AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
1min chapter
Steve Begleiter — Private Equity, Poker, and Military History (EP.97)
Infinite Loops
The Lender of Last Resort
We died from a liquidity crisis. People don't understand, but our banking system had a really time in te 19 thirties. Tis no lender of last resort at scrunched in a very short period of time. If you look what happened afterwards, and roll the clock fover to diht. Golman taxes a bank. Morgan stanley's a bank. Marrow lynch merged into a bank. Ther're still our independent broker dealers, but a lot less all the big eyes realize, i got to be a bank to not get knocked over by the next one in 20 year, one in a hundred year.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode