June 17,
2022
https://www.nytimes.com/2022/06/17/opinion/ezra-klein-podcast-rana-foroohar.html
Produced by ‘The Ezra Klein Show’
This week, the S&P 500 entered what analysts refer
to as a bear market. The index has plunged around 22 percent from its most
recent peak in January. Many growth stocks and crypto assets have crashed
double or triple that amount.
New home sales declined 17 percent in April, causing
some analysts to argue that the housing market has peaked. And in response to
rising inflation, the Federal Reserve just approved its largest interest rate
increase since 1994, meaning asset prices could dip even lower.
To understand
what’s happening in the stock market right now, you have to understand the era
that preceded it. Rana Foroohar is a columnist at The Financial Times and the
author of several books on the economy, including “Makers and Takers” and
“Don’t Be Evil.” Her view is that a decade-plus of loose monetary policy has
been the economic equivalent of a “sugar high,” which kept the prices of
stocks, housing and other assets going up and up and up, even as the
fundamentals of the economy have been eroding. This “everything bubble,” as she
calls it, was bound to burst — and that’s exactly what she thinks is happening
right now.
[You can
listen to this episode of “The Ezra Klein Show” on Apple, Spotify, Amazon
Music, Google or wherever you get your podcasts.]
So I wanted
to have her on the show to discuss the economic choices — and lack thereof —
that led to this point. We also discuss why the increasing power of the
financial sector hasn’t resulted in a stronger economy, whether the housing
market has indeed hit its peak, the massive missed opportunity for public
investment while interest rates were low, why policymakers treat asset price
inflation so differently from other types of inflation, the true costs of the
meat we eat and clothes we wear, why crypto represents the apotheosis of
hyperfinancialized capitalism, why I’m skeptical of the argument that we’re
moving rapidly toward a less globalized world and more.
You can
listen to our whole conversation by following “The Ezra Klein Show” on Apple,
Spotify, Google or wherever you get your podcasts. View a list of book
recommendations from our guests here.
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