NerdWallet's Smart Money Podcast How the 2008 Financial Crisis Changed Wall Street (The Big Short Companion Podcast from Against the Rules)
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Dec 18, 2025 
In this engaging discussion, Matt Levine, a Bloomberg Opinion columnist and finance expert, reflects on the lasting impacts of the 2008 financial crisis. He recounts his experiences at Goldman during the crash and explains how regulations shifted risk towards hedge funds. Levine connects Bitcoin's rise to the crisis, highlighting how crypto has mirrored past financial failures. He warns about potential risks in multi-strategy hedge funds and explores a future where banks may lose their traditional roles in finance.
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Waking To Lehman's Collapse
- Matt Levine was on vacation in Napa when Lehman filed and felt like the world ended.
- He contrasted that shock with everyone else acting normally while he panicked about the markets.
Six Months Without Deals
- Matt Levine described six months with no deals while working on convertible bonds at Goldman.
- He spent long days panicking and trying to get deals done as markets froze.
Risk Moved Off The Big Banks
- Post-2008 the center of risk-taking shifted from big investment banks to hedge funds and alternative managers.
- Banks became more constrained by regulation and capital needs, reducing their role as primary risk-takers.