model
The standard economics explanation says bubbles pop because collective optimism becomes delusion, like gravity pulling down what flew too high.
Topic brief
A Jiang Lens evidence brief for this topic, built from source tags, transcript matches, and linked source refs.
Financial Crisis
The standard economics explanation says bubbles pop because collective optimism becomes delusion, like gravity pulling down what flew too high.
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Key Notes
model
Jiang argues another explanation exists: people behind the scenes have the power to make economies rise and fall.
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diagnosis
Jiang frames the 2008 crisis as a rigged Ivy League and Wall Street system that Obama promised to change but ultimately protected through elite economic appointments.
diagnosis
He says elite failures in Afghanistan, Iraq, the 2008 financial crisis, and COVID policy have destroyed trust in government, media, science, the military, and other institutions.
Timestamped Evidence
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"All right, so just keep this in mind, guys. All right, so let's look at, very quickly, the main explanation for why booms and..."
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"Lengthy, uninterrupted booms, like the one in the 1920s, produce a collective delusion. Optimism becomes a drug or a religion or some combination of..."
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"Okay, so again, this is a science book. It's a set explanation for why there's a bubble burst, because it's delusional, and then it's..."
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"They're both Yale Skull and Bones. Okay? So it's a rigged game. Barack Obama, okay? Barack Obama, Columbia, went to Harvard Law School, but..."
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"Well, he did do something about it. All right? So his economic team, he appointed quite a few individuals. These are the two most..."
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"Okay? And then Larry Summers said, no, no, you guys are seeing it incorrectly. We have to save the American economy. The goal is..."
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"...fight these wars? For no reason. Then you had the 2008 financial crisis where the banks basically stole from the nation, stole from the..."
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"And everyone was screwed, okay? Then you had COVID, right? COVID. Where the... The government, the elite, locked down the entire nation. Kids could..."
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"So this is going to be a financial crisis caused by damage to the production system, which is the opposite of the usual situation...."
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"...loses millions of dollars in investment. And we could see a financial crisis in America over the next few months, which would lead to..."
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"...the longest time. Me too. Starting with the 2008, 2008 great financial crisis. He did a major reporting in Rolling Stone and I've been..."
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"...America completely focuses on finance. This leads to the 2008 Great Financial Crisis. All right. Okay. So, let me provide some background about the..."
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Relevant Lectures And Readings
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The lecture turns meritocracy from a school virtue into a trauma machine: Harvard invents selection as power preservation, Yale trains insecurity as ambition, and the winners become actors who can promise goodness while serving...
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A June 2024 lecture arguing that the next American civil war will not repeat 1861.
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