Moral Crisis, Legislative Failures
Prabhu discusses the moral and spiritual crisis surrounding the global economy, highlighting the violation of trust by political leaders and the lack of discussion on the role of lawmakers in the current crisis. He emphasizes the revocation of the Glass Steagall Act in 1999 and the subsequent legislation that allowed banks to engage in risky financial practices, leading to the present disaster. Prabhu argues for the need to regulate hedge funds, derivatives, and the excessive gambling that has plagued the financial industry.In this clip
From this podcast
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Related Questions
How did the financial crisis happen?
What role did regulation play in the financial crisis of 2008 as discussed in the episode Arnold Kling on Credit Default Swaps, Counterparty Risk, and the Political Economy of Financial Regulation and the clip Greenspan's Worldview, as well as in the episode Russ Roberts on the Crisis and the clip The Collapse's Underlying Causes?
What role did regulation play in the financial crisis of 2008 as discussed in the episode Arnold Kling on Credit Default Swaps, Counterparty Risk, and the Political Economy of Financial Regulation and the clip Greenspan's Worldview, as well as in the episode Russ Roberts on the Crisis and the clip The Collapse's Underlying Causes?