Richard Epstein: Weathering the Financial Storm

The Hoover Institution





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Partner:: Hoover Institution
Location:: Hoover Institution
Stanford, CA
Event Date:: 10.20.08
Speakers:: Richard Epstein,; John Raisian
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Summary: Richard Epstein discusses Weathering the Financial Storm on Wall Street and Main Street.

This event was part of the Hoover Institution's Fall Retreat 2008.

Bio

Richard Epstein

Richard A. Epstein, the James Parker Hall Distinguished Service Professor at the University of Chicago, is the Peter and Kirsten Bedford Senior Fellow at the Hoover Institution. Epstein is also, a visiting professor at NYU Law School.

John Raisian

John Raisian is director of the Hoover Institution, assuming his position in 1989. He also holds an appointment as a senior fellow and is an economist who has specialized in national and international labor market and human resource issues. He joined the Hoover Institution in 1986 as a fellow, while serving as associate director during 1986-88, and deputy director during 1988-89. He received his B.A. in economics and mathematics from Ohio University in 1971 and his Ph.D. in economics from the University of California at Los Angeles in 1978. Raisian was a consultant to the Rand Corporation from 1974 to 1975 after which he went to the University of Washington as a visiting assistant professor of economics in 1975-76. From 1976 to 1980, he was an assistant professor of economics at the University of Houston where he received a distinguished teaching award from the College of Social Sciences. In 1980, he entered public service as a senior economist in the Office of Research and Evaluation, U.S. Bureau of Labor Statistics. In 1981, he joined the U.S. Department of Labor, Office of the Assistant Secretary for Policy, in two capacities - Special Assistant for Economic Policy, a role he held until 1983, and Director of Research and Technical Support, which he left in 1984. As a result of his work for the U.S. Department of Labor, he received the Department's Distinguished Service Award. In 1983, he took a leave of absence from the Labor Department to serve as executive director of the President's Task Force on Food Assistance. After leaving the Department of Labor, Raisian became president of Unicon Research Corporation, an economic consulting firm in Los Angeles, where he worked until joining the Hoover Institution in 1986.

Chapters

: Watch Full Program

55 min 00 sec

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01.: Moderator Introduction

01 min 39 sec

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02.: Epstein Opening

01 min 24 sec

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03.: How Did We Go Wrong?

02 min 54 sec

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04.: First Best World vs. Second Best World

02 min 06 sec

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05.: Securitization of Loans

02 min 12 sec

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06.: Diversification Complications / Securitization-Conflicts of Interest

02 min 13 sec

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07.: Securitization Doesn't Handle National Risks

00 min 34 sec

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08.: Evaluation Problems - Marking to Market

05 min 57 sec

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09.: Why the Bailout Doesn't Work

03 min 37 sec

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10.: Constructive Bailout Plans

00 min 05 sec

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11.: Government Should Buy Bad Debt - Take it Off the Company Books

02 min 01 sec

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12.: Injecting Cash Into Banks to Stimulate

01 min 12 sec

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13.: Risks to Both Plans

03 min 11 sec

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14.: The Dangers of Legislation in Times of Crisis

01 min 27 sec

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15.: The Relationship Between Wall Street and Main Street

03 min 04 sec

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16.: All Mortgagees Are Not Created Equal

01 min 31 sec

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17.: The Distribution Game - Not Planning for the Long Term

02 min 46 sec

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18.: Q & A

00 min 43 sec

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19.: Q1: Contribution of Loan Underwriting with No Equity Down

03 min 23 sec

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20.: Q2: Financial Press Silence

02 min 52 sec

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21.: Q3: Systemic Value of Risk

04 min 46 sec

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22.: Q4: Credit Card Debt Situation

05 min 03 sec

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: Watch Full Program

55 min 00 sec

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Richard Epstein: Securitization’s Role in Economic Crisis

05 min 27 sec

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Richard Epstein: The Problem with Mark-to-Market

06 min 41 sec

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Richard Epstein: All Mortgagees Are Not Created Equal

02 min 01 sec

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Watch Full Program

55 min 00 sec

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