Economics & Beyond with Rob Johnson
News:News Commentary
On September 15, 2008, Lehman Brothers, a giant investment bank with a storied history, filed for bankruptcy. The shock was profound; world markets melted down.
Over the next few days, one financial behemoth after another, including American International Group (AIG), Washington Mutual, and Wachovia collapsed. The crown jewels of Wall Street – Morgan Stanley and Goldman Sachs – slid toward the abyss. The Federal Reserve, the Treasury, and other regulators were forced to step in, sometimes in conjunction with famous private investors, to rescue the system. The government in effect nationalized AIG and, after two cliffhanging votes in Congress, it directly injected capital into leading private banks.
Ever since then, debates have raged about why the authorities – the Fed and the Treasury -- allowed Lehman to go broke, after earlier helping to salvage a series of other institutions.
In this Podcast, INET President Robert Johnson and INET Research Director Thomas Ferguson review those dramatic events. They also draw disquieting parallels between the Lehman debacle and more recent episodes of financial deregulation, including recent controversies over crypto and private equity.
Rana Foroohar: The Path to Prosperity in a Post-Global World
Albert Wenger: The World After Capital
Frank McCourt: Trading Fear for Hope
Alan Murray: The Search for the Soul of Business
Thomas Piketty: Quality of Life for Billions of People is at Stake
Gary Gerstle: The Rise and Fall of the Neoliberal Order
Jeffrey Sachs: Peace is the Result of Diplomacy, Never of War
Chen Long: Creating a Digital Circular Economy for Net Zero
Peter Temin: Black and White America Always on Separate Trajectories
Norman Solomon: The Ukraine War and the Madness of Militarism
Joanna Chiu—China vs. West: New World Disorder
Kishore Mahbubani: The Return of Asia in the 21st Century
Richard Kozul-Wright & Kevin Gallagher: Re-orienting Global Finance Towards Ecological and Social Goals
Peter Barnes: The Problem of Ownership in Capitalism
Michael Spence: We Are Entering a New Economic World
Sarita Mohanty: Investing in Compassion
Anand Giridharadas: How We Are Going to Live Together Is Up for Grabs
Patrick Lawrence: The US Doesn’t Pursue Foreign Policy, Only Security Policy
Max Lawson: The Pandemic’s Billionaire Variant
Ajay Chhibber: Unshackling India for Economic Revival
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