Logo
    Search

    Debt to America! Jon Covers the Financial Crisis Part II | TDS Time Machine

    enSeptember 23, 2023

    Podcast Summary

    • The 2008 financial crisis and $700 billion bailoutThe 2008 financial crisis highlighted the need for oversight in large-scale interventions and the potential risks of unchecked agency discretion.

      During the 2008 financial crisis, then-Treasury Secretary Henry Paulson proposed a $700 billion bailout plan to rescue the financial industry. This massive sum of money, equivalent to buying 2,000 McDonald's apple pies for every American, raised concerns due to its size and lack of oversight. Paulson's conditions for accepting the funds included non-reviewability and agency discretion, sparking debates about accountability and transparency. Previously, former Federal Reserve Chair Alan Greenspan had expressed confidence in the financial market's resilience, but the crisis proved him wrong. This event underscores the importance of understanding the interconnectedness of the financial system and the potential consequences of large-scale interventions.

    • The Financial Crisis as a House of CardsPresident Bush's initial free market approach to the financial crisis was criticized, but he eventually intervened after realizing the severity of the situation. The crisis was seen as a final misstep for an already controversial administration.

      The financial crisis during the Bush administration was compared to a house of cards, with interconnected systems that could cause a domino effect when one institution failed. President Bush's free market principles were seen as contributing to the problem, but his initial response was to let the market correct itself. However, upon being briefed by experts, he realized the significance of the situation and took more interventionist measures. The crisis was seen as the final misstep for an administration already criticized for its handling of Katrina, Iraq, Guantanamo Bay, and the politicization of the judicial system. Despite the challenges, some believed the administration still had opportunities to create more damage before leaving office. The discussion also touched on the administration's penchant for secrecy and the potential for American children to face hardships as a legacy-building effort.

    • MTV Competition vs Clinton's Financial Intervention DiscussionFormer President Bill Clinton emphasized the importance of careful consideration and potential solutions, such as mortgage foreclosure moratoriums and modifications, to save the economy and taxpayers during financial interventions.

      During this season of competition on MTV, various legends, power players, and avocado lovers are vying for a $300,000 prize in Cape Town, South Africa. Meanwhile, in a different realm, former President Bill Clinton discussed the complexities of using large sums of money for societal issues during an interview. He emphasized the need for careful consideration and potential solutions, such as a moratorium on home mortgage foreclosures and reviewing mortgages for modification, to save both the economy and taxpayers. Clinton also highlighted the importance of government making a profit when providing financial aid. In essence, the discussions revolved around the intricacies of large-scale financial interventions and the need for balanced solutions.

    • The Financial Crisis: Housing Market Speculation and Government InterventionThe financial crisis was caused by excessive investment in the housing market due to low interest rates, resulting in unsustainable practices and government intervention. If the money had been directed towards renewable energy, it could have led to job creation and economic growth.

      The financial crisis of the early 21st century was caused by an excessive amount of money being poured into the housing market due to low interest rates, leading to speculation and unsustainable practices like subprime mortgages and derivatives. The government's involvement in the bailout was a heavier form of intervention, but not nationalization. If the money had been directed towards renewable energy and energy efficiency instead, it could have led to job creation, income growth, and competition for investment. Clinton emphasized the importance of growth-focused leadership in this context, suggesting that the outcome of the 2001 presidential election was significant in determining the economic direction of the country. The MTV Challenge podcast and MassageMD promotions were unrelated to the discussion.

    • Democratic Congress faces challenges in overseeing executive branchDespite achieving progressive legislation, the political divide between left and right dominates, but former Senator Al D'Amato believes Obama will win due to responsive campaign and demographic shifts, emphasizing the importance of focusing on issues rather than demonizing opposing sides.

      The current Democratic Congress faces significant challenges in effectively overseeing the executive branch due to their inability to pass legislation without presidential vetoes and lacking a veto-proof margin. This was contrasted with the Republican Congress in 1994, which was able to challenge the administration with a clear ideological agenda and a strong desire to block the opposing party. Despite the Democratic Congress's achievements in passing progressive legislation, the ongoing political divide between the left and right, reminiscent of the 1968 election, dominates the media and risks repeating the same divisive patterns. However, former Senator Al D'Amato believes that Senator Barack Obama will win the presidency due to his responsive campaign, intelligence, and the country's demographic shifts. He emphasizes that people vote for various reasons and that it's not surprising for different groups to identify with different candidates. The conversation in the media, he adds, should focus more on the issues and less on demonizing opposing sides.

    • Emphasizing the importance of choosing the right candidateThe 2008 Democratic National Convention focused on selecting a candidate who would restore the American dream, improve economic results, and strengthen the country's global position, rather than personal feelings or endorsements.

      The 2008 Democratic National Convention was not just about personal feelings or endorsements, but about which candidate truly represents the needs and concerns of the American people. Hillary Clinton and Bill Clinton emphasized the importance of voters choosing the candidate who will restore the American dream, improve economic results, and strengthen the country's position in the world. The Clintons acknowledged their long-standing relationship with John McCain but emphasized that the election is not a Rorschach test, but rather a choice between two candidates based on their policies and ability to lead. Additionally, the Clintons highlighted the importance of reaching out to voters who may not have initially supported Hillary, rather than expecting them to love the Clintons first. The ultimate goal was to win the election and give the country back to the American people.

    • Exploring The Daily Show's podcast universeThe Daily Show offers fans more ways to engage with their favorite content through expanding podcasts and weekly TV episodes on Comedy Central and Paramount Plus.

      There's plenty of entertaining content to explore from The Daily Show, both on television and podcasts. The Daily Show's podcast universe is expanding, and fans can now search for more shows to enjoy wherever they get their podcasts. Additionally, The Daily Show airs new episodes weekly on Comedy Central and Paramount Plus. Meanwhile, MTV's official challenge podcast is back for another season, and listeners can tune in on the Iheartradio app, Apple Podcasts, or wherever they get their podcasts. Overall, there's never been a better time to stay informed and entertained with these popular shows.

    Recent Episodes from The Daily Show: Ears Edition

    George Clooney Wants Biden To Step Down | Elizabeth Dias & Lisa Lerer

    George Clooney Wants Biden To Step Down | Elizabeth Dias & Lisa Lerer

    Desi Lydic and Jordan Klepper cover the latest news surrounding the Biden campaign, including a call from George Clooney for Biden to step down. Plus, they tackle Trump's latest rally ramblings. Trump has been a big proponent of the Taiwan-based electronic manufacturer Foxconn's opening of a massive factory in Wisconsin, promising thousands of new jobs. But it seems like the people of Wisconsin have been Fox-conned. Ronny Chieng investigates. Also, New York Times reporters Elizabeth Dias & Lisa Lerer sit down with Desi & Jordan to talk about their new book, “The Fall of Roe: The Rise of a New America.” 

    See omnystudio.com/listener for privacy information.

    Desi Lydic & Jordan Klepper Unpack Trump's Confusing Project 2025 Response | Aasif Mandvi

    Desi Lydic & Jordan Klepper Unpack Trump's Confusing Project 2025 Response | Aasif Mandvi

    Desi Lydic & Jordan Klepper cover Trump’s contradictory tweet about Project 2025, President Biden’s Parkinson’s panic, and Gwyneth Paltrow’s shitty house guest. Michael Kosta also helps Desi & Jordan get to the bottom of all of Biden’s medical house calls. Josh Johnson sat down with a panel of Black voters to ask, "Do we f**k with Trump?" Plus, former Daily Show correspondent and star of Paramount Plus’ “Evil” Aasif Mandvi reminisces with Desi and Jordan about some of his most memorable field pieces, from asking former Florida governor Rick Scott for a urine test, to nearly being arrested in a two-headed fish costume.

    See omnystudio.com/listener for privacy information.

    Jon Stewart Examines Biden’s Future Amidst Calls For Him to Drop Out | A.J. Jacobs

    Jon Stewart Examines Biden’s Future Amidst Calls For Him to Drop Out | A.J. Jacobs

    Jon Stewart digs into the backlash to America’s bed-wetting panic over Biden’s incoherence, some of the president’s recent slip-ups, the future of the Democratic candidate, and Biden’s promise in an ABC interview with George Stephanopoulos to give “fighting fascism” his all. Also, journalist and best-selling author A.J. Jacobs joins Jon to discuss his new book “The Year of Living Constitutionally,” which addresses a timely question: What does the Constitution actually say?

    See omnystudio.com/listener for privacy information.

    Meet The Daily Show Dogs | Behind the Show

    Meet The Daily Show Dogs | Behind the Show

    Daily Show dog celebs Walter and Riot steal the spotlight on this week's episode hosted by Michael Kosta, alongside showrunner Jen Flanz and producer Jocelyn Conn. Kosta, Jen, and Jocelyn discuss how TDS became the most dog-friendly show in late night and how their lovable canine colleagues inspired "Indogcision 2024: Rescuing Democracy," an event taking place at the RNC and DNC that will combine dog adoption and voter registration.

    See omnystudio.com/listener for privacy information.

    ‘Quon Chops It Up with Nathan Wade | George Conway Discusses Trump’s Legal Woes

    ‘Quon Chops It Up with Nathan Wade | George Conway Discusses Trump’s Legal Woes

    ‘Quon (Marlon Wayans) has a sit-down with former Trump prosecutor, Nathan Wade, to hear more about his affair with Fani Willis and advice for the Black men and haters who can’t get laid. Plus, conservative attorney, George Conway, sits with Ronny Chieng to discuss how Trump turned him off of the Republican party and offers advice to voters in the upcoming election.

    See omnystudio.com/listener for privacy information.

    Related Episodes

    Bail Out The Planet

    Bail Out The Planet
    Forget banks, forget airlines - can we bail out the planet? As the world begins to reopen from lockdown, we're asking whether the present 'reset' is a golden opportunity to tackle climate change. Can we cut emissions, and kill the coronavirus, and rescue the economy all at the same time? Plus, in the news: the whereabouts of the UK government's long-awaited contact tracing app; the man who can't see numbers; and the strange star that shouldn't exist... Like this podcast? Please help us by supporting the Naked Scientists

    A Republican Pollster on Trump’s Undimmed Appeal

    A Republican Pollster on Trump’s Undimmed Appeal

    The fact that Donald Trump is the front-runner for the G.O.P. nomination in 2024 has created a chasm in our politics. In the past, Democrats and Republicans at least understood why members of the other party liked their chosen candidates. Most conservatives weren’t confused why liberals liked Barack Obama, and vice versa for George W. Bush. But for a lot of Democrats, it feels impossible to imagine why anyone would cast a vote for Trump. And as a result, the two parties don’t just feel hostile toward each other; they feel increasingly unknowable.

    Kristen Soltis Anderson is a veteran Republican pollster, a founding partner of the opinion research firm Echelon Insights and a CNN contributor. She spends her days trying to understand the thinking of Republican voters, including hosting focus groups for New York Times Opinion. So I wanted to get her insights on why Republicans like Trump so much — even after his 2020 electoral loss, the Jan. 6 insurrection and over 90 criminal charges. What really explains Trump’s enduring appeal?

    Mentioned:

    Researcher application

    Associate engineer application

    Gallup's Presidential Job Approval Center

    Book Recommendations:

    Subtract by Leidy Klotz

    Party of the People by Patrick Ruffini

    Welcome to the O.C. by Josh Schwartz, Stephanie Savage and Alan Sepinwall

    Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

    You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

    This episode of “The Ezra Klein Show” was produced by Kristin Lin. Fact-checking by Michelle Harris, Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Rollin Hu. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser.

    Ep 939 | Russell Brand’s Jesus Journey & the State of the Race | Guest: Ron Simmons

    Ep 939 | Russell Brand’s Jesus Journey & the State of the Race | Guest: Ron Simmons
    Today we're giving a quick recap on the New Hampshire primary, where Donald Trump won and Nikki Haley claimed she has no intention of dropping out. Allie's dad, Ron Simmons, joins the show to break down our many questions on the upcoming election: What support does Nikki Haley actually have on the Right, and is Haley betting on Trump being incarcerated and unable to be the Republican candidate? Then, Russell Brand revealed that he's been reading the Bible and exploring Christianity. We explain why people like him are so needed in the commentary world and how exciting it is that he's exploring truth. We give a bit of advice on reading materials and encouragement for those in his position. We also take a look at a new mega-shark study that only further proves we don't actually know what dinosaurs (or things like "megalodon") looked like. Go to alliemerch.com to get our new Valentine's Day merch! --- Timecodes: (00:44) Intro / new merch (02:35) New Hampshire primary recap (07:59) Allie's dad on the primary race (32:16) Russell Brand explores Christianity (44:13) New dinosaur development --- Today's Sponsors: Naturally It's Clean — visit https://naturallyitsclean.com/allie and use promo code "ALLIE" to receive 15% off your order. If you are an Amazon shopper you can visit https://amzn.to/3IyjFUJ, but the promo code discount is only valid on their direct website at www.naturallyitsclean.com/Allie. Carly Jean Los Angeles — use promo code RELATABLE25 for $25 off an order of $125 or more, or RELATABLE50 for $50 off an order of $200 or more at CarlyJeanLosAngeles.com! Jase Medical — get up to a year’s worth of many of your prescription medications delivered in advance. Go to JaseMedical.com today and use promo code “ALLIE". Patriot Mobile — go to PatriotMobile.com/ALLIE or call 972-PATRIOT and use promo code 'ALLIE' to get a free smart phone with activation! --- Relevant Episodes: Ep 902 | Kat Von D on Becoming a Christian https://podcasts.apple.com/us/podcast/ep-902-kat-von-d-on-becoming-a-christian/id1359249098?i=1000633896154 Ep 861 | Did Dinosaurs Exist? | Guest: Ken Ham (Part One) https://podcasts.apple.com/us/podcast/ep-861-did-dinosaurs-exist-guest-ken-ham-part-one/id1359249098?i=1000625452083 Ep 862 | Can Christians Be Evolutionists? | Guest: Ken Ham (Part Two) https://podcasts.apple.com/us/podcast/ep-862-can-christians-be-evolutionists-guest-ken-ham/id1359249098?i=1000625594270 --- Buy Allie's book, You're Not Enough (& That's Okay): Escaping the Toxic Culture of Self-Love: https://alliebethstuckey.com/book Relatable merchandise – use promo code 'ALLIE10' for a discount: https://shop.blazemedia.com/collections/allie-stuckey Learn more about your ad choices. Visit megaphone.fm/adchoices

    A Conservative's View on Democrats' Biggest Weakness

    A Conservative's View on Democrats' Biggest Weakness

    “There is definitely a contest for the future of the center right,” says Reihan Salam, the president of the Manhattan Institute, a conservative think tank. In his telling, one side in this contest is “deeply pessimistic about the prospect of a diversifying America, explicitly anti-urban and increasingly willing to embrace redistribution and centralized power,” more so than conservatism before Donald Trump. This populist right has received a lot of attention since Trump’s election, and we’ve done other shows to try to understand it.

    But Salam is advancing a very different set of ideas with a very different theory of the electorate. He’s identified what he sees as a core fissure between the progressive elites who run the Democratic Party and the working-class voters of color who make up a large part of its base — particularly on issues of race and gender. And he believes that by putting forward an “urban conservative” agenda centered on education, housing and public safety, Republicans can exploit those internal cleavages and begin to win over demographics that have been central to the Democratic coalition.

    So for the final episode in our “The Rising Right” series, I wanted to use Salam’s thoughts to explore this alternate path for the American right. We discuss why the Republican Party has turned against major cities, whether antiracism is the right framework for addressing racial inequality, why he believes that children of Latino and Asian immigrants could become a core G.O.P. constituency, the difference between antiracism and “antiracialism,” the tactics of the anti-critical-race-theory movement, why he thinks there’s been an “overcorrection” on the right in favor of state power and redistribution, what a supply-side conservatism beyond just tax cuts could look like, why he believes we could be entering an era of “fiscal constraints” that could radically reshape policymaking on both the left and right and more.

    Mentioned:

    The Anti-C.R.T. Movement and a Vision For a New Right Wing” by Jay Caspian Kang

    America Needs Anti-Racialism” by Reihan Salam

    Ibram X. Kendi on What Conservatives — and Liberals — Get Wrong About Antiracism” by The Ezra Klein Show

    Prison-Gang Politics” by Christopher F. Rufo

    Book recommendations:

    Classified by David E. Bernstein

    Criminal (In)Justice by Rafael A. Mangual

    Sir Vidia’s Shadow by Paul Theroux

    The Strategy of Denial by Elbridge A. Colby

    Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

    You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

    “The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris, Rollin Hu and Mary Marge Locker; original music by Isaac Jones; mixing and engineering by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski.