

2008

2008 this<00:20:54.640> is<00:20:55.280> what<00:20:55.520> economists<00:20:56.000> might<00:20:56.240> call<00:20:56.799> a

this is what economists might call a

this is what economists might call a demand<00:20:57.440> crisis<00:20:57.919> right<00:20:58.159> which<00:20:58.320> is<00:20:58.400> worth<00:20:58.640> just

demand crisis right which is worth just

demand crisis right which is worth just talking<00:20:59.039> about<00:20:59.280> just<00:20:59.440> a<00:20:59.520> little<00:20:59.679> bit

talking about just a little bit

talking about just a little bit it's<00:21:00.400> a<00:21:00.480> crisis<00:21:00.880> that<00:21:00.960> happens<00:21:01.280> when<00:21:01.520> suddenly

it's a crisis that happens when suddenly

it's a crisis that happens when suddenly people<00:21:02.559> stop<00:21:02.880> spending

people stop spending

people stop spending and<00:21:03.760> that's<00:21:04.000> an<00:21:04.159> interesting<00:21:04.559> crisis<00:21:04.960> because

and that's an interesting crisis because

and that's an interesting crisis because i<00:21:05.120> think<00:21:05.280> when<00:21:05.520> people<00:21:06.080> think<00:21:06.320> about

i think when people think about

i think when people think about economics

economics

economics they<00:21:07.600> tend<00:21:07.840> to<00:21:07.919> think<00:21:08.080> about<00:21:08.320> the<00:21:08.480> production

they tend to think about the production

they tend to think about the production side<00:21:09.200> of<00:21:09.280> things<00:21:09.679> they<00:21:09.840> think<00:21:10.000> oh<00:21:10.240> we've<00:21:10.400> got<00:21:10.480> a

side of things they think oh we've got a

side of things they think oh we've got a problem<00:21:10.880> because<00:21:11.039> we're<00:21:11.200> not<00:21:11.280> producing

problem because we're not producing

problem because we're not producing enough

enough

enough but<00:21:12.640> 2008<00:21:13.600> and<00:21:14.000> in<00:21:14.159> many<00:21:14.320> ways<00:21:14.640> also<00:21:15.200> this

but 2008 and in many ways also this

but 2008 and in many ways also this crisis<00:21:15.840> now

crisis now

crisis now is<00:21:17.280> coming<00:21:17.520> about<00:21:17.760> because<00:21:18.000> people<00:21:18.240> suddenly

is coming about because people suddenly

is coming about because people suddenly stop<00:21:18.880> spending<00:21:19.280> and<00:21:19.520> that<00:21:19.760> creates<00:21:20.080> a<00:21:20.240> problem

stop spending and that creates a problem

stop spending and that creates a problem because<00:21:20.880> if<00:21:20.960> people<00:21:21.280> stop<00:21:21.520> spending

because if people stop spending

because if people stop spending then<00:21:22.559> companies<00:21:23.200> let<00:21:23.360> off<00:21:23.520> workers<00:21:24.400> they

then companies let off workers they

then companies let off workers they don't<00:21:24.960> invest<00:21:25.280> they<00:21:25.440> don't<00:21:25.679> grow

don't invest they don't grow

don't invest they don't grow and<00:21:26.640> lots<00:21:26.799> of<00:21:26.880> people<00:21:27.120> lose<00:21:27.280> their<00:21:27.440> jobs<00:21:27.919> and

and lots of people lose their jobs and

and lots of people lose their jobs and we<00:21:28.640> get<00:21:28.799> high<00:21:28.960> unemployment<00:21:29.440> people<00:21:29.679> can't

we get high unemployment people can't

we get high unemployment people can't pay<00:21:30.000> their<00:21:30.159> bills<00:21:30.480> so

pay their bills so

pay their bills so in<00:21:31.360> that<00:21:31.520> sense<00:21:31.760> that<00:21:31.919> crisis<00:21:32.400> and<00:21:32.480> this

in that sense that crisis and this

in that sense that crisis and this crisis<00:21:32.880> is<00:21:32.960> now<00:21:33.120> quite<00:21:33.360> similar<00:21:34.000> now

crisis is now quite similar now

crisis is now quite similar now modern<00:21:35.679> mainstream<00:21:36.320> economic<00:21:36.799> thinking<00:21:37.120> like

modern mainstream economic thinking like

modern mainstream economic thinking like you<00:21:37.440> would<00:21:37.520> get<00:21:37.679> at<00:21:37.840> university<00:21:38.400> will

you would get at university will

you would get at university will basically<00:21:38.960> tell<00:21:39.120> you<00:21:39.280> there's<00:21:39.440> two<00:21:39.600> things

basically tell you there's two things

basically tell you there's two things you<00:21:39.919> can<00:21:40.080> do<00:21:40.240> in<00:21:40.320> this<00:21:40.400> kind<00:21:40.559> of<00:21:40.640> situation

you can do in this kind of situation

you can do in this kind of situation one<00:21:41.840> is<00:21:41.919> what<00:21:42.000> they'll<00:21:42.240> call<00:21:42.480> fiscal<00:21:42.880> policy

one is what they'll call fiscal policy

one is what they'll call fiscal policy which<00:21:43.520> is<00:21:43.679> basically<00:21:44.559> governments<00:21:45.039> just<00:21:45.200> come

which is basically governments just come

which is basically governments just come in<00:21:45.520> and<00:21:45.679> directly<00:21:46.240> spend

in and directly spend

in and directly spend so<00:21:47.200> the<00:21:47.280> problem<00:21:47.600> with<00:21:47.679> the<00:21:47.760> economy<00:21:48.080> is<00:21:48.159> not

so the problem with the economy is not

so the problem with the economy is not enough<00:21:48.480> spending<00:21:49.120> so<00:21:49.280> the<00:21:49.360> government<00:21:49.679> comes

enough spending so the government comes

enough spending so the government comes in<00:21:50.080> they<00:21:50.159> spend<00:21:50.480> themselves

in they spend themselves

in they spend themselves and<00:21:51.840> you<00:21:51.919> know<00:21:52.080> it<00:21:52.159> could<00:21:52.320> be<00:21:52.480> on<00:21:52.640> anything

and you know it could be on anything

and you know it could be on anything really<00:21:53.200> but<00:21:53.440> you<00:21:53.520> know<00:21:53.760> obviously<00:21:54.080> there's<00:21:54.240> a

really but you know obviously there's a

really but you know obviously there's a lot<00:21:54.400> of<00:21:54.480> talk<00:21:54.720> this<00:21:54.880> time<00:21:55.039> of<00:21:55.200> a<00:21:55.280> green<00:21:55.440> new

lot of talk this time of a green new

lot of talk this time of a green new deal<00:21:56.080> or<00:21:56.240> you<00:21:56.320> know

deal or you know

deal or you know necessary<00:21:57.440> investments<00:21:58.000> and<00:21:58.159> infrastructure

necessary investments and infrastructure

necessary investments and infrastructure this<00:21:58.960> kind<00:21:59.200> of<00:21:59.280> thing<00:21:59.520> but<00:21:59.679> the<00:21:59.840> idea<00:22:00.240> is<00:22:00.400> we

this kind of thing but the idea is we

this kind of thing but the idea is we don't<00:22:00.720> have<00:22:00.799> enough<00:22:00.960> spending<00:22:01.280> in<00:22:01.360> the

don't have enough spending in the

don't have enough spending in the economy

economy

economy so<00:22:02.240> the<00:22:02.400> government<00:22:02.799> comes<00:22:03.039> in<00:22:03.200> and<00:22:03.360> spends

so the government comes in and spends

so the government comes in and spends that<00:22:04.320> creates<00:22:04.640> the<00:22:04.720> spending

that creates the spending

that creates the spending that<00:22:05.600> creates<00:22:05.919> the<00:22:06.080> jobs<00:22:06.880> that<00:22:07.039> prevents