Tom Michaud

speaker

480 appearances 1 recordings 1 series first heard Jun 2026 last heard 3 Jun

Tom Michaud’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jun 2026 with 1.

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The Master Investor Podcast with Wilfred Frost · “We’ve Seen the End of Times”: Tom Michaud on Market Extremes, IPO Red Flags, and 9/11 · 3 Jun 2026 podcast

And when you look at the financial system, the financial system and the banks, they are built to help the economy grow.

They can grow faster than the economy.

But if they grow exceptionally faster than the economy or if they grow exceptionally faster than other participants, there's something happening.

And as you know, there's not a lot of patent protection in financial services.

It's not like some company has such a unique model.

that it's exceptional relative to everybody else, that it can grow at such a quick pace.

And if you go back to the period of the global financial crisis, what you will see is there is just so much growth in subprime mortgage.

And then there were just new unique inventions with SPV vehicles and leverage.

And I think leverage is the other piece to it, which is that many of the world's largest institutions were operating with tremendous leverage and growing very quickly.

And fast growth usually or not always but typically can lead to credit problems.

And credit problems are the scariest things that the market has when there's a financial crisis.

Yes, I think it's a little bit different because of the leverage.

So a typical bank is levered, let's say, 12 or 13 times.

So I think the leverage just creates more of an issue.

And then it's also, if it's a bank that's holding customer deposits, it becomes a confidence issue.

And that's what happened in 2023, which is – and it goes back.

When I studied that period, I went back and actually listened to President Roosevelt's speeches when he introduced the FDIC.

And bank runs, which now can happen on a phone.

You don't actually have to go to a branch.

But a crisis in confidence in deposits –

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