Financial Fiasco

Sep 2, 2009

Cato Institute

Johan Norberg talked about his book Financial Fiasco: How America's Infatuation with Home Ownership and Easy Money Created the Economic Crisis (Cato Institute; September 25, 2009). He talked about the role that low interest rates and a push for home ownership played in the recent economic collapse in the U.S. He was joined by Mark .. Read More
Johan Norberg talked about his book Financial Fiasco: How America's Infatuation with Home Ownership and Easy Money Created the Economic Crisis (Cato Institute; September 25, 2009). He talked about the role that low interest rates and a push for home ownership played in the recent economic collapse in the U.S. He was joined by Mark Calabria, author of the article "Did Deregulation Cause the Financial Crisis?," in the July/August 2009 issue of Cato Policy Report. They used slides in their presentations and then responded to questions from members of the audience. "Diagnosing and Treating the Roots of the Financial Crisis" was a noon Capitol Hill Briefing given on Wednesday, September 2, 2009, by the Cato Institute in room B-339 of the Rayburn House Office Building.

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TRANSCRIPT

TIME SPEAKER TEXT
00:03:21 Unidentified Speaker THANK YOU VERY MUCH. AS YOU HEARD I AM SWEDISH AND I LIVE IN STOCKHOLM, SWEDEN AND SOME PEOPLE'S SUGGEST...
00:35:45 Unidentified Speaker I THINK WE HEARD EIGHT VERY GOOD DESCRIPTION OF HOW WE GOT HERE. I'M GOING TO TALK VERY BRIEFLY ABOUT...
01:00:24 Unidentified Speaker THE FED HAS USED THAT AS A WAY HAVE GAINED GET AROUND PRICE STABILITY. 2002 THROUGH 2005 NEGATIVE...
01:02:11 Unidentified Speaker [INAUDIBLE]
01:02:31 Unidentified Speaker I THINK WE NEED TO BE VERY CONCERNED WITH THE PUSH TOWARD INTERNATIONAL COORDINATION BROKE A FEW LOOK...
01:04:07 Unidentified Speaker I HAVE NOTHING TO ADD. NO. THAT I WOULD DRAFT THE ACT. [LAUGHTER] I WOULD JUST SAY THE MOST DANGEROUS...
01:05:25 Unidentified Speaker I DO THINK THERE IS ROOM FOR COORDINATION OF BANKRUPTCY REGIMES. WHILE I THINK TALLYMAN FAILURE HAS...
01:06:01 Unidentified Speaker I USED TO BE EXECUTIVE DIRECTOR OF THE WORLD BANK AND I SPOKE A LOT OF EXACTLY THIS PROBLEM THERE....
01:09:08 Unidentified Speaker I WOULD 100% I AGREE WHO BEARS THE LOSSES FOR THE RISK AND OUR PROPOSE ANY SYSTEM WITH THE UPSIDE...
01:09:25 Unidentified Speaker I THINK IT HAS ADDED TO THE CONTAGION OF THE PROBLEMS AROUND THE WORLD I THINK WE NEED TO GO TOO FAR...
01:10:58 Unidentified Speaker WHEN THE BUBBLE BURST WE ALL GET A BIG HEADACHE. AND WE CONCENTRATE ON THE HANGOVER. WAS THE PARTY...
01:11:31 Unidentified Speaker THERE ARE TWO POINTS I WOULD MAKE. THERE IS A LIVELY DEBATE WHETHER IT IS ACTUALLY A BUBBLE AND SOMETIMES...
01:14:10 Unidentified Speaker [INAUDIBLE]
01:14:40 Unidentified Speaker ONE OF MY REAL CONCERNS OF WHAT IS PROPOSED IS I DO VERY MUCH FEAR YOU'LL GET THESE INCENTIVES FOR...
01:16:26 Unidentified Speaker WEIR AND THE WORST OF BOTH WORLDS GOING BACK AND FORTH WHEN IT IS POLITICALLY VIABLE WHEN IT COMES...
01:16:38 Unidentified Speaker THANK YOU FOR COMING WE WILL STICK AROUND FOR A FEW MONTHS -- MINUTES 51 TO

NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.

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