Michael Lewis: Deregulating Wall Street Is Insane | CONAN on TBS

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  • เผยแพร่เมื่อ 17 ม.ค. 2017
  • Michael hopes the Trump administration doesn't brush aside the need for Wall Street regulation and send the country into another financial crisis.
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    Michael Lewis: Deregulating Wall Street Is Insane | CONAN on TBS
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ความคิดเห็น • 61

  • @umeercheema6895
    @umeercheema6895 7 ปีที่แล้ว +183

    Now.. Imagine Fallon doing an interview with him.
    "It's a big probl.."
    "HAHHAHAHAHAHAH!!!! SO GOOD!"

  • @We_Reddit
    @We_Reddit 7 ปีที่แล้ว +146

    It's simple - if you propose a regulation and the rich are up and arms about it, then you're probably on the right track.

    • @kreamowheat
      @kreamowheat 7 ปีที่แล้ว +3

      You need to qualify "rich." Most American's are exceedingly wealthy when compared to the world. If you work 1 hour at minimum wage, youve already made 3 times in a hour what 1/3rd of the world makes in a day (5 times in states like Washington, California or DC.) So rich is an entirely relative term. Another definition of regulation is government interference. Lets say you make, through wages 38K a year. you are already giving 1 out of every 4 dollars to the federal government and it only goes higher the more you earn to say nothing of state and local governments taking their share. Yes there are deductions, but still we are all already giving a lot of money to a government that mishandles it at every turn. you really want them in more business? You may want to stop and ask yourself, why do you want to give them more control, when they cant even manage themselves? Just look at the IRS. They spent 50 million of your dollars on conferences in 3 years where they had speakers paint picture of Bono and built 15 bikes for the needy that cost you and me 75,000 dollars. What about the GSA sending 15 people to Vegas to scout a hotel for a conference that cost you and me 850,000 dollars for only 200 attendants. It went 200,000 over budget... btw.. the director of that conference got a bonus that year. How about the VA giving 2.8 million dollar bonuses to senior executives instead of veterans who need it. What about the IRS failing to collect nearly 385 billion tax dollars each year because they failed to adhere to policies.
      So we really dont need more government regulation when they cant even regulate themselves.

    • @HunterTinsley
      @HunterTinsley 7 ปีที่แล้ว

      You sound like a loser.

    • @justinberg8687
      @justinberg8687 7 ปีที่แล้ว

      kreamowheat your ideas sound like a good argument for more regulations for the government on themselves rather than an argument against regulations on wall-street.

    • @lindor1695
      @lindor1695 7 ปีที่แล้ว

      N/A - kreamoheat sounds educated.

    • @kreamowheat
      @kreamowheat 7 ปีที่แล้ว +1

      I am actually asking for less government regulation on themselves and more transparency and accountability. Take the National Forest Service sexual harassment investigation at Yosemite. During the Congressional Oversight investigation, it was discovered that in order to terminate a federal parks employee, an 80 page manual was needed had all the steps to fire someone and there were exceptions to every exception and rules a mile long. In order to fire someone, the manual should be like 80 words long. You need to ask, who oversees government regulation? The government does. An agency or government cannot regulate itself, just like the oil or airlines cant regulate themselves concerning safety. The problem is when you regulate, you obfuscate. Its so much easier to hide things when there is regulation on top of regulation on top of regulation that has a 600 page manual with 20 addendums to go along with it because unless the government agency responsible intently scrutinizes (and we know they do not because of their own behavior) then the regulations are for naught. Do i think there should be zero regulation? No, especially concerning safety of people and the environment, but digging into companies to make sure they hire the correct percentage of black vs white vs hispanic vs asian or they dont get certain perks is ridiculous. Or changing the FAA's Air traffic control hiring practices so that more blacks get the job even if there is a more qualified white person is simple unacceptable. You want to see the perfect example of a government-involved business look at the Postal Service. There are dozens of things they could easily do to reduce cost, but because they are government-regulated, they are swimming in red.

  • @qtip4747
    @qtip4747 7 ปีที่แล้ว +64

    I like that Conan gets guests like these, very interesting, something else and not just people plugging their latest project. I know he has a book, but still.

    • @ireneadler4925
      @ireneadler4925 7 ปีที่แล้ว +8

      search for serious jibber jabber on youtube

  • @TheTuubster
    @TheTuubster 7 ปีที่แล้ว +43

    Socialism for the Rich: "Socialize losses, privatize profits."

  • @HunterTinsley
    @HunterTinsley 7 ปีที่แล้ว +19

    The only people that oppose regulation are either ignorant or greedy. If you're ignorant, I hope you come around and accept reality. If you're greedy, go to hell.

    • @TheTeatimecrumpet
      @TheTeatimecrumpet 7 ปีที่แล้ว +1

      Hey how about you click my link too:
      www.fakenewsscam.com/Ipostlinkstobullshit/forreal

  • @goodtaste4
    @goodtaste4 7 ปีที่แล้ว +5

    The debt money system is per design condemned to collapse.

  • @Tcelly
    @Tcelly 7 ปีที่แล้ว +1

    preach my brother

  • @TheTeatimecrumpet
    @TheTeatimecrumpet 7 ปีที่แล้ว +3

    Leveraged ETFs are the next problem for the US. It's basically gambling.

  • @saifhashimi7198
    @saifhashimi7198 7 ปีที่แล้ว +1

    This is really funny today I had an economics class talking about the wallstreat crisis coincidence?

    • @xxnike0629xx
      @xxnike0629xx 7 ปีที่แล้ว +2

      It must be a sign!
      O_O
      ...lol

    • @Olof950
      @Olof950 7 ปีที่แล้ว

      wow same here, but I hade mine yesterday, which course? Mine was Financial Economics... :)

  • @johnjhill3
    @johnjhill3 7 ปีที่แล้ว +3

    Regulation basically means "Don't do bad things."
    Who would oppose that except for those who Want to do bad things?
    Why not take down all the signs and markings on the highways, if regulation is bad? Certainly those who have earned a driver's license can make up their own minds about what needs to be done to get to 'there.'

  • @luyombojonathan6688
    @luyombojonathan6688 ปีที่แล้ว

    Deserves more views

  • @daviskampschror4874
    @daviskampschror4874 7 ปีที่แล้ว

    you also have to account for the perverse incentive by the government(low interest rates, fannie/freddie special treatment, fdic picking up the tab on bad debt) a bunch of stuff

  • @zerocoolcat
    @zerocoolcat 3 ปีที่แล้ว

    He reminds me of Michael J. Fox somehow...?

  • @akshatdesai734
    @akshatdesai734 7 ปีที่แล้ว

    yay!~

  • @nonchalantd
    @nonchalantd 7 ปีที่แล้ว

    Conan should start a Charlie Rose style show.

  • @theolav12
    @theolav12 7 ปีที่แล้ว +1

    Before I clicked it said 0 views
    Click it immiediately and it is 1347

  • @PeopleHealthTec
    @PeopleHealthTec 6 ปีที่แล้ว +1

    Flash crash Feb 5 2018. Created and manipulated by high speed trade computers. see the bids, send a faster bid to buy before the slower orders fill. move the price. faster and faster. fill orders at manipulated prices. faster the price move, the bigger the profits for high speed traders. flash crashes. watch 60 minutes 'Is the market rigged?'

  • @simoncarlile5190
    @simoncarlile5190 7 ปีที่แล้ว

    I understand the anger at elites. I don't understand how putting an elite (not only an elite, but an obnoxious, ignorant one) into the White House is supposed to fix anything.

  • @garvit612
    @garvit612 7 ปีที่แล้ว

    Another financial crisis. I say "Bring it on"

  • @cletus2941
    @cletus2941 7 ปีที่แล้ว +2

    I kept hoping Bill Burr would somehow appear and weigh in on this :)

    • @AlmostaFlipinSkater
      @AlmostaFlipinSkater 3 ปีที่แล้ว

      Bill Burr has good intuition but he told Mike Tyson he doesn't know much. Billy Burr would look like an idiot talking Wall Street next to Michael Lewis

  • @TheMetalAllfather
    @TheMetalAllfather 7 ปีที่แล้ว +1

    Keynesian economics in a nutshell.

  • @ScooterCentral952
    @ScooterCentral952 7 ปีที่แล้ว +7

    why am I here so early

    • @0991ekul
      @0991ekul 7 ปีที่แล้ว +4

      instead ask yourself, why do you ask stupid rhetorical questions on youtube?

    • @ScooterCentral952
      @ScooterCentral952 7 ปีที่แล้ว

      to trigger people like you :)

    • @ScooterCentral952
      @ScooterCentral952 7 ปีที่แล้ว

      love ya tho ;)

    • @0991ekul
      @0991ekul 7 ปีที่แล้ว

      James Lewis well did you find out why you were here so early? i am dying to not find out.

    • @ScooterCentral952
      @ScooterCentral952 7 ปีที่แล้ว

      inner peace my child

  • @bbiggie97
    @bbiggie97 7 ปีที่แล้ว

    1:13 "they were encouraged to make bets, gambles in the market." He is absolutely correct in this statement because you had Fannie and Freddie guaranteeing loans, the elimination of "red-zones" (zones where loans were not given to people because the area was unreliable), and near-zero interest rates set by the Fed. But is this unhampered capitalism? Absolutely not. This is economic fascism; private gain and public (taxpayer) loss.
    Capitalism and laissez-faire is about private gain and private loss. Bank bailouts, taxpayer-subsidized loan insurance programs, and artificially low interest rates is not capitalism, it is cronyism.
    So it is in fact government regulation and "stimulation" that caused the 2008 crash. We all know Wall Street got drunk, but who gave them the booze?

  • @m35926
    @m35926 7 ปีที่แล้ว

    The market crashed even worse than 2008, 1929 back in 1987 but none of you have ever heard of that crash. You know why? *Because the government didn't bail out anyone and within 6 months the market was fine again*

    • @TheTeatimecrumpet
      @TheTeatimecrumpet 7 ปีที่แล้ว +5

      Um...we actually did. During the great depression the US government purchased bad debt from the banks essentially giving them money to stay afloat and keep operating and directly giving reprieve to normal people. We also had a bailout in 1989.
      *But hey keep bolding whatever you say it might make it true*
      OR MAYBE NEXT TIME YOU CAN CAPITALIZE IT ALL
      OR *MAYBE BOLD AND CAPITALIZE?*

    • @SOSLICK22
      @SOSLICK22 7 ปีที่แล้ว

      He isn't talking about the great depression.

    • @TheTeatimecrumpet
      @TheTeatimecrumpet 7 ปีที่แล้ว +3

      +Soslick22 We still had to be bailed out shortly thereafter in 1989. The "crash" in 1987 was a dip in the stocks determined by market forces in one day. The devaluation was psychological more than anything else and wasn't a direct result of systemic problems or unrecoverable debt like in 2008.
      Regulation came to avert flash crashes similar to this that wiped out massive amounts of perceived value.
      Even with the circuit breakers put in place we even experienced a devaluation of stocks when fake news reported Obama had been injured in an explosion because of automated trading similar to what happened in 1987...human intervention had to rectify those bot trades.

  • @FelipeBragaSantos
    @FelipeBragaSantos 7 ปีที่แล้ว

    Wrong

  • @coyb-rd1ft
    @coyb-rd1ft 7 ปีที่แล้ว +1

    if this comment gets pinned...I will be happy

  • @SabatajPresents
    @SabatajPresents 7 ปีที่แล้ว

    2nd thumb..