YouSaid · the spoken record

Raghuram Rajan

lines on the record: 74
first: 2019-03-13
most recent: 2019-03-13
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“We need to regain that ability for capitalism to work for all. That's the effective capitalism that took us in the West over the last 70 years to where we are. It's where I think we could go in the East. But we need that spreading of capitalism's benefits. And there, I think, democracy in opening up capitalism and keeping it open is extremely important. That's why I focus in this book on the community, because it seems to me that the community is a basic building block of democracy. And it's the guy at the bottom who has no influence, who is essentially saying, I want capitalism to work for me. And that's when capitalism actually works. When everything is determined at the top that it stops working and we get the crony. States, whether they be socialist crony states or fascist crony states or even some versions of capitalist crony states.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in many ways this book is my view of why capitalism worked and why it's not working as much anymore. And I think central to this view is how important democracy is, democracy working through the community, the community pushing its ideas up. And to some extent that”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, Luigi comes from Italy. I come from India. We both have maybe some cultural sympathy, but we're also, to some extent, we started with a very healthy skepticism of how industrial countries functioned. I mean, him from his view from Italy and I from India. And I think over time our skepticism has been borne out, unfortunately, more than we would like it to be.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think he was deeply sensitive of the importance of technology. And I think I sort of am more and more convinced that it's these technological revolutions which create the impetus for society to change. And this book is really about how this technological revolution has created the disruption, but we still haven't seen the societal change. And I think we will need to see that in order to adapt to it.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I couldn't touch and feel fields and waves, and I wanted to do something where I felt more connected. And I'd always been a fan of, believe it or not, John Maynard Keynes, not in terms of, I didn't know anything about what he, his work, but I didn't know that he was such a Renaissance figure. I said, that's the kind of guy who's really impressive. So you need these sort of superstars in a profession to attract people in. Not that anybody in there ever has a chance of getting there, but it's a way of bringing people into the profession. So I owe my economics to Keynes.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Appropriately sober and boring. It was a fun place in the early 70s. And then back to India, which was enormously interesting. India was still very poor. And where in India?”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, yeah, I think we had a fantastic time. I grew up initially in Indonesia in the year of living dangerously. We were there. I remember, and my father corroborates this because I was really very young. Gunfire in the street says the Suharto coup was getting rid of the communist sympathizers of the previous government. 250,000 people at a low estimate died in that. I remember some of that. I don't know if it's a figment of my imagination. We went to Sri Lanka when, again, they had an insurgency. We had student terrorists who used to blow up government vehicles by embracing people, human bombs. We had a year with no school. We loved it. My parents didn't like it so much. We then went to Belgium, which was...”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we learned some. We learned, for example, at the International Monetary Fund that it's not primarily or always a fiscal problem, that sometimes the financial sector has a problem, and mandating significant austerity at that point sometimes can backfire. And I think that lesson has been used in the global financial crisis also. However, I do think there is a very real ongoing problem, which is how to deal with capital flows, abundant capital flows, because when they come in, it's hard to say no to them, but they don't stay that long and they can leave on a whim. Again and again, countries like now Argentina, Turkey get into trouble because they borrow in the good times and don't know how to deal with the bad times.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Liberal market democracy structure that the US has will be painful, but is something we need to do if we are to essentially get better multilateral institutions for this more integrated world.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we have to figure out not just how to integrate them, but how these organizations have to change for a multipolar world. When the US was determining the shots, which it still does, there was a sense there was one entity and it had pole position in many of these organizations. Increasingly, China is becoming bigger in certain markets than the United States, and probably in the next five to ten years will become bigger in terms of overall GDP. With the US still have that poll position. And if not, what kind of structure do we have in which there's not one single sort of equity holder, but there are multiple equity holders, some of which whom have very different incentives? The structure of the organization has to change to a accommodate these different interests to make sure they work together. So I think this change, especially given that China doesn't have that”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you have to be a little careful. Every time you stop something, it'll show up somewhere else if there's a need for it. And is it better that it be entity that you regulate and you monitor reasonably closely or in an entity that you don't regulate? Well, to the extent the entity you don't regulate can absorb those losses. That's not a bad thing. But to the extent that it cannot, and it all comes back into the system via these interconnected markets, you're no better off. In fact, you're worse off because you're blindsided by the risk migrating to places you don't look at.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we need to keep exploring what's really going on and trying to understand. For example, we've seen a big explosion in leveraged loans in recent years. So are they being placed in the right places? When they dry up, will the entities that borrow that way have enough liquidity? Those are the kinds of questions we've got to keep asking increasingly liquidity becomes the source of both leverage and eventually credit risk. And that's unfortunately the problem. When liquidity dries up, a lot of people, both the lenders as well as borrowers are left high and dry, which is why you get pressure on the central banks to come into the rescue of the system, infuse the system with liquidity, start lending to anybody who needs it, and that becomes a problem. You become too reliant on public liquidity.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Some, I think the recapitalization of the banks and increasing the capital requirements was generally a good thing. However, I think the banks have reduced the risk that they take. A lot of the risks have migrated into what we call the shadow financial system. And the worry is we don't fully understand that. Are they managing their risk appropriately? We have the same questions we had before the global financial crisis when everybody said, don't worry, these are the smartest guys in the universe. They know how to manage their risks. Well, there's a lot of trust that the shadow financial system knows how to manage its risks. And I'm not sure we can be confident.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we will have a combination of the guys who are truly good at software, the fintech companies, merging with banks who know how to do the financial side. They'll bring each of the talents together. I've seen a lot of fintech people who have no clue as to what finance is really about. I've seen a lot of banks who have no clue as to what tech is about. And I think some merger will happen over time.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think they're trying to figure out their space as of now sometimes they're substituting for, I mean, certainly my daughter uses her payment system completely separate from a bank account. But I think longer-term...”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's the part, right? So, all the deposits first go to the government, and if the government has an excess of funding, it has to find a way of recycling it back to the private sector. It's that part that people don't talk about. What is the way the government is going to recycle it back is it's going to start buying corporate bonds. Which bonds is it going to buy? What's the kind of worry about cronyism that takes place at that point? I think those are the kinds of issues we don't talk about in narrow banking, and I think they deserve to be opened up. The other point is, of course, is there virtue for banks to be financed with shorter term debt while lending longer-term? And that's part of what I've been trying to talk about.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Really, for the reasons we just discussed, narrow banking basically requires all the deposits to be invested essentially in safe treasuries and no lending. And”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, my co-author, Luigi Zingalis, would say there's a lot more connections at work today than is healthy. I would say that modern business operates on a mix of both arm's length contracts as well as relationships that fill the gaps in these contracts. I don't think relationships are necessarily bad if they are a way of enforcing trust, of adhering to terms that are not precisely written in the contract. You do business with somebody else because broadly you think they will do the right thing. They won't haul you to court anytime there's any sense of discrepancy. I think that's how business works. And I think that's usually a good thing. It's when those relationships become the only way of actually functioning that you restrict access to a narrow circle of friends and relatives. When it becomes problematic.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“You will not do anything because you're insured, and deposit insurance has been very successful in putting the small depositor to rest, their anxieties to rest. What closes the bank is when the large guys, the guys who have five, ten million in the bank, who are monitoring the bank on a daily basis because they operate in the commercial paper markets, the hedge funds, the big mutual funds, they're the guys who start taking their money out quickly as soon as there is a whiff of trouble about the bank. And I think they perform an enormously important role, which is why, you know, as you said, the bank gets shut down in a day or two, but that preserves the money. When it shut down, was essentially when he looked at the overall value, it was pretty close to the value owed to the depositors. It was shut down before it lost even that money.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“But it is a fairly strong governance mechanism, much better than the equit holders in the bank who have no clue as to what it's doing.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's not so much on the lending side. They have some ability there, but it's just the fact on the depositor side that it doesn't require genius to keep testing the bank. If you want your money, go and say, I want it back today. That is a disciplinary mechanism on the bank which has to the test of time. Is it still necessary today? Even today, when you see what forces the bank into distress, it's the run on the banks by the large depositors. That's an enormous disciplinary device on the banks. Keeps them from going off the street and now. We prevented the small depositors from running through deposit insurance. But even today, what closes the bank down is when the large guy say these guys are not good for our money, we're going to take it out. And that's when it closes. I think that basically forces a bank to stay on the straight and narrow to the extent possible. Of course, it creates the downside of financial.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that beyond a certain level, once you have adequate access to finance and the ability to channel it into savings, the real problem is to prevent the other side, the adverse side of the financial sector, of it going haywire and taking your GDP down by 10, 20%, which really sets you back for a decade or two. So to my mind, beyond a certain level, it's managing financial risks while ensuring that the financial sector allocates resources appropriately.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Itself associated with it. It's one of those institutions you talked about when everything is going well, a good financial market also helps. It's a lubricant to growth. Is it the underpinning of growth? I don't think so.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the problems during the run up to the Great Recession was the enormous increase in construction jobs, which pulled people out of high school into a well-paying construction job only for that job to disappear and to leave this person with a family and a kid, but no real skills. I think we are seeing some of that again in, for example, the enormous increase in Uber drivers. It's a great way to make a little bit of money. But in terms of sustainability, you have to ask yourself, how long is this going to be sustainable?”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say that this 30-year process of technological change that we've been talking about of increasing automation, the disappearance of the middle-income jobs that you've talked about in your books, that stagnation for at least certain groups in society, certain communities, we try to remedy through making credit easy. Didn't work. We ended up with a whole lot of people with underwater houses and even angrier because for a while they enjoyed home equity loans, which allowed them to consume, but now they were deeply underwater. I think that we're getting into that trap once again, where easy money is the answer, when in fact we need structural change in the economy. We need to find ways for people to get the skills that they need for sustainable employment. And, you know, if you look around,”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, when you say they're controlled by voters, certainly the representatives of the people have an ability to opine on it. And certainly over time, certain kinds of spending have picked up. Now, I'm not saying that necessarily what we need is more redistributional spending. I think we have a constant interplay between the two. But I would argue that it's not so much how the budget is controlled, but how profits are allocated in the economy, what kinds of special dispensations do you have, what kinds of tariff protections do you have? Those are the kinds of things that limit the competitiveness of the economy.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“One way of looking at that in the current context is it's when the private sector is co-opted by the government that we get both political unfreedom as well as an uncomparative economy.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I sort of believe very much that crony capitalism is really the danger for any economy because it not only constrains economic growth, but I also think it limits political freedom that to some extent a comparative independent private sector is extremely important to keep government in check, that when the private sector gets compromised and depends on tariffs to protect itself or depends on cartels, government-sanctioned cartels, as we had post-depression, I think that's when we find that the private sector is no longer independent, when it is no longer independent, it becomes a pawn of the government. And that's when we get authoritarianism. So to some extent, Hayek's road to serfdom, I think essentially”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I do think that increasing the notion of corporations as being a variety of fixed claim holders and the shareholders as the residual claimants, which is what led Friedman to propose shareholder value maximization as the principle, I think that's being challenged, increasingly corporations, agglomerations of a variety of entities that essentially benefit from the corporation and share in the corporation's rent, so to speak. So essentially the nature of the corporation is moving more towards partnerships rather than manager worker. And so I think the nature of the corporation has to actually reflect that. And more and more corporations are doing that. And what that means is that increasingly long-term workers are part of the stakeholders of the corporation and seeing them as part of the value maximization process, I think is both”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think my colleague Steve Kaplan would say that. I think he has some arguments in his favor. I think that at the same time you can point to corporations in other countries where the disparity in income between the guy at the bottom and the guy at the top is not so great. Are they doing as well? I think that's what we have a big debate about, that whether U.S. corporations are in fact managed better than corporations in other countries.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, so long as the private corporations are reasonably well governed and that there is many of these private corporations have public funds as investors so that the returns for investment are also broadly distributed, I don't think whether it's public or private is a big issue. I'm more worried about excessive corporate market power.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Unclear. The question is whether the network itself that one of these, let's take Facebook for the sake of discussion, whether that network itself is strong enough and their ability to acquire anybody who poses anything of a threat is strong enough to keep out competition. As you know, many venture capitalists now talk about a kill zone. If we finance somebody within this zone, they will not grow to be full adults. They will be bought out early or forced out of business, and that's not going to make enough returns for us. Now, there's stuff here which needs to be unpacked. What I'm saying is we need to wash this in a careful way because this is the future. And we have to be careful that it doesn't become an uncompetitive future.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, certainly, you know, right now the focus is on big tech. So Facebook, Google, etc., what do they know? How do they know it? And are they able to maintain a hold over their clientele because of that? How do you make the area more competitive? One of the worries is we don't fully understand the extent to which the possession of a network can keep out the competition and how long it can do that. Our theories are, well, you will find this wonderful innovative company which will demolish the opposition by producing such a better mousetrap that everybody will migrate to that. But with the kinds of structures we have today, it's theory still. We don't know if that will work. Yes, people say before Facebook there was, what was that? Make MySpace or MySpace and so on. And Facebook came in. But yeah, Facebook came in and it's gobbled up everybody.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would say that there are two big issues. One, of course, is the domination of industry after industry by a few firms. Many of these firms are well managed. Many of these firms provide efficient services, provide a service that people want, but it does raise the question going forward, how are they maintaining their dominance, and is it possible that they might chill innovation and competition going forward? That certainly is a concern. I don't think we know the answer, but it is a concern which America has addressed time and again in the past.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“2% is our target. And if you hit 4.5%, people start worrying that if you're tolerating 4.5%, well, why not 6.5%? You become a prisoner of the target that you've set. And so the flexibility that you have in moving away or even moving the target, which Olivier Blanchard, as you know, has suggested becomes much more difficult.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's also leads to the question of whether we're getting a disconnect between the broader population and some of the ways policies are set. One of the sort of bastions of elite policymaking in any economy is the central bank. And increasingly, I think the public is basically asking, what on earth are you doing? And is what you're doing in my benefit?”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, let me throw that back to you. Who's flipping out on 2%? I think this smaller crowd is flipping out, so people get very angry when the Fed says we're going to run a little hot. But I'm not sure it's the common man who's saying, I hate 2.25%. I don't think they're the guys who are flipping out.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not saying that it's better or worse. I'm just saying that for me it's a mystery how these concepts translate to the common person whose expectations we care about unless you think they don't matter and who we are communicating to are largely the union bosses or largely the analysts on the street. These are the people who determine how the economy moves and shakes, not the ordinary person who's making consumption decisions. But some of our theories require that person to also internalize our model of whether it's inflation targeting or normal GDP targeting. And my sense is it would be very useful for us to know how that transmission takes place.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's precisely the point. We're getting more and more esoteric in how we sort of implement inflation targeting, now price level targeting, nominal GDP targeting. Poor guy on the street doesn't even understand what inflation is. So, why are we getting more and more sort of esoteric here? Let's first figure out how we communicate what inflation is”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“People on the street actually gauge inflation because they don't read the financial papers, they don't pay attention to the inflation numbers that appear on Bloomberg or whatever. How do they actually react?”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Let me tell you what is the most difficult concept inserted. So I answered a different question. It is how people's expectations form. See, modern textbooks are full of you say this and people will think that and therefore we will have an effect. I mean how many people actually think about inflation? How many people actually know what inflation is out there? In India we found that in our surveys the median inflation rate that people said was going on was about 10% points higher than the highest rate had been for the last 10 years. So people don't really have a good sense of what those numbers are, yet we focus on them because ultimately we think changing those expectations matters. And by the way, this is true even of industrial countries. The expectation of inflation is typically higher than what it actually is measured to be. So why is there this very strong link to expectations that we have in our theories? But in practice, how they formed is really a mystery.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Easy if they were right. It would make life very easy. Yes, money as debt. Let's print as much as we want and nothing actually happens.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we're going to be debating this thing for years to come, right? How much is each one of these? And of course we have now new theories which say nothing matters. You can print all the money. We know them are wrong, right?”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Maybe I think there are less harsh ways of creating that new technology. A number of people died standing in lines. A number of people, their firms closed down, their livelihoods went away. I think we can find smoother ways of actually getting people to use new payment systems than just eliminating the money overnight.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“We have learned it does matter in India because we just had a massive experiment where 87.5% of the currency was taken out. And it turns out that actually people use the money for transactions and not everybody had a credit card, not everybody could use a check. And so overnight you found activity in these areas dropping significantly, even though much of that activity, we don't measure because it's informal activity. So people have used fancy ways of getting at that activity by looking at, for example, the intensity of lights in that area at night to see if activity went down and they conclude, yes, money matters in India.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Some on refrigeration, absolutely. So, you wouldn't grow your own food. I'm sure over time you'd have these urban farmers setting up little farms outside the city to produce exactly what they produce here.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, as less use of fertilizer and the highest rate of rotting is because we don't have that infrastructure we talked about earlier. We need to build that infrastructure to take those vegetables to market because cities want those vegetables. They'd fetch a much higher price. That's development for you based on services.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I mean, I certainly think you should see some of the traditional sites that every tourist goes and sees the palaces in Rajasthan, the Tajmal, etc. But there are lots of interesting parts of India which tourists don't go to, the wildlife parks, the bird sanctuaries, I mean, a tremendous variety of animals and birds. And there are really very interesting places in India that nobody really knows of or goes to. I mean, certainly the temples in South India are very worth visiting. Some of the towns in Kerala, very quaint, very interesting. India is many countries in one. So if you go to the south in one trip, you go to the north in another trip, you're in a different country.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, if you want the standard Bollywood movie, Shole is the all-time favorite, right? It's a story about Dakoitz and Revenge, Love, etc., etc., has the whole song and dance sequence and goes on forever. So it's the Bollywood movie we all grew up with.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I think we all have some commonalities in that experience. For example, she writes in her books about parents coming from India and wondering why this is an entirely different world. I mean, the temptation to hang your washing outside and the knowledge that that's a no-no in some communities here. So, I mean, some of those experiences translate very well to what each one of us experiences.”
2019-03-13 · Conversations with Tyler · Raghuram Rajan on Understanding Community · IDENTIFIED FROM THE TRANSCRIPT · source