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When COVID hit, people had visions of a plunge in home prices and a massive wave of evictions. So far, that largely hasn’t played out. On this episode, we speak with Ivan Kaufman, the CEO of Arbor Realty Trust, a $1.4 bi
In the United States, Black Americans have experienced persistently higher levels of unemployment than their White counterparts. While the Fed has focused on aggregate unemployment levels, racial disparities has historic
The pandemic has been brutal for restaurants and other indoor entertainment venues. So imagine running a space that's a restaurant, a bowling alley, an arcade, and bar all in one. Our guest on this episode does just that
For years, people have identified the lack of fiscal transfers and fiscal burden sharing as one of the glaring architectural flaws of the European economy (particularly within the eurozone). One positive that may result
In light of the massive disruption to the economy, there’s a widespread view that things have been permanently altered, that fiscal policy must take a more active role in economic stabilization, and that the job of centr
For years, macro hedge fund managers have been stalking the Hong Kong Dollar. Since 1983, the currency has been pegged at around 7.75 per US dollar, and it basically has never budged from that. But that hasn’t stopped in
With so many people working at home, bored, and with no sports to bet on, there’s been an incredible explosion of retail stock market trading. One service, Robinhood, in particular has gotten a lot of attention due to it
The killers of Berta Caceres had every reason to believe they’d get away with murder. More than 100 other environmental activists in Honduras had been killed in the previous five years, yet almost no one had been punishe
Switching careers is always difficult. But former New Yorker staff writer Maria Konnikova did it in dramatic fashion. Konnikova decided that the best way to learn about the role of skill and luck in life is through poker
With the virus crushing economic activity, local governments have had to cut spending and rely on Federal support in order to maintain basic services. But one town in Washington is also trying something else. Tenino, Was
In response to the economic crisis, governments around the world have engaged in stimulative policies that might be characterized as “Keynesian” in nature. But what did Keynes really believe, and how did he form his own
Officially, the US unemployment rate stands at 11%. This is higher than the worst levels of the financial crisis. And there are reasons to think that the actual state of unemployment is even worse. There’s a wide variety
The world has gotten angrier in recent years, and the coronavirus crisis seems likely to have accelerated the trend. So what does this say about the economy, and what does it mean for policy going forward? On this episod
Central banks and fiscal authorities around the world have taken extraordinary measures to stem the economic fallout from the coronavirus crisis. But what’s proven most effective, and what have central banks learned over
For years and years, the Chinese economy has been characterized as a bubble, with too much debt, and a history of badly thought out, state-directed investment. Yet, for all of the dire warnings, the economy has continued
Adam Neumann had a vision: to make his startup WeWork a wildly successful company that would change the world. He convinced thousands of other people -- customers, employees, investors -- that he could make that dream a
Nobody knows what the post-COVID future looks like. But there are some lessons to be learned from previous pandemics. On today’s episode we speak with Jamie Catherwood of O’Shaughnessy Asset Management, aka the “Finance
Chamath Palihapitiya is the CEO of Social Capital, the Chairman of Virgin Galactic and a partial owner of the Golden State Warriors basketball team. He’s also been an outspoken critic of the way the crisis and economic r
In the summer of 2004, Google went public and, as everyone knows, it’s done phenomenally well. What’s less known is that a few weeks later, Domino’s Pizza also went public. What’s crazy is that the stock has performed al
One of the characteristics of the pre-crisis (and perhaps also the post-crisis) economy is the presence of very low interest rates, and financial asset prices that are expensive by historical standards. Of course, a lot
As many active fund managers have discovered in recent years, it’s extremely hard to find a sustainable edge in investing. But for people who put in hard work to discover opportunities off the beaten track, it may still
Welcome to Part V of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets. For our final episod
Welcome to Part IV of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets. It's one thing to t
Welcome to Part III of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets. SOFR is the Federa
Welcome to Part II of the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets. Troubles with LIBOR
Welcome to the Odd Lots LIBOR series, in which Tracy Alloway and Joe Weisenthal take a look at life after LIBOR, the interest rate tied to more than $350 trillion worth of financial assets. On the first episode in our LI
When people talk about the dominance of the U.S. dollar in global commerce, they often refer to it as a unique privilege of the United States that its currency is the world’s safe haven. But it’s not so clear who really
The economic crisis will result in an extraordinary amount of pain for emerging markets. In addition to the health disruption, the global economic collapse means that in many cases, exports have come to a standstill. So
Even with the recent stock market rally, expectations are poor for a robust recovery in the U.S. So what does history teach us about what works and what doesn’t? Richard Werner is an economist at Linacre College at the U
How should the government address the economic crisis? On this episode, we talk with Mark Cuban, the Shark Tank co-host and billionaire owner of the Dallas Mavericks, who has been outspoken about what he sees as necessar
With the acute phase of the health crisis having faded in China, factory activity has ramped up again. One big problem though: With the economy so depressed everywhere else, demand for the goods made in those factories h
Countries around the world are undergoing an unprecedented, simultaneous real economic shock. So how should policymakers respond? Richard Koo is the Chief Economist at the Nomura Research institute, and is well known for
We’ve seen a huge market crash this year and a number of firms reporting portfolio losses. So why were so many big investors crowded into the same trades, and what does it say about investing as a whole? Should investors
During the last crisis, the economist Nouriel Roubini earned the nickname “Dr. Doom” for his ominous prognostications about the economy and financial system. While he prefers the moniker “Dr. Realist” Roubini is once aga
The hunt is on for a clinical therapy to prevent or treat COVID-19. But what’s the best way to go about this? How can governments accelerate this process? And what can governments do now to help a robust economic recover
In 2018, Columbia history professor Adam Tooze published his magisterial work “Crashed”, which framed the Great Financial Crisis as essentially a crisis of the global dollar system (as opposed to merely a housing bubble)
The fate of the economy remains extremely unclear. However there is little doubt that the Fed has taken dramatic steps to arrest the crisis. Not only has Jerome Powell’s Federal Reserve dusted off old tools that were des
With major economies around the world coming to a screeching halt, emerging markets are in a squeeze of historic proportions. Not only are they being buffeted by a domestic health crisis, but export industries are gettin
Commerce and payments are increasingly digital. This shift from physical to electronic is one that governments and businesses are eager to accelerate for a host of reasons. But what gets lost when we no longer have acces
At the end of March, Congress passed the CARES Act in an attempt to mitigate some of the massive economic devastation being caused by the coronavirus crisis. A key piece of the legislation includes grants for small busin
With the U.S. economy going into a deep slump, the Federal government has attempted to counteract the pain by increasing spending. But for cities and states, it’s virtually impossible for them to run counter-cyclical fis
Earlier this year on Odd Lots, we did an episode about Korean structured investment products that were sold to retail investors, whose performance was tied to various market indices around the world. Crucially, those pay
The commercial real estate market has been clobbered in this crisis, as restaurants and stores virtually shut down entirely throughout the month of March. On this week’s Odd Lots episode, we speak to Tom Barrack, the CEO
The plumbing of the financial system is coming under strain like never before. On this week’s podcast, we speak with two legendary experts on how the money system works: Zoltan Pozsar of Credit Suisse and Perry Mehrling
In normal times, U.S. Treasuries are the ultimate safe haven. They are highly liquid and guaranteed to pay out. So when people want to hide out during periods of economic and financial market volatility, you can typicall
For a long time, people have been warning that corporate debt could be the major source of vulnerability in today's economy. And the market meltdown that we've been seeing since the beginning of March could make those fe
Markets around the world are so extremely volatile that nobody can think of any perfect precedent. There are shades of the Great Recession, 1987, the period in the wake of 9/11, and other moments of extreme turbulence. T
Saudi Arabia recently announced that it was engaging in a full-on price war by pumping oil like crazy. At one point, after the move, the price of Brent Crude plunged 31%. This was a body blow to U.S. shale companies, who
The U.S. is on the verge of an economic crisis due to the coronavirus, as people and businesses aggressively pull back on spending. On this week's Odd Lots podcast, we speak with Claudia Sahm, the director of Macroeconom
Questions continue to arise over the effect of passive investing, and whether or not it's somehow distorting the market. On this week's episode, we speak to Vincent Deluard, the Director of Global Macro for INTL FCStone