I talk about the crisis

Having done 13 or so podcasts on the financial crisis, I give my take in the latest episode of EconTalk, drawing on my recent paper, Gambling with Other People's Money.

In addition to the central argument of the paper–that the rescue of creditors made it easier to use excessive amounts of debt, inflating rates of return and making financial institutions more fragile, I also discuss the role of bias in evaluating narratives like mine. At the end, I talk my doubts about my narrative–alternative ...