Diving deep into the true causes of the Great Recession, the financial crisis of the 2010s, renowned economists, investo | dG1fMWpFYlU5VEFHNk0
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00:00There's a great movie. I might as well plug it because the sequel is coming out. But the
00:04guys that produced it, they did a really good job. It's the Bubble movie, right? And if
00:09you go to LetUsDisagree.com, you can see this movie. But the guy that produced it, Jimmy
00:15Morrison, and, you know, I remember he came to my office and filmed me. He started it
00:19back in like 2010 or something because he wanted to talk to the people that predicted
00:24the 2008 financial crisis and get their perspective on what the government did wrong.
00:29And so this is a whole movie about the history of how government has screwed stuff up, all
00:34the way back to, you know, the Great Depression. Because there's, you know, there's a lot of
00:38misinformation out there about why we had the depression. People say, oh, it's because
00:43we had too much capitalism. It's not. It's because we had too much government. We had
00:48a depression in 1920 that nobody knows about because it ended so quickly because the government
00:53did nothing. The reason we had a Great Depression in the 30s was because Herbert Hoover did
00:59the same type of stuff that Trump is doing. Herbert Hoover was the first big interventionist
01:04president that started spending money to prime the pump to try to make it better. We can't
01:09just sit back and allow people to lose their jobs. And so Hoover interfered in the economy
01:15and helped create the Great Depression. And then Roosevelt came in and just expanded on
01:20Hoover's failed programs, and the Great Depression spanned the entire decade of the 1930s. We
01:25didn't get out of the depression until 1945, when we ended the Second World War, and government
01:30finally started to get smaller. But this movie goes all the way back to that, and then it
01:35goes to the housing bubble. And so it's a great movie to really show how the government
01:39creates these problems with well-intentioned programs. And the sequel is about to come
01:44out, which is about the next crash, which is the one that's coming.
01:49Have you ever heard of unemployment? Most young people can't even buy jobs.
01:55Right here in America, if you own your own home, you're realizing the American dream.
02:00I ran for president in large measure because I wanted to restore that dream.
02:05Do you realize how ridiculous you are? Why? Why is that ridiculous?
02:09Because you can't buy a house before you have a job.
02:12You get a job, you save for a down payment, then you buy the house.
02:16A lot of people are going to find out, oh my God, you know, not only is my stocks down,
02:22my house is down too, and now what do I do?
02:25One myth that's out there is that what we're doing is printing money. We're not printing money.
02:31So we're not a free market then. There is an invisible, there is a benevolent hand that touches us.
02:37These people in the government apparently don't learn anything at all.
02:42I got a B in econ 101. I got an A, however, in keeping taxes low.
02:47What do you think a stimulus is?
02:49It's going to be the worst recession we've had in a long time, perhaps since the Second World War,
02:53because the federal government keeps making mistakes.
02:56They broke it, and they're trying to fix it by doing more of what broke it in the first place.
03:00The United States can pay any debt it has because we can always print money to do that.
03:07Uh, what?
03:09Of course it could happen again, and it's happened before.
03:15I hope they don't lose confidence in their government.
03:17I can see why there's skepticism, but it's the only government we got.