Thank you for the feedback. We always do our best to give as much context as possible for the edited lecture and strike a balance between showing the presenter and showing their slides. Unfortunately, this lecture was recorded more than four years ago, so we are unable to address this particular video. In many cases, the presenter gives us guidelines about what they want to include in the video. Thanks for watching!
Because during the Financial Crisis, they did not allow the debt to go totally bad, but keep it alive but in limbo, this problem was just pushed down the road. Because of this, during the next financial crisis there may be no way the government can bale out the Financial Sector again and then the fun begins.
When you listen to him it's like pulling back the curtain. Or the analogy that he gave that I love so much.😅 When the tide goes out you can tell who is naked. ( in so many words)
Wouldn't be useful. They'd just start shouting over him. There'd never be "debate" in the sense of a statement and reply. Right wing entertainers do not engage in civil discourse, they do not present facts, and they do not argue in good faith.
peter schiff or whatever his name is but in general msnbc, fox even 'independent' shows like glenn becks are all just propaganda shows they don't want a real debate of real ideas or facts
+scott sanger His prescription is to stop austerity policies because they're counter-productive. You don't need to come up with a miracle-grade, all-encompassing fix to the world's economic woes to have one good policy recommendation: Stop austerity, it doesn't work. It just deprives distressed eurozone countries of the growth they need to recover from the crash.
53:23 I heavily disagree about the part that we supposedly don’t care about cities. It’s more that we have so much despair and cynicism about anything being done. It’s like a meme I saw “I scream but God doesn’t listen”. I am from Louisiana and we hated seeing the destruction of New Orleans and we absolutely blamed the government and blamed everyone involved in the non-response. Help isn’t coming, for us, so we often feel like we should just save our breath.
The question "how does someone with money act to prevent something like this?" is a good one. The major reasons for the bubbles were that people were borrowing to buy products that depreciated too quickly. It's just not sustainable. It's not a simple rule of thumb "don't borrow to consume", but it's nearly there. Borrowing to buy something that's going up in price is something to watch very carefully. It's where bubbles come from. Conversely, "borrowing to increase *production* or decrease *costs* CAN very easily be good for an economy. If a house uses less energy, it's more money in your pocket and more energy available to do other things. People with money can help by looking for things to spend money on that create economic win/win. If you hire someone to create something that doesn't depreciate, then it creates permanent growth. Or if it makes money faster than its depreciation, it creates growth. You can hire a young lady to bring you pitchers of beer, or you can hire her to work on cancer. You can hire a guy to clip and throw grass into the landfill, or you can hire him to plant berry bushes. Some of those services appreciate, some depreciate.
The ONLY thing I hear wrong in Mark's talk is his insistence that America *must* raise taxes on the wealthy. He makes a good point that the effective tax rate on the wealthy is 18% so taxes *could* be increased or loopholes closed. Or you might say *should* , not must. Steve Bannon said he wanted 44% tax rate on the upper crust, and zero taxes on wages and salaries, to flatten incomes, but he could not get thru THAT much grassroots populism. (That was a conservative viewpoint in the Coolidge Administration.) Tax cuts on ordinary lower and middle class wages and salaries can boost sales and profits, as well as increasing savings (which includes paying down old debts like college). (Finance sector might even gain from more people being able to afford to buy a house.) MMT "oughts" include suspending FICA tax collection while increasing Social Security and Medicare. Alan Greenspan explained that to Paul Ryan in C-SPAN a decade ago. Uncle Sam can always make any payments it chooses. Federal checks don't bounce. The SS & Medicare system design has an accounting method whereby payroll taxes are collected and counted against spending, but actual operations are nothing different from defense or other spending: Appropriations and budget authority to Executive to issue payments, then payments coming from Treasury, thru Fed, to checking accounts. Payroll tax does not make Uncle Sam "more solvent" in reality, it only appears that way on federal spreadsheets and generated reports -- ignoring actual operations which amounts to printing money. You could say that we "print the money" as Trump says, but Congress really just orders *Appropriations* and then grants *budget authority* to executive agencies. That fiscal policy is a LEGAL PROCESS not financial. The matter of how they get the numbers to appear in accounts is convoluted, but it can't come from taxpayers. China isn't "financing" us with our own Dollars. US govt spending, and corporate and consumer spending decisions, that is what's financing China's dollar savings surplus, which they store in term-dollar accounts aka T-bonds.
I saw a guy on Joe Rogan suggesting that the minimum wage should scrapped to help ease unemployment - which seems like an obvious fast-track to even greater exploitation. The response about welfare that Mark gives here is probably the most deep & concise rebuttal I've heard.
@@aarontait6223 Minimum wage is a bad idea if you're Sweden. There the unions are pretty strong, and the government lets the parties (unions and employers) negotiate about wages and everything else.
HI felicity4711, I know this is a bit of distraction from the wonderfull video but I do beleive his parents were both born in England. i think maybe further back in his family may have been Scottish. I can also assure you while Mike Myers "Scottish" accent sounds fun and is acceptable for the purpose in his films, It is no true Scottish accent. From a Scot with over 50 years of listening to Scots :-)
Making loans with no chance of the loan being paid back was the basic reason for the collapse ... the cost was not only the lose of the loan but the price of the commission paid to the banker ...
You're right except for one detail. The kind of loans you're talking about were not made by bankers. They were made by companies called "mortgage brokers," who made the mortgages and then sold them to banks.
They sure did when they packaged the mortgages into Asset Backed Derivatives and sold *them.* I'm not saying the bankers were not bad people, I'm saying that some of what they did was not illegal.
As with all his presentations, I find Dr. Blyth’s analysis quite compelling. However he left off the most important part of the beginning of the story which is why US banks began to make so many loans to people who could not pay them back. This process begins back in the Carter administration, as a suggestion with a little federal push behind it. That push turned into a gun to the head of banks under the Clinton administration. The banks were forced to make “crappy loans” consequently were incentivized not to hold them. Which became the fertilizer on the system but ultimately spun out of control and brought you the 2008 crisis.In his explanation the bankers become the scapegoat for the entire problem when in fact they are complicit with the heavy end of government.
From what I understand(I might be wrong) it was political pressure to free people from the endless poverty loop by helping them invest in 'society',owning their own home was deemed to be the first rung of the ladder. The banks upto that point only lent to people with money or a regular income and good credit rating.
There may be only 55 million handguns in the U.S., but there are far more firearms than that about here. The received stats are that we have just slightly over 1 firearm per capita (i.e. over 300 million firearms in the U.S.), and something like 40% of American households have at least one, while some 3% of Americans horde weapons, owning on average 17 or more. It's interesting that so much of the rhetoric about the 2nd Amendment surrounds personal defense and criminal homicide; while hardly anyone except the far right discusses its more obvious political purpose of vesting the people with the means necessary to defend their sovereignty, to have a right ripping civil war, should it ever come to that. It's amusing that Professor Blyth so blithely goes there, referring to this, pointing out what should always be made obvious. So much bullcrap and hypocrisy about; it's refreshing to hear someone mention what so many would like to ignore. Kudos to him, but he really needs to get his data straightened out.
who is getting all the welfare walmart workers alot of the people on warfare have a job it just doesn't pay enough to put them over the poverty line We subsidize alot of companies through the welfare line.
if they work at walmart that means they have a skill or set of skills which is why walmart hires these people and keeps them so yeah what laughingpug said is true we subsidize alot of companies so that they can profit even more and point our fingers at hard working americans
That's not true. I have a post graduate diploma in political science and no kids. I finished university nearly 2 years ago and I'm still working as a security guard, half the guys I work with have degrees. The last grad job I applied for had 400 applicants competing for 5 jobs. The system is fucked.
@scott sanger so do you say that Trump campaign promises for "good jobs" and all his rants about workers being screwed and losing their jobs means Trump is a LIBTARD SOCIALIST? Apparently, Trump was connecting to many people who might agree with you on many things, but disagree with you on the matter of vanishing jobs. Are you old enough to remember when massive job losses were a cause for breaking out the champagne and cocaine on Wall Street??!! Can you remember exuberant headlines in business press about more layoffs??!! Yay!!!! It's not as though this outcome was unplanned organic markets breathing.
@@TheRhinehart86 I know this is kinda of odd way to do things but you should look at the labor market and see what available before spending money on a college education. I'm sure there are other fields that have way less disparity between applicants and actual positions available. The ignorance of "you just need a college degree to get by" is part of the problem since most people don't bother to look at the actual availability of work first before spending ten or hundreds of thousands of dollars on a useless piece of paper. 1) Application software developer. 2) Construction worker. 3) Financial advisor. 4) Home health aide. 5) Information security analyst. 6) Medical service manager. 7) Nurse practitioner. 8) Personal care aide. There will be 64,200 nurse practitioners positions that need to be filled by 2026 - which works out to growth of 31 percent. The annual median salary is $107,460. 9) Physical therapist The most new positions will be created for personal care aides, with 777,600 jobs opening up by 2026 - a 39 percent uptick from today. The annual median salary is $21,920. 10)Truck drivers wanted: 108, 400 of them in the next eight years, a 6 percent growth from today. The annual median salary is $41,340. The place I work would appreciate greatly if you would become a truck driver. All the truck drivers we have are 50+, have back problems, and/or are foreigners who don't understand enough English to even go on a correct door without babysitting them. www.cnbc.com/2018/02/14/10-in-demand-jobs-that-dont-draw-enough-applicants.html
This is published in 2015 and you show the debt from 2008 in min 20 and claim all is well? We are freaking out about Italian 119% of GDP debt vs. 121% before joining the Euro [min 41] because in order to join the Euro the Italian gov paid Goldman Sacks to make all the national debt it carried for the Italian regions to 'disappear' so to be appear that the Italian national debt was less in order to join the Euro. So the 119% (in 21010) is pure national debt (i.e. without taking into account all the debt the Italian regions carry). And by the way bonds are not 'free money' [min 25]. Otherwise pretty nicely said esp. Q&A.
when Obama adopted the GOP mantra a government living within its means he lost half of the battle, and ensure that his presidency will not be transformational. FDR, LBJ, and Reagan never accepted the assumptions of the opponents, and they could change the country. If Obama had said that the country needs investments in infrastructure and social services, he should have also reject the parallel between domestic and national economics.
Try a different system ! Open Social Political global University ( OSUG ) , with Direct Democracy, Human Rights Improved to Life and Planets' right to be saved or Alternative planet prepared to go for all ! With Osukas as crdit of OSUG , conceived as a universal standardized use-valued real valued system of exchange, a crypto on block-chain of an open-cap accreditation of projects and project workers to accumulate Social Credit as STATUS of every active or semi-active members !
![Hunxho - Ball Forever [Official Video]](http://i.ytimg.com/vi/nki9ZTF9Uls/mqdefault.jpg)
When mr. Blyth talks and points to a picture on the display, please show this picture.
Thank you for the feedback. We always do our best to give as much context as possible for the edited lecture and strike a balance between showing the presenter and showing their slides. Unfortunately, this lecture was recorded more than four years ago, so we are unable to address this particular video. In many cases, the presenter gives us guidelines about what they want to include in the video. Thanks for watching!
How about a split screen presentation?
Because during the Financial Crisis, they did not allow the debt to go totally bad, but keep it alive but in limbo, this problem was just pushed down the road. Because of this, during the next financial crisis there may be no way the government can bale out the Financial Sector again and then the fun begins.
Pushing things down the road is the new normal. Look at Brexit. October 31st last month was the latest hard deadline and it still hasn't happened yet.
When you listen to him it's like pulling back the curtain.
Or the analogy that he gave that I love so much.😅 When the tide goes out you can tell who is naked.
( in so many words)
I would like to see this man debate some of the mainstream right wing commentators in the US or the UK
Wouldn't be useful. They'd just start shouting over him. There'd never be "debate" in the sense of a statement and reply. Right wing entertainers do not engage in civil discourse, they do not present facts, and they do not argue in good faith.
Yes it would be much better if they were all tied up and gagged and forced to listen to him try and speak some sense into them. I'd watch that.
peter schiff or whatever his name is
but in general msnbc, fox even 'independent' shows like glenn becks are all just propaganda shows
they don't want a real debate of real ideas or facts
+scott sanger His prescription is to stop austerity policies because they're counter-productive. You don't need to come up with a miracle-grade, all-encompassing fix to the world's economic woes to have one good policy recommendation: Stop austerity, it doesn't work. It just deprives distressed eurozone countries of the growth they need to recover from the crash.
Listen to Thomas Sowell someone like that
53:23 I heavily disagree about the part that we supposedly don’t care about cities. It’s more that we have so much despair and cynicism about anything being done. It’s like a meme I saw “I scream but God doesn’t listen”. I am from Louisiana and we hated seeing the destruction of New Orleans and we absolutely blamed the government and blamed everyone involved in the non-response. Help isn’t coming, for us, so we often feel like we should just save our breath.
The ladies at this university are fiiiiine
times up jackass
The question "how does someone with money act to prevent something like this?" is a good one. The major reasons for the bubbles were that people were borrowing to buy products that depreciated too quickly. It's just not sustainable.
It's not a simple rule of thumb "don't borrow to consume", but it's nearly there. Borrowing to buy something that's going up in price is something to watch very carefully. It's where bubbles come from. Conversely, "borrowing to increase *production* or decrease *costs* CAN very easily be good for an economy. If a house uses less energy, it's more money in your pocket and more energy available to do other things.
People with money can help by looking for things to spend money on that create economic win/win. If you hire someone to create something that doesn't depreciate, then it creates permanent growth. Or if it makes money faster than its depreciation, it creates growth. You can hire a young lady to bring you pitchers of beer, or you can hire her to work on cancer. You can hire a guy to clip and throw grass into the landfill, or you can hire him to plant berry bushes.
Some of those services appreciate, some depreciate.
Mark lad, you make me proud to be a Scot & even prouder that you are a Scot. 🏴
The ONLY thing I hear wrong in Mark's talk is his insistence that America *must* raise taxes on the wealthy. He makes a good point that the effective tax rate on the wealthy is 18% so taxes *could* be increased or loopholes closed. Or you might say *should* , not must.
Steve Bannon said he wanted 44% tax rate on the upper crust, and zero taxes on wages and salaries, to flatten incomes, but he could not get thru THAT much grassroots populism. (That was a conservative viewpoint in the Coolidge Administration.)
Tax cuts on ordinary lower and middle class wages and salaries can boost sales and profits, as well as increasing savings (which includes paying down old debts like college). (Finance sector might even gain from more people being able to afford to buy a house.)
MMT "oughts" include suspending FICA tax collection while increasing Social Security and Medicare. Alan Greenspan explained that to Paul Ryan in C-SPAN a decade ago. Uncle Sam can always make any payments it chooses. Federal checks don't bounce.
The SS & Medicare system design has an accounting method whereby payroll taxes are collected and counted against spending, but actual operations are nothing different from defense or other spending: Appropriations and budget authority to Executive to issue payments, then payments coming from Treasury, thru Fed, to checking accounts.
Payroll tax does not make Uncle Sam "more solvent" in reality, it only appears that way on federal spreadsheets and generated reports -- ignoring actual operations which amounts to printing money.
You could say that we "print the money" as Trump says, but Congress really just orders *Appropriations* and then grants *budget authority* to executive agencies.
That fiscal policy is a LEGAL PROCESS not financial.
The matter of how they get the numbers to appear in accounts is convoluted, but it can't come from taxpayers. China isn't "financing" us with our own Dollars.
US govt spending, and corporate and consumer spending decisions, that is what's financing China's dollar savings surplus, which they store in term-dollar accounts aka T-bonds.
I love Mark Blyth's talks.
But who edited this video? I would like to see the graphs that he is referring to. K thanks
I think he wants you to buy the book...
He savaged that welfare question
Utterly!
53:40
I saw a guy on Joe Rogan suggesting that the minimum wage should scrapped to help ease unemployment - which seems like an obvious fast-track to even greater exploitation.
The response about welfare that Mark gives here is probably the most deep & concise rebuttal I've heard.
@@aarontait6223 Minimum wage is a bad idea if you're Sweden. There the unions are pretty strong, and the government lets the parties (unions and employers) negotiate about wages and everything else.
@@aarontait6223 it absolutely is
holy crap this guys awesome
To those who created this video I have a one negative comment. When mr. Blyth talks and points to a picture on the display, please show this p
Mind blowing.
2:40 Yes but Mike Myers is Scottish-Canadian and his parents are Scottish, so his Scottish accent is not entirely fictional.
HI felicity4711, I know this is a bit of distraction from the wonderfull video but I do beleive his parents were both born in England. i think maybe further back in his family may have been Scottish. I can also assure you while Mike Myers "Scottish" accent sounds fun and is acceptable for the purpose in his films, It is no true Scottish accent. From a Scot with over 50 years of listening to Scots :-)
He tells it like it is.
For God sake. I KNOW what he looks like, but what about the graph he is referring to................ absolute crap.
Bob Preston awww
Making loans with no chance of the loan being paid back was the basic reason for the collapse ... the cost was not only the lose of the loan but the price of the commission paid to the banker ...
Yeah ... Mr. Money hungry is always with us ...
You're right except for one detail. The kind of loans you're talking about were not made by bankers. They were made by companies called "mortgage brokers," who made the mortgages and then sold them to banks.
Hmm ... did the bankers make a commission on the transition? ...
They sure did when they packaged the mortgages into Asset Backed Derivatives and sold *them.* I'm not saying the bankers were not bad people, I'm saying that some of what they did was not illegal.
What the bankers and Govt people involved did was greedy and unethical ... should be illegal and jail time should have been served.
The disclaimer at the end...lol 😂
As with all his presentations, I find Dr. Blyth’s analysis quite compelling. However he left off the most important part of the beginning of the story which is why US banks began to make so many loans to people who could not pay them back. This process begins back in the Carter administration, as a suggestion with a little federal push behind it. That push turned into a gun to the head of banks under the Clinton administration. The banks were forced to make “crappy loans” consequently were incentivized not to hold them. Which became the fertilizer on the system but ultimately spun out of control and brought you the 2008 crisis.In his explanation the bankers become the scapegoat for the entire problem when in fact they are complicit with the heavy end of government.
From what I understand(I might be wrong) it was political pressure to free people from the endless poverty loop by helping them invest in 'society',owning their own home was deemed to be the first rung of the ladder. The banks upto that point only lent to people with money or a regular income and good credit rating.
There may be only 55 million handguns in the U.S., but there are far more firearms than that about here. The received stats are that we have just slightly over 1 firearm per capita (i.e. over 300 million firearms in the U.S.), and something like 40% of American households have at least one, while some 3% of Americans horde weapons, owning on average 17 or more.
It's interesting that so much of the rhetoric about the 2nd Amendment surrounds personal defense and criminal homicide; while hardly anyone except the far right discusses its more obvious political purpose of vesting the people with the means necessary to defend their sovereignty, to have a right ripping civil war, should it ever come to that.
It's amusing that Professor Blyth so blithely goes there, referring to this, pointing out what should always be made obvious. So much bullcrap and hypocrisy about; it's refreshing to hear someone mention what so many would like to ignore. Kudos to him, but he really needs to get his data straightened out.
old, I think. 2012?
I'd like him to debate Jordan Peterson
On what? How in the world do these two overlap? Does Kermit have anything to say on economics or political economy?
who is getting all the welfare walmart workers alot of the people on warfare have a job it just doesn't pay enough to put them over the poverty line
We subsidize alot of companies through the welfare line.
if they work at walmart that means they have a skill or set of skills which is why walmart hires these people and keeps them
so yeah what laughingpug said is true we subsidize alot of companies so that they can profit even more and point our fingers at hard working americans
That's not true. I have a post graduate diploma in political science and no kids. I finished university nearly 2 years ago and I'm still working as a security guard, half the guys I work with have degrees. The last grad job I applied for had 400 applicants competing for 5 jobs. The system is fucked.
scott sanger okay someone listens to Ben Shapiro, think for yourself
@scott sanger so do you say that Trump campaign promises for "good jobs" and all his rants about workers being screwed and losing their jobs means Trump is a LIBTARD SOCIALIST? Apparently, Trump was connecting to many people who might agree with you on many things, but disagree with you on the matter of vanishing jobs.
Are you old enough to remember when massive job losses were a cause for breaking out the champagne and cocaine on Wall Street??!! Can you remember exuberant headlines in business press about more layoffs??!! Yay!!!!
It's not as though this outcome was unplanned organic markets breathing.
@@TheRhinehart86 I know this is kinda of odd way to do things but you should look at the labor market and see what available before spending money on a college education. I'm sure there are other fields that have way less disparity between applicants and actual positions available.
The ignorance of "you just need a college degree to get by" is part of the problem since most people don't bother to look at the actual availability of work first before spending ten or hundreds of thousands of dollars on a useless piece of paper.
1) Application software developer.
2) Construction worker.
3) Financial advisor.
4) Home health aide.
5) Information security analyst.
6) Medical service manager.
7) Nurse practitioner.
8) Personal care aide.
There will be 64,200 nurse practitioners positions that need to be filled by 2026 - which works out to growth of 31 percent.
The annual median salary is $107,460.
9) Physical therapist
The most new positions will be created for personal care aides, with 777,600 jobs opening up by 2026 - a 39 percent uptick from today.
The annual median salary is $21,920.
10)Truck drivers wanted: 108, 400 of them in the next eight years, a 6 percent growth from today.
The annual median salary is $41,340.
The place I work would appreciate greatly if you would become a truck driver. All the truck drivers we have are 50+, have back problems, and/or are foreigners who don't understand enough English to even go on a correct door without babysitting them.
www.cnbc.com/2018/02/14/10-in-demand-jobs-that-dont-draw-enough-applicants.html
2:23
But why is all this happening = GREED !!!
depressing
This is published in 2015 and you show the debt from 2008 in min 20 and claim all is well? We are freaking out about Italian 119% of GDP debt vs. 121% before joining the Euro [min 41] because in order to join the Euro the Italian gov paid Goldman Sacks to make all the national debt it carried for the Italian regions to 'disappear' so to be appear that the Italian national debt was less in order to join the Euro. So the 119% (in 21010) is pure national debt (i.e. without taking into account all the debt the Italian regions carry). And by the way bonds are not 'free money' [min 25]. Otherwise pretty nicely said esp. Q&A.
so basically we are all screwed
when Obama adopted the GOP mantra a government living within its means he lost half of the battle, and ensure that his presidency will not be transformational. FDR, LBJ, and Reagan never accepted the assumptions of the opponents, and they could change the country. If Obama had said that the country needs investments in infrastructure and social services, he should have also reject the parallel between domestic and national economics.
Try a different system ! Open Social Political global University ( OSUG ) , with Direct Democracy, Human Rights Improved to Life and Planets' right to be saved or Alternative planet prepared to go for all ! With Osukas as crdit of OSUG , conceived as a universal standardized use-valued real valued system of exchange, a crypto on block-chain of an open-cap accreditation of projects and project workers to accumulate Social Credit as STATUS of every active or semi-active members !
can these sissy-boys speak up a little? What are they afraid of?