YouSaid · the spoken record

Zanny Minton Beddoes

lines on the record: 35
first: 2026-07-07
most recent: 2026-07-07
sittings or episodes: 1
sources: podcast

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“Yes, okay, trivia. How much do you think a qualified gas turbine installer, which are needed for data centers, what the pay is annually for that now, that job? Want to guess? Half a million dollars. So there is an element to which we might have a skills mismatch in terms of where the jobs are growing in this moment.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Well, so I think there's a couple things going on, and I could be wrong about this. I think we talked about this a little bit yesterday. There's a sense, I think, that if you look at The technology companies. So there's one piece which is the technology companies, oddly, despite how fast they're growing, the roles that they've sought are much more senior than they used to be. I also think, by the way, this is going to sound crazy, remote work has changed things. So people who were seeking remote work has almost been eliminated in the US, and there's been a lot of young people who've been wanting remote work. So there's been sort of a shift. And there's also been a regional shift in terms of where people seem to be moving and where jobs seem to be going. And there's a skill issue as well, which is despite my great love for liberal arts education, some of the jobs that we need, I mean, where the real need is, I mean, I was talking to somebody yesterday who said that if you want to be a”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Michael, stand up. I've been working with this gentleman for 20 years. He's one of the most remarkable people I know in the whole world, and we've had a ball together, and I love you, and I just want to thank you. If you love Deobook, you also love Michael.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Second answer is no. The first answer, I think, goes back to where you think this sort of invisible line is that turned into a red line and what is the trigger point for that. And I wish I had a satisfying answer and I just don't know.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Feeling out there, and I don't know how widespread it is, but it's visceral, I feel it from people who say they don't want all of these guardrails.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And other things where the companies like a Blackstone or some of the private equity firms that own these things are the ones effectively appraising. They're valuing their own assets. It's not like the stock market, and yet they will have a price tag in the market. So there are lots of things that I worry about, but for whatever reason, there doesn't seem to be both enforcement, nor does there seem to be a public outcry about it. And one last piece on this, though, because I don't know if you feel this, I found in the last couple of years, oftentimes I'll talk about the need for regulation, or I'll be sort of highlighting something that doesn't seem right or seems a little out of the ordinary. And I get a real reaction from the public oftentimes in terms of emails and people sending you text messages and things on social media, and they say, stop being so paternalistic, Sorkin. We want an opportunity to get the lottery ticket. We want our chance. And by the way, you're not protecting me. You're protecting the man. And there is this sort of fear.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Well, so real quick, and I'd love your view on this. I do think the regulations have benefited the system over the years. I do worry that right now the guardrails are coming down and the enforcement is coming down. Though I'll give you an interesting statistic, there are more, I think, insider trading cases today than there have been perhaps even under the Biden administration, interestingly enough, but more low-level kinds of things. So there's sort of this interesting dynamic at play. I do worry about the guardrails, and I think it's evident right now in the prediction market space, for example, in some of the crypto space. I am deeply concerned about how private credit, but more importantly, private credit, increasingly private credit, private equity, venture capital that is going to be wrapped in these things that look more like a public wrapper so that they're going to effectively exist in people's retirement plans.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Okay, so I will give the optimistic answer. I think it's an aberration. I actually, as I said, I think that President Trump is an unusual character, to say the least. And I don't imagine whoever is in office in the future will have the same kind of cult-like power, frankly. I could be wrong about that. Maybe it'll persist in some way. Right now I would argue that the administration has much more power than any of those five individuals do. That's not to say that the administration can put all five of those individuals out of business all at the same time because then they have a problem. It's a little bit like when you loan money to a bank or when a bank has loaned you money, who's got the power at some point these guys probably do have some power. But I think that this administration still has a shocking amount of power, more so than the five guys. We're calling the five guys.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And so I could give you advice about what to do, but I will invariably be wrong. I mean, I think the only real advice is to the degree that you are capable and able financially to think about the risk in your own life, how much of a rainy day fund do you actually really want to have. I always think, to me, that is the real question. The question is, do I need to have a rainy day fund that And whatever your threshold for risk is and whatever your ability to put money away is, that is the question.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I really don't give it financial advice. But look, I'll say two things. One is here I am talking about a crash and you'd say, oh, you're the Cassandra in the room. There's going to be a crash. There's going to be a crash. It's easy to say there's going to be a crash because invariably there will be. Timing it is the hardest part. And I always think back to 1928, actually, and a guy named Charlie Mitchell, but Charlie Merrill, who was the co-founder of Merrill Lynch, because in 1928, he was the Cassandra in the room, and he told everybody to get out of the stock market. And so we could all sit here today and think, oh my goodness, Charlie Merrill, what a genius he was. Except for the fact that between the beginning of 1928 and September of 1929, the stock market went up by 90%.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I think that's largely because the people who have the wealth and what we think of as power think that they are even more the targets.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And my phone starts ringing off the hook after that from every CEO in America saying, oh my God, can I not go seek the refund now?”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“The court rules against the tariffs, and companies like Apple and Amazon, some of the biggest companies in America do not even originally try to seek the refunds. I interviewed President Trump on television about this, and I said, Mr. President, do you appreciate that there are companies out there that are not seeking refunds? By the way, they have since, but they did it en masse. I said at the time, Do you know that there are these big companies that are not seeking refunds because they are scared of retribution and of offending you? And he said, I'm honored that you would say that. And I will remember the companies that don't seek a refund.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“We have two big institutions in the US one's called the Chamber of Commerce and the other is called the Business Roundtable. They represent American businesses, all of whom hated tariffs. None of whom were willing to write an amicus brief. This is basically a brief that you would write in support of the case against the government. None of them were willing to even write as a group in support of that.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“See, that part doesn't surprise me at all. No, and I'll tell you why, because the truth is, and you've talked to these CEOs on the record, they are silent and off the record, they are scared. And that is the truth. And I think we often think, oh, goodness, if you have an extraordinary amount of wealth or title on your business card, it is some form of emotional and legal armor. It is not emotional armor, that's for sure. And I think in this administration, there's a question of whether it's legal armor as well. And when you think about the tariffs, so after the Supreme Court, when the tariffs, when the case was brought to the Supreme Court,”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Maybe it's what happens, but I like to believe, and maybe now we're back into the question about morality and everything else, I like to believe it's our job as journalists to put a big bright spotlight on these issues. What I find so... The thing that sort of, I don't want to say, keeps me up at night that I'm surprised that the public doesn't read these stories about these things that we're putting the spotlight on and doesn't have that sense of outrage, if you will. And I'll be honest, I struggle to fully understand that.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Yes, yes. So I don't know about you. I had these views that money and politics back in the day, in the old days, was not a thing. It was still a thing.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And I thought that he was this, you know, in the US, Carter Glass has been sort of heralded as this wonderful character who created this Glass-Steagall bill, which broke up the banks, and this was a shocking, amazing thing, and done for all of the sort of good faith reasons you might think they were as described. But in truth, Carter Glaus hardly wrote parts of the bill, and to the degree that some of the bill even came about, it was a function of the Rockefeller family, which owned Chase at the time, who were trying to screw over JP Morgan and wanted to break up JPMorgan and basically worked with Roosevelt to make it all happen. That's insane.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“That was one of the great revelations of the whole book for me. I had this impression that Carter Glass, who I thought was this fascinating character, he was a senator from Virginia who was really the Elizabeth Warren of his time, if you know who Elizabeth Warren is in the U.S. She's a senator from Massachusetts who has been a thorn on the side of Wall Street.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. I want to believe that I wouldn't. I want to believe that I would have been one of those people who would have said this doesn't feel right. I'm not going to do it. But I have some sense of empathy for even some of those characters in the book that were participating, these manipulative schemes. I also found it fascinating that back then, as people do today, to the extent that they knew about some of these manipulative efforts. And sometimes these pool operations were written about in newspapers that say, this is going to go on, there's a pool operation in this stock members of the public would try to rig it themselves. So they would try to jump in, they would buy in and hope to sell and get out before the rug got pulled. So it's a little bit like, I don't remember when GameStop was all happening, 2021. Everyone knew this sort of train couldn't keep going forever, but there were people who were sort of buying in and hoping they could get it.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“They would run the price of a stock up, they would pay a journalist off to, by the way, write some puff piece about something, and then they would pull the rug two weeks later. They thought in their own way that they were just outsmarting the other side. It was sort of a, it was, and now really, so I was always trying to put myself in the shoes of these people as I was writing to think, well, if I was there then, what would I be thinking without the benefit of hindsight?”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And the reason I raised this is because I think that without actual rules and laws and regulations, even our own sense of morality, which I think we all think is this deep-seated thing, shifts. You know, the markets are this very funny thing, because I did see a lot of this in the diaries of the investors at the time, which is it has always been, I think, to a large degree even today, a battle. People think about it as a battle of wits. Somebody's trying to outsmart somebody else, right? Whoever's buying a stock on any particular day has to in the moment to some degree think that they are smarter than the person selling them that stock. They are smarter than the person buying the stock. It's just the way the market is. And so when you go back to this period of time where people were genuinely manipulating the market insofar as they were ganging up, in some cases they would create these groups called a pool operator.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Oh no, we should be very precious about what's going on today. The fascinating part about the 1920s were the manipulation was rampant. It was legal. Insider trading was not illegal. There was no SEC. There was Glass-Teagal, which broke the investment banks and the commercial banks. That had not existed. There were no capital requirement rules, by the way, for banks. That didn't happen until 1940 in the United States. So there really was no rules. But what's so interesting to me, and this maybe gets at an issue about sort of morality, is today we would all look at what took place in the 20s and say, oh my goodness, this is illegal, this is corrupt, this is terrible, and at a minimum it's immoral. I went looking, I mean, over the eight years I was working on this book, I was desperate to find a character, somebody who had written in a diary, a letter, a memo to somebody.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I'm probably in the second camp not because I am not empathetic or sympathetic to the first camp at all, but more because I actually think the lesson for me of even writing this book is that memories are short.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“So, what I don't know that everyone here in Europe probably knows way better than I do is if the political wind shift in 2028 or in 2032, is there a possibility of reforming those partnerships again? Or is it broken forever? Is President Trump such an aberration? I know you said it was, he isn't an aberration, but I think even the United States, there is still a view that he is a political aberration. I don't think you can look at any of the people who even work in his administration who you might think that could be the next Republican president, whether it be J.D. Vance or Marco Rubio, and put them in the same category as him, unless you think our politics are now so broken that every politician can take the same kind of page out of Trump's playbook. I think Trump's playbook is a very particular and unique And I'm being very polite.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“And hyperinflation was not their own. By the way, Charlie Mitchell, for some reason, seemed to understand this almost implicitly in 1929. He was talking about what this was going to do to the young Germans 10 years later and how that could manifest itself politically. And so the question that I have when you talk about debt is where we are 10, 15 years from now and what that does to sort of true civil unrest. This is sort of in the sort of radalio kind of genre of Of what it means to even have civil unrest and civil society.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“If we have so much debt, I mean, you talked about the debt here in the UK. One of the things that I think ultimately led, frankly, to the rise of Hitler in Germany was a generation of people who were living under a debt that”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Depends how big a market you think the U.S. still is for China and the rest of the world. I mean, this goes back to the idea of, you know, if the U.S. gets a cough or if China gets a cough, do we all get a cold? I mean, I think there is still an interrelationship that's very different here. The other piece of it, though, that I do worry about is what happens when you have a population that is fully indebted. Because that's really...”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I don't think that that loss of trust really emerged, frankly, until 3233 when the unemployment picture became horrific. And what led to the extent there was a lack of trust, it came from the bank runs. The fact that these banks were going out of business, if you had money out of bank, there was no insurance program. And literally, if they went out of business, you lost everything that was at that bank. And that did lead to some backlash clear”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“They, for the most part, would blame themselves. So there wasn't the same kind of finger pointing that emerged in 2008. I mean, most of these, you'd read these diars, they're heartbreaking, but they talk about, I can't believe I did this to my family. It's really my fault. I should have never done this. And it's not, I blame the broker for this. I can't believe they got me into this and they really screwed me over. It wasn't really actually until 19, I would say in 1932, some of it shifted, but I think that's because the economy had sort of turned so terrible.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“I don't know. The only reason I mention this is because, interestingly, back in 1929 and even after 32 and the sort of terrible unemployment situation that we had, we didn't have the, I mean, clearly there was populism insofar as Roosevelt gets into office, but it was different. It was not long-lasting in the same way. And interestingly, I will say, this is an interesting sort of cultural thing for me. If you read the diaries of people who lost money in 1929,”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“In experts and expertise. I mean, all of that to me, I trace back to 2008, and not just the fact that we had a crash, but how that crash was ultimately handled.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“No, I can't imagine it at all. No, that's a demonstrable worry, and I don't know what the result would be. The only thing I would suggest, though, is I often think on a very technocratic basis that what happened in 2008 worked. And I say, oh, goodness, that really worked. That was what Ben Bernanke did was the right thing that seemed to make things a lot less terrible than it would have otherwise been. Having said that, I would also draw a straight line to the politics that exists today, not just in the United States, but around the world as it relates to 2008. But politically, I'm not sure it worked at all. I would argue populism. I would argue potentially Brexit. I would argue potentially the election of President Trump both times, the destabilization and lack of trust in institutions.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Cleanish church in London. The dirty shirt in the laundry basket. And so as long as maybe you're the least dirty shirt in the laundry basket, someone will put the shirt back on.”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT
“Well, that's to me the biggest worry. And I don't know. I've always thought there's some invisible line in the bond market that turns into a red line at some number, but I thought that 20 years ago, and that line has not been crossed. And the question is, when it comes to sovereign debt, there's always been this question about whether it's all just relative, you know, whether you're the dirtiest of the...”
2026-07-07 · Intelligence Squared · Andrew Ross Sorkin and Zanny Minton Beddoes on Markets, Crashes and The Future of The Global Economy (Part Two) · IDENTIFIED FROM THE TRANSCRIPT