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On today's episode of Forward Guidance, Jack interviews prolific author and journalist, Bethany McLean. McLean's known most prominently for her 2003 book, The Smartest Guys in The Room: The Amazing Rise and Scandalous Fall of Enron. With her coverage of financial scandals in the early 2000s, no one is better equipped for today's discussion about fraud, loopholes, and more.
McLean interprets the seismic disruptions in the housing and energy market through her prior work on mortgage-securitizing giant Fannie Mae and on the American shale revolution. McLean argues that financial crimes always require the complicity of the victim, and contends that anyone who thinks they can predict the energy markets or inflation is sorely mistaken.
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Follow Bethany McLean on Twitter: https://twitter.com/bethanymac12
Follow Jack Farley on Twitter: https://twitter.com/JackFarley96
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(00:00) Introduction
(00:31) How Was The Enron Fraud Allowed To Happen?
(12:18) The Rise of Legal Fraud
(19:07) Dotcom Bubble 2.0 and Private Equity
(23:53) The Housing, Mortgage, and Mortgage-Backed Security (MBS) Markets
(31:55) Inflation And The (Reverse) Wealth Effect
(34:34) The Energy Crisis
(46:00) Green Energy
(48:20) McLean's New Book
(49:26) Fictitious Billionaires And Other Hangovers From The 2020 Money Printing Bonanza
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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.