Nocera on the Crisis and All the Devils Are Here

Joe Nocera, NYT columnist and co-author with Bethany McLean of All the Devils Are Here talks with host Russ Roberts about the origins of the financial crisis. He identifies many people he considers devils for contributing to the crisis and a few angels who tried but failed to stop it. The discussion covers the history and development of securitization, the peculiar incentives created by securitization, and the relative lack of regulation of the securitization process. The conversation also includes a discussion of whether past bailouts contributed to the crisis.