Note: This video is from Slate Magazine, interview by Jacob Weisberg, published by Slate February 24, 2012. This very compelling 2-minute segment of the interview was buried within an article and video interview titled “The Inside Story of Making Moneyball” — the Brad Pitt film about Oakland’s Billy Beane. This is an exceptional brief explanation of the Wall Street crisis that still remains so lost to millions of Americans as a result of how their economy crashed.
This quick 2 minute video gives one of the most simple explanations of how the economic meltdown of 2008 occurred, and it is one to where everyone will be able to comprehend.
In February 2012, Michael Lewis sat down with Jacob Weisberg to talk about how history may look back on the period from the go-go ’80s to the crash of 2008 and its aftermath.
He predicts future generations will wonder, “How did you not notice 24-year-olds were being paid $2 million a year who clearly didn’t know anything?”
He also gives interesting advice on how to avoid another meltdown; have financial firms declare themselves either in the advisory business or in the gambling business.
Author of Moneyball, Michael Lewis, interviewed below: