LEMON DROP | Stock Market Crafter and CRASHERS
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What is 'Market Crafters' and why does Chris Hughes say markets are designed?
we're live hi chris hughes how are you just like that i'm good every year and just like that but you didn't have anything to do with just like that that is that's you know um sarah jessica parker and darren star and all that stuff this is chris hughes uh his own fame i know him as a dad fame but you may know him from facebook as well And he has a new book out. It's called Market Crafters. It is a fascinating book. Thank you for joining. How are you doing? I'm doing great. Thank you for having me. So we were having a little discussion before about market crafters, and you talk about terms that are new terms that you have to explain to people what they are. So let's talk about market crafters. You say markets don't exist in nature, that they are designed, constructed, manipulated.
Right. Tell me what market crafters is, who are the real market crafters right now, and who's getting left behind in their design?
So market craft is when people in government harness the power of private sector entrepreneurs, business people, for public goals, like making Americans richer or safer or their economic lives more stable. So I wrote the book to sort of dispel this old idea that markets are organic, sort of self-regulating, natural forces, and the best that we can do is have government come in and intervene sort of like an emergency room when they go sideways. That's not true. The history is very clear that actually a lot of the time what we do is we harness these market forces to make financial markets more stable or to make gas prices lower or to build chips in this country. And we can learn a lot from those experiences and lower costs for families, create a kind of economic world that we want to live in that's more stable and more fair.
Oh, fascinating. I've got another question because I have some written questions and, of course, some on the top of my head. But how does this relate to what's going on right now, Chris? Because, you know, you've got the tariffs, you've got the economy, you've got, you know, we're in a tech world right now where so many people in Silicon Valley are making all the money and yada, yada, yada. How does this relate to what's happening in our world right now?
Well, we got a lot of challenges. We've got to be clear about that. You know, these tariffs are going to send the United States into recession already. We're seeing that people expect inflation to go up. People are more anxious than they've been almost since the beginning of taking the surveys around this stuff. Businesses are not investing anymore. Everybody's just bracing for the future. And that's going to create a lot of damage. You know, we just came out of an inflationary period. Nobody wants that again. But the estimates are that the Trump policies are going to increase costs for the average family from between $2,000 and $4,000 a year. So we're going to have a lot of problems. And the reason that I wrote the book is to be hopeful and help us build an agenda that will create an economy on the other side that's more fair.
You I was frustrated. A lot of people were frustrated about prices going up and a lot of things that happened, and people don't want to go back to that. But nor do people want to go back to the free market bailout central thing that led to the great financial crisis. And people don't want Trump anonymous. Well, I think a lot of people, some people do, obviously, but a lot of people don't. And so the idea of what I'm trying to do is say, hey, there's a better way. We can use the power of private markets and say business is good, but business doesn't just run on its own. It's got to be pointed in the direction to make the economy more functional and more fair. And so this is a roadmap for how to do it.
It sounds like, you know, as I was reading the book and then also listening to some of your interviews, it sounds like that, you know, because you were there for the inception of Facebook, right? Back in the day, 20 years ago. I'm sorry? I said back in the day, 21 years ago.
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Chapters
5 chapters
1
What is 'Market Crafters' and why does Chris Hughes say markets are designed?
0:00–8:26
2
How do tariffs and current policies affect recession risk and household costs?
8:26–16:19
3
How did Chris Hughes' background at Facebook and Harvard shape his economic views?
16:19–28:39
4
Why does Chris argue markets are political and how does government contribute to innovation?
28:39–36:00
5
Can market design be used to concentrate wealth — are we living under an oligarchy?
36:00–38:10
Speakers
3 identifiedMore from The Don Lemon Show
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