Dan Egan
speaker
94 appearances
2 recordings
1 series
first heard Nov 2018
last heard Oct 2020
Dan Egan’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · We've Learned Surprisingly Little from the Financial Crisis · 15 Nov 2018
podcast
The 2008 crisis was unusual in that it was both a financial crash but also an economic crash.
And we have financial crashes pretty commonly.
They come around every sort of 7 to 10 years.
And while markets go down and people lose some of their savings, it's a bad thing, they don't actually really hurt the economy that badly.
The 2008-2009 financial crisis really rippled through the entire economy as we all delevered, as house prices were worth less.
And that's trickled on for years in terms of inflation.
people who graduated into weak labor markets and haven't been able to start saving as much, in terms of people who had to actually get out of jobs, and that prevented them from saving for retirement.
So the hangover from an economic crisis is way worse than just a financial one.
I think, yeah, we've seen in wealth statistics and across the board, there's been a greater separation between the haves and the have-nots.
And the individuals who are investing and saving going into 2008 have actually recovered and kept growing.
They're five times as likely to have continued or increased their investments after the crisis compared to individuals who weren't.
And so the market's being up dramatically since then.
People generally only know about it if they were already invested.
No, and I think that's one area where I do think a lot of those people might have experienced the economic impact.
So they might have lost their jobs.
Their entire industry might have really gotten hit.
Construction took a dramatic hit during that period.
So I don't want to think that it's about people's decisions to invest, but rather about their ability to save in the first go.
I think the kind of forgotten victims of the financial crisis were younger people who graduated into a labor market that was weak for sort of six to eight years.
They started at lower incomes.
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