Senator Chris Murphy

Is his baby. Exactly. The Strategic Petroleum Reserve. Right. Now has hundreds of millions of barrels. And it's there to help us in case there is another kind of oil embargo event. And even to some extent, buffer the price. So, you know, there are a lot of stories of Republicans believing in the power of market craft, but using a different language to justify it.

Is his baby. Exactly. The Strategic Petroleum Reserve. Right. Now has hundreds of millions of barrels. And it's there to help us in case there is another kind of oil embargo event. And even to some extent, buffer the price. So, you know, there are a lot of stories of Republicans believing in the power of market craft, but using a different language to justify it.

But this is not... There's no partisan claim on the term.

But this is not... There's no partisan claim on the term.

No, I mean, it's a couple of people have asked me, is Trump a market crafter? And he's the opposite. I mean, he's a market crasher. Market crasher. Exactly. That would be a great movie. That would be volume two. Exactly. Market crashers. No, but I mean, there are ways to think about the problem that critical minerals, 90% of critical minerals come from China.

No, I mean, it's a couple of people have asked me, is Trump a market crafter? And he's the opposite. I mean, he's a market crasher. Market crasher. Exactly. That would be a great movie. That would be volume two. Exactly. Market crashers. No, but I mean, there are ways to think about the problem that critical minerals, 90% of critical minerals come from China.

And there would be a way to think about stockpiling those, making public sector investments to mine those minerals here at home. And ironically, J.D. Vance and some other folks in the party were talking about those kinds of ideas as recently as last year. Of course, now they're all loyal soldiers just following the... Because he's brilliant.

And there would be a way to think about stockpiling those, making public sector investments to mine those minerals here at home. And ironically, J.D. Vance and some other folks in the party were talking about those kinds of ideas as recently as last year. Of course, now they're all loyal soldiers just following the... Because he's brilliant.

Yeah. I mean, the irony of Greenspan, since you mentioned him, is that he's got a rap as a deregulator, and he did do all kinds of deregulation. The guy was also singularly obsessed with financial innovation. He genuinely believed that if we created these credit default swaps and the special purpose vehicles and all of these elaborate complex machinations, the financial system would be safer.

Yeah. I mean, the irony of Greenspan, since you mentioned him, is that he's got a rap as a deregulator, and he did do all kinds of deregulation. The guy was also singularly obsessed with financial innovation. He genuinely believed that if we created these credit default swaps and the special purpose vehicles and all of these elaborate complex machinations, the financial system would be safer.

And yet, as we got obviously to 2008, turns out that wasn't the case. And when they allowed Lehman to just explode, it was part of this whole framework of like, well, what can we do? We need some company just to go bankrupt so everybody learns a lesson. when, in reality, there's a long... There's a long history of threading the needle.

And yet, as we got obviously to 2008, turns out that wasn't the case. And when they allowed Lehman to just explode, it was part of this whole framework of like, well, what can we do? We need some company just to go bankrupt so everybody learns a lesson. when, in reality, there's a long... There's a long history of threading the needle.

Just 10 years before, the largest hedge fund in the world had also gone bankrupt, but there was a parachute, and there was a way that wasn't creating a bomb in the financial system that allowed that institution to proceed through its bankruptcy proceedings in a way that, you know, the free-market fantasy did not allow for Lehman. So there was a better way.

Just 10 years before, the largest hedge fund in the world had also gone bankrupt, but there was a parachute, and there was a way that wasn't creating a bomb in the financial system that allowed that institution to proceed through its bankruptcy proceedings in a way that, you know, the free-market fantasy did not allow for Lehman. So there was a better way.

Why don't they put capital into those markets? I think the simple answer is because we didn't have the institutions of market craft to do that. We had an institution of financial stability market craft. Go save those banks. But we had no institution in housing markets that could make it cheaper, well, these days, to make it cheaper to borrow.

Why don't they put capital into those markets? I think the simple answer is because we didn't have the institutions of market craft to do that. We had an institution of financial stability market craft. Go save those banks. But we had no institution in housing markets that could make it cheaper, well, these days, to make it cheaper to borrow.

In the housing crisis moment of 2008, 2009, it would have been about relief for people who'd already borrowed and couldn't make their bills.

In the housing crisis moment of 2008, 2009, it would have been about relief for people who'd already borrowed and couldn't make their bills.

Right. So we've decided that finance should be stabilized, but housing shouldn't. Right. That makes no sense. What we need is a housing construction fund to make it cheaper to build multifamily developer housing. We need an industrial policy for modular housing, the kind of homes that are built off site. And then you bring them in and an apartment building can go up within seven days.

Right. So we've decided that finance should be stabilized, but housing shouldn't. Right. That makes no sense. What we need is a housing construction fund to make it cheaper to build multifamily developer housing. We need an industrial policy for modular housing, the kind of homes that are built off site. And then you bring them in and an apartment building can go up within seven days.