392. This Podcast Will Polarize You – And It Should | Matt Taibbi
Oct 30, 2023
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In this engaging conversation, Matt Taibbi, an award-winning investigative reporter known for his incisive political commentary, shares insights from his diverse career. He touches on journalism's evolution in the shadow of major global events, including the 2008 financial crisis. They discuss the implications of U.S.-Russia relations and the importance of independent news sources. Taibbi also critiques political norms, examining figures like Donald Trump and Hillary Clinton, and the troubling dynamics between media and government over free speech.
The financial crisis of 2008 was fueled by mortgage-backed securities, fraudulent practices, and credit default swaps.
The mainstream media lacks credibility and objectivity, relying on targeted reporting and influenced by social media and government agencies.
Populist politicians like Trump and Sanders employ different strategies to connect with their audience, with Trump focusing on outrage and solidarity while Sanders proposes policy solutions.
The release of the 'Twitter Files' reveals collusion between government agencies and social media platforms, raising concerns about free speech and democracy.
Deep dives
The Rise of Mortgage-Backed Securities and Tranching
The financial crisis of 2008 was partly fueled by the innovation of mortgage-backed securities and tranching. This allowed high-risk mortgages to be packaged and sold as higher-rated investments, creating a market for these securities, even to pension funds.
The Housing Boom and Fraudulent Practices
The housing boom that followed led to an increase in home ownership but also opened the door to fraudulent practices. Mortgage companies overlooked important details and issued mortgages to individuals who were not qualified. Banks misrepresented the quality of these mortgages, leading to a collapse when borrowers couldn't make their payments.
Complex Financial Instruments and Credit Default Swaps
Another factor in the financial crisis was the invention of credit default swaps (CDS), which allowed financial companies to bet on the success or failure of mortgage-backed securities. This created a complex web of interconnected risks that amplified the impact of mortgage defaults.
Lack of Legal Consequences and Calls for Symbolic Prosecutions
After the crisis, there were few criminal prosecutions, despite some cases of egregious behavior. Many believe that more symbolic prosecutions should have been pursued to send a message to the financial industry and deter future misconduct.
Legacy Media and Trustworthiness
The podcast episode discusses the issue of trust in the mainstream media. The speakers argue that the procedures of the legacy media, such as fact-checking, are still good in theory, but have largely been abandoned in practice. They point out that the media landscape has become fractured, with companies targeting specific demographics, leading to a lack of objective reporting. The speakers also highlight the increasing influence of social media platforms and government agencies in shaping media narratives. Overall, the episode questions the credibility and trustworthiness of the mainstream media in the digital age.
The Rise of Populist Politicians
The podcast explores the rise of populist politicians like Donald Trump and Bernie Sanders. The speakers analyze the strategies used by Trump to connect with his audience, such as selling outrage and fostering a sense of solidarity among those who felt marginalized. They discuss how Trump's approach to addressing populist concerns differed from Sanders, who proposed policy solutions. The speakers also debate whether Trump was genuinely motivated to reform the system or solely driven by a desire for personal popularity. They highlight the challenges faced by mainstream media in accurately assessing and reporting on populist movements.
The Twitter Files and Media Collusion
The podcast episode delves into the release of the 'Twitter Files' and its implications. The speakers discuss the revelation of systematic communication between government agencies and social media platforms, leading to content moderation requests. They emphasize the magnitude of this organized system and how it remained hidden from the public eye. The speakers argue that the Twitter Files expose a collusion between the government and big media, raising concerns about the erosion of free speech and the need for a transparent debate on the future of the internet. They highlight the global significance of this issue and its impact on free culture and democracy.
Dr. Jordan B Peterson sits down with author and journalist Matt Taibbi. They discuss his early career both in journalism and professional basketball, his time in the U.S.S.R. learning Russian and publishing a successful gonzo-inspired newspaper, and his breaking coverage of the subprime mortgage bubble. They also examine the state of the world today with Russia and the U.S. military industrial complex, the upcoming presidential election, and the dire necessity for alternative news sources.
Matt Taibbi is an award-winning investigative reporter and one of America’s more recognizable literary voices. In 2002, Taibbi began work as a contributing editor for Rolling Stone. There he won the National Magazine Award for commentary. He is best known for his coverage of four presidential campaigns, of the 2008 financial crisis, and the criminal justice system. He has written ten books, including four New York Times bestsellers: The Great Derangement, Griftopia, The Divide, and Insane Clown President. His book, I Can’t Breathe, about the police killing of Eric Garner, was named one of the year’s ten best books by the Washington Post. His latest book about media division, Hate Inc., has been hailed by everyone from Joe Rogan to Publishers Weekly, and called “The best explanation of media behavior since Manufacturing Consent” by Glenn Greenwald.
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