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Jon Hilsenrath

lines on the record: 131
first: 2025-10-31
most recent: 2025-10-31
sittings or episodes: 1
sources: podcast

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“Well, I mean, I guess the basic thing is just that it's so much more interesting than I expected. I didn't want to get into economics writing. I did by accident. And I stayed in it. I wanted to be a war correspondent. And what I came to see was that, or a sports writer, that the great battlefields and the great arenas that really affected the human condition were in markets and economics. So I guess what I would tell myself now was to go into it with even more conviction because it turned out to be so fascinating.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“There's this ritual that journalists go through where, like Experienced journalists are constantly trying to tell young journalists don't do this, it's a terrible field, it's a dying profession and go become a lawyer, you know, blah, blah. I had a great experience. Like, I'm never going to tell someone not to pursue that dreamer, that interest because it was so good to me. But you've got to be willing to kind of take chances and go down some roads you might not expect to go down.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Think expansively and creatively about where these interests might take you. The core skill set of getting information, distilling and making sense of the information and conveying information, like that's the core of journalism. That's more essential than ever. But the way you're going to practice those skills is going to be different than what I did. And I had a young student that I was working with and talking to a Duke a few years ago. She was going down the whole newspaper route. She's now doing a true crime broadcast in the Midwest. And so, you know, I think that there's a lot of opportunity out there for people who are willing to kind of take chances and be nimble and it's scary, but there's a lot of opportunity for people who can be flexible and find the opportunities and go for it. And I love being a journalist. I would not take, you know.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Financial journalism. All right. So I've had this talk. This is getting back to the whole printing press French Revolution thing. I mean, I think it's clear that Journalism is going through a period of exceptional disruption right now, right? And so the choices that I was looking at when I was coming into the field of like, you know, how do I get to the Wall Street Journal? How do I get to the New York Times? It's a different set of choices. And if you use the kind of pamphletiers analogy, if you see what's”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll tell you what, I've stopped watching cable television after being participating in it for a long time. But if there's a game on them.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I watched a really cool show called Tehran, which was about Israeli Mossad agents infiltrating Tehran. It was put out a couple two, three years ago infiltrating Tehran to blow up their nuclear reactors. I watched it like a couple months before they went and blew up their nuclear. So that was really interesting. I'm also just, I'm a. Sports fanatic. So I don't really.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“We're doing a lot of things right now. It's not just tariffs, but with monetary policy pushing, I guarantee you, if we get the interest rate down to where the president wants it, we're going to have inflation. And if we don't get inflation, there's going to be an asset price boom where, again, this inequality thing, there's a few people who are going to make a lot of money off of that. So, I mean, I think that. They have a little bit of an Achilles heel on that issue.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't know I think he and his followers and the leaders who were working with him are vulnerable on the issue of inflation in the cost of living. He got in there in part because people were angry about the inflation of the post-COVID period.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“So, you know, so this is another thing that I just am having a hard time getting my head around. So, like, China's economy is really struggling right now. They definitely pushed us, they challenged us, you know, we were, our workers were hurt by the incursion of China imports, but on many measures, you know, we're still doing all right and winning, but we basically conceded to China's economic model. It's like the state-run capitalism, which is, you know, it's hard for me to get my head around the idea that we've given up on...”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I'm a little more optimistic about our species and its intentions. But there's an interesting insights in there. The reason I picked it up is I think that humans have these kind of primitive brains with primitive McDowell and emotion centers. We have an industrial area, economic and political structures, and we're living with 23rd century technology. And I'm trying to understand the primitive parts and how that might interact with all this other stuff.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I've been reading. I've alluded to this. I've been reading a bunch about the French Revolution. I'm also reading the book sapiens, but I can't remember his full name, Harari. Yeah, Yuvarari. It's a pretty bleak perspective on humanity.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm sure I don't know the numbers, but Nick is my successor covering the Fed. He'll pass me, but I don't know if he's going to catch Bob Davis.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Covered the Fed in the 1990s was just like an institution in economics and economic policy coverage. He gave me chances and he was usually nice to me. So, you know, he's a tough boss too. Dave Wessel was a great guy. And my best friend did the journal all those years was a guy named Bob Davis, gentleman, good guy, great reporter.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so I'd have to say one of my most important mentors at the journal was a guy named David Wessel, who covered the phrase. I remember David Wesley.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Honk the horn, give you the finger, and keep driving right if you do that in Washington. Instead of giving you their middle finger, they'll point their pointing finger. They'll wag their finger at you and tell you you broke a rule and then like threaten to turn you in. And then by the way, there's speed cameras everywhere. It's a little bit more oppressive of the place, I think.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and like New York is traitors, and it always has been. Washington is lawyers. Here's my other New York Washington analogy. You're driving down the street in New York, although you can anymore because there's so much traffic. If you kind of move in and out of one lane, if you kind of overstep your bounds, someone will...”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, oh, that's a good question. I didn't think you were going in that. They're both transactional, but the difference is in New York is a transactional town and everyone's looking out for their own interests. And everybody knows that everybody knows that and accepts that as like the rules of the game, right? In Washington.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“One other thing about the Fed is I live in Washington, DC. It's this place where, like, People like 90% of people, what they're doing, you know, 90% of the time is spinning you and trying to get you to believe a story that's in their personal institutional or economic interest. The Fed is out there trying to tell people what it thinks it's going to do. Like you could give them a hard time for making mistakes. I've just said, I think Jay Powell made mistakes. But like at least they're trying to be honest about what they're up to. I got to ask you a question. So many other people in Washington are trying to mislead you. You know, I admire them for trying to be straight.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“And by the way, in terms of the Fed, all the Fed can ever do is make a mistake. It's like his job is to prevent financial crises and keep inflation stable. Like people love to attack the Fed because, you know, you only notice it when it's screwing something up. And by the way, one of the benefits”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“And so from a political perspective, for Republicans, how are you going to take care of the working class? Are these promises about reindustrialization? Can you realize them? And for the Democrats, how are you going to win people back? Because they lost them. Donald Trump took them from him.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Before the institutions that we've created over the last 200 years were built for an industrial economy, our tax base, our voting systems, everything is built for an industrial, you know, so to me, the big existential question is, how are we going to manage the distributional effects of income and wealth creation and high-tech, high information economy?”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“There is no law. There is no rule in economics that says that wealth and income will be distributed in a fixed or predictable way. You know, the agricultural era did not create an economic system that distributed wealth and income equally. It was very unequal. You had kings and queens and peasants, right? It just so happened that the industrial economy created a vast middle class because you needed people attached to machines to make the stuff that made our lives more comfortable. But there's no rule that I see that says moving into a post-industrial high-tech world that this whole new world is going to distribute income and wealth in the same way. And so my question is, what are we doing about that? And by the way, I think the institutions, we talked about norms.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“An economy creates income and wealth. And how that income and wealth is distributed across the population is a result of the way. And by the way, there is looking for...”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“It's the inequality issue. And when I say the word inequality in the kind of conventional politically divisive way, what I mean is that”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, if the whole nature of work is changing because of technology, then are we thinking about how we're going to manage the distributional effects of that? And I'm not like saying this as some kind of, you know, screaming, bleeding heart liberal. I mean, Donald Trump actually got elected because of the disaffected American working class. And I don't think either party has actually gotten their hands around it. I wrote a book about Janie Yellen. I talked a lot of time, spent a lot of time talking to Democrats about this. I don't think any of these people have gotten their hands around how do we navigate this revolution that we're going through, the economic post-industrial revolution.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“There would all be automated. Exactly, it's going to be machines, and we're moving out of an industrial year, you know, so that my question is, how do you, I talked to an economist, David Otter, who's thought a lot about this stuff. He wrote the papers about the China shock. Our work is not only a source of kind of fulfillment and income, but the way we work is also the way we distribute wealth and income.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“$25 an hour with a pension and health benefits. Now I'm a phlebotomist. You know, I'm pulling blood out of people's veins, making $12 an hour at a hospital. It didn't work for them. And this was one of the great errors of the economics and economic policy profession over the last 25 years is they didn't think that stuff through. And the politics didn't really weren't conducive to addressing that problem. And this is one of my kind of warning for politicians say. I don't see how anyone is fixing that underlying problem that we live in a post-industrial economy that bifurcates wealth and income. And frankly, I don't think it's realistic to expect we're going to reindustrialize this country.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I talk to people in these plants in hickory, and they're like, you know, I didn't finish high school. Now you're telling me to go out. I'm 50 years old. I got to go and re-educate myself. And then like for the people who actually went through it and”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, but so, I mean, I actually dropped the and we did, but it's not, it wasn't as if We didn't recognize we. I mean, all right, I'll just say it. The elites who were driving the bus. Didn't recognize that there was a challenge there. There was a Trade Adjustment Act, right? There were facilities that were meant to get people retrained. And then there was a vast American community college system, which was meant to be a vehicle to get people retrained. But I talked to people from furniture plants in hickory, which is one of my favorite analogies for America because hickory North Carolina is right next to Charlotte. One's a banking center, one was a furniture center, one went red, one went blue, one did better, one did worse. Anyway.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Economy. And what we know about this is that it exaggerates inequality. It concentrates wealth among very few people. And a lot of people are being left behind. And the question is, and how do you preserve the value of the dollar? It's how do you preserve the value of an hour of your work? How do you find work that's going to keep your family fed and get your kids through school and get your... Trip to Disneyland”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Because this is also a technological revolution. A lot of working class Americans got left behind during this era of technology and globalization. Absolutely. And what happened was the purchasing power of their labor declined. It wasn't the Fed that did that from inflation. Inflation was very stable. The purchasing power of the labor declined because they were competing against low-wage workers in Mexico and China and because they were competing against machines that were replacing them in the workplace. And so it is true, it is a fact. And this is another part of the revolution, which is related and potentially intensifying. We've lived, we're 25 years into this kind of post-industrial information.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. It's a metal, a precious metal. But, you know, so you couldn't say that, like, kind of relative to other currencies because the dollar was going up. And while it's, you know, the purchasing power of a dollar today was going down, the purchasing power of your income.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“People used to always say to me, and I used to hear them say when I was covering the Fed that the Fed is destroying the value of the dollar. And like I spent a lot of time, this gets to something I think we're going to think about. Like, well, so what does that mean when the Fed, like one of my principles for writing was like, I need to be able to break things down to their Their core meaning, what does it mean when you say the Fed is destroying the value of the currency?”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, like America became a world superpower in 19. So it's just, it doesn't make sense to me when people say you're debasing their currency. What I want to say is against what measure? Here's another, like when I was covering the dollar.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“In my mind, what matters is the purchasing power of an hour of your labor, right? Exactly. If inflation is going up 2% a year, okay, that's one thing. If you're earning 3% a year for your labor, if you're earning 5% a year for your capital, then you're getting ahead. And it would be impossible for anyone to argue to me that the human condition is, I mean, on many levels, maybe psychological, I can't make this case, but the human condition is worse today than it was in 1913.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“First 50 years. First mover advantage. Yeah, there was certainly an element to it. But I want to say something else about it because people sometimes make this argument that why should you accept any inflation? We're debasing our currency. The currency today is worth 5% of what it was worth. I hate 10% of what it was worth in 1913 when the Fed was creative. But like.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“You need to have the inflation number a little bit above zero. You want it low, but you want it something above zero so that the Fed has a little wiggle room to support the economy in a crisis. That's the idea. So you could say, well, it should have been 3%. It should have been 4%. Okay, but we chose 2%. And once you've chosen it, then it's very hard to say like we choose something else now.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“What you want to have an anchor now, so the inflation target, what inflation is, is an anchor that your dollar is going to be worth a known and set amount every single year. The 2% inflation target is the gold standard of the past. And in my mind, it's a more sensible gold standard because it touches a wider array of what it costs us to live. So then the question becomes, well, why 2%? Well, so the answer is because that's what they chose, and, you know, and this actually, I go through this in my book about Yellen, but, you know, well, why shouldn't it be zero? Well, the fear is, the fear was that if your anchor is zero, then interest rates are always very low. And when you get to a point where the economy is slowing down like a depression or recession, unemployment is rising, the central bank can't do anything, exactly what we lived through in the 08 period.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“People would say your money is as good as gold. If you had a dollar today, you could buy X number of ounces with that dollar today. That was the anchor for the currency. Gold doesn't work as an anchor for the currency, in my humble opinion. Do you know that Americans spend about the last time I looked at this about as much money every year on dry cleaning as they spend on gold? Yeah, no, that makes sense. And do you know that the largest producers of gold in the world include countries like Russia and South Africa and Venice, not the most stable producers? So like, so why would we anchor our currency to an idea like gold?”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“For investment in AI and data centers, higher demand for capital should mean a higher equilibrium interest rate, a higher cost of capital, right? If the demand for capital is higher, then the price for capital should be higher. But the Fed is being asked to respond to a labor market that's softening my own Concern is that the Fed is going to ease into the slowdown in the job market when the financial markets are on fire, when it thinks the risk-free rate is lower than it actually is, and when there's still an inflation problem and they're going to light even more of a fire into these markets, which might feel good for a few months for, you know, as we saw in the early 2000s, late 90s, go on for years. But those situations often don't end well.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“We have to look at the situation you're in right now, and these rules of thumb, and people do, you know, they're like, oh, GDP contracted, you know, we're close to a, I think you have to look at the situation you're in and make the most sense of it that you can. So where are we right now? So growth has proven to be more resilient than a lot of people expected, but employment is slowing down. Inflation is above the Fed's 2% target. What sense do I make of this? I think that the economy has slowed down a little bit, but coinciding with all this uncertainty from the tariff shock is we're going through an investment boom. We're going through a technology-driven investment boom right now, which by the way could hurt laborers and workers in the long run. And maybe we're seeing some of that as we speak. I also think that if the demand for capital is rising,”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm sorry, 2020, 2021 was overstimulating in the face of a supply shock. But to become more, you know, and I think one of the problems that economists have is they call certain things like a law or a rule and they think when they, once it's called a law or rule, then it must always be true, right? The SOM rule, Claudia Som Brilliant economist, wonderful person. You know, she noticed a correlation between us, you know, at certain moments when the unemployment rate rises a certain amount, I think a half percentage point over a six-month period, it tends to keep going up. That's in a historical observation. It's not a law written into the rules of economics.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“And by the way, the other thing that the Fed and the Trump administration did intentionally was decided we're not just going to bail out the banks this time. We're going to bail out the little guys. That's why everybody got those checks. Everyone was reliving the trauma of the 2008 financial crisis when they made these decisions that created a whole new trauma. My mom was a historian and she talked about the kaleidoscope of history. The configuration is constantly turning and growing out of whatever last configuration we were in. The feds made a mistake, a discrete mistake, and the mistake in 2000.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is the thing. Like, people attack the QE programs that Bernanke did. I think, you know, in the moment that he implemented them, the net benefits were greater than the net costs. In those moments, what happened, I think, was we went into another shock after COVID. And I think, you know, Jay Powell made a mistake. He's Frankl, he's not an economist. And he misread a supply shock to the economy as a potential demand shock. So he took all these tools off the shelves that Bernanke and Yellen had created and threw them at the COVID shock, which was a supply shock, overstimulated demand, and we got inflation.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Propaganda, a whole other thing. Bad information, the word libel, has its root in part in the French wordly bell, which were these scandalous pamphlets that were being put out about Marie Antoinette. I think it was called Grubstreet in London. So, yeah, an abundance of information includes an abundance of really bad information and misinformation. So we're living through all of that right now.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, yeah. And it had to get, you know, it took a wake in the store to get developed and you had to pay some amount of money. If you wanted to do research, you went to a library. If you wanted to write a letter, you wrote it with a piece of pen on a paper. You stuck it in an envelope, put a stamp on it, put it in a blue box, and waited a month for a review. All of that stuff is now instantaneous, infinite, and practically costless. And so, you know, and like I ride the subway in New York, you look like every three out of every four people sitting next to you was staring at their phones. The information we're living through right now is quantums of magnitude of what they were going through, I think, during the French Revolution. So it's an interesting time to be alive doing what they're doing.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“A camera, you had a black box called a camera with something called film, a canister called film in it. And then, you know, you would take 36 snaps and then you had to take it to a store.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“And they were basically tearing down the old institutions of the church and the aristocracy who defined the story for the public as they saw fit. And, you know, the United States, too, the Declaration of Independence was a pamphlet. They signed the thing in Philadelphia. They fled because the British were coming, found their way to a printing facility in Baltimore, and started mass producing the Declaration of Independence. So I think we're going through something like that now where the old institutions of power in the media are being redefined. I mean, for goodness sake, podcasters had a bigger influence on the last election than CNN did. It's amazing to me.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Setting in, which is that you know, I mean, I think we're living through historically changing times on several levels. So one of those is just information, right? And this brings me again, I've become, I've been obsessed with the French Revolution ever since people started telling me they're going to stick my head in a guillotine. But, you know, there was an information revolution happening during the French Revolution too. There were printing presses everywhere. Relatively new. There were pamphletiers. I mean, the printing press had been around for a couple of centuries, but it wasn't being mass produced and in every village and every neighborhood in Paris. If you read histories, if you read histories of the French Revolution, there were pamphletiers everywhere giving their version of events on every street corner.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me remove that. But I mean, we could, but let me redefine that and go back to our French revolution story, which is I think there's a new old normal.”
2025-10-31 · Masters in Business · What Went Wrong in Great Financial Crisis Stimulus with Reporter Jon Hilsenrath · IDENTIFIED FROM THE TRANSCRIPT · source