326: 200 Years of Financial Panics

When I think about all of what has happened to our economy over the past two decades, it's quite astounding. National debt has gone up by about 5x. Interest rates hovered at nearly zero for multiple years and we went through multiple shocks to the system like the 2008 meltdown and Covid. Again—all in the last two decades! This week's guest on Wealth Formula Podcast has seen a lot more than I have as he served in the Reagan administration at a time when Paul Volker used significant interest rate increases to bring down hyperinflation and he was deeply involved in the response to the Savings and Loans Crisis of the 1980s as well. Thomas Vartanian saw it all happen from the front row. His recent book, 200 Years of American Financial Panics: Crashes, Recessions, Depressions, and the Technology that Will Change it All captures the major themes of American Economic History. Tune into this week's show as we find out what he thinks about the economy today and what lessons from the past we can apply to try to get ourselves out of the mess!