I posted last month on my Substack, “I Blog to Differ,” the first part of my interview with financial planner Drew Benson, a former student of mine in the Masters Macro class I taught at San Jose State University in early 2009. I posted in the last 35 minutes today on Substack and we decided, for the first time, to post the same thing here.
Here are the last 35 minutes
Another highlight.
3:50: Road closures have led to a less resilient community.
5:35: The connection between the closures and the George Floyd riots.
6:25: How our daughter adapted to the closure of San Francisco and our fear of being caught to see it.
8:10: Judge Steve Williams dies alone in hospital.
8:48: Why Bryan Caplan would be proud of Drew Benson.
10:10: The huge cost of foreclosures for people in poor countries.
11:40: The decline of extreme poverty around the world and its brief reversal during the shutdown.
14:30: Risk from COVID by age.
15:00: I refer to the Heritage Foundation; I meant Hillsdale College.
15:40: Many co-morbidities.
17:30: Fed behavior, 2008-09 and 2020-21.
19:00: Food mistake—paying interest on deposits.
19:50: Bernanke broke the promise he made at Friedman’s 80th birthday party.
21:25: Who predicted low inflation in 2009 and high inflation in 2021? Jeff Hummel.
22:15: Taking Jeff Hummel’s Masters in Monetary Theory class. Getting a high grade.
24:10: Money for goods.
24:30: How Hummel’s class helped me write a book The Wall Street Journal article where I criticized the Diamond/Dybvig model.
25:59: Did the WSJ ever call me?
27:10: Having my WSJ article fit my age.
29:10: Inflation: Truth and Lies.
30:00: What Alan Greenspan did in 1987 in response to the massive 22% fall in the Dow-Jones in one day. (The biggest fall in our history.)
31:30: The 1951 Treasury/Fed Accord is dead.
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