 Now for the homestretch. What lessons might we have learned from the global financial crisis? And again, this is just my perspective. I'm an informed amateur. I have the benefit of hindsight. But what might we have learned? Several things. First, none of the snips that I've talked about got mended afterward. Pretty much all the problems I talked about got worse. In fact, Wall Street funds have been snapping up for closed properties on the cheap, so the Blackstone Group and a bunch of others. So here's an article from the New York Times, a $60 billion housing grab on Wall Street. Here's another article. Basically, a few people benefited from the foreclosures. Again, canny investors want volatility. So that happened. The global financial crisis led to very few structural changes. The too big to fail banks, in fact, got even bigger because they bought the failed banks. Washington Mutual got sold to Chase. JP Morgan bought Bear at 7% of its market value, $3 a share. So now we have four US mega banks after 2008. And a couple of years later, Wells Fargo got into a whole bunch of hot water because it was trying to inflate its earnings by pushing accounts on people. So this did not really solve any kinds of problems here. But other structural changes that didn't happen. I really don't understand why none of the so-called banksters did the perp walk. In Iceland, they let the banks fail and save the citizens. And basically, a bunch of people went to jail. Ireland did the opposite. Ireland saved the banks and saddled citizens with a whole bunch of debt. But I don't understand how in the US we didn't do anything better. And part of my amateur theory here, I'm actually going to move this above. I can just move thoughts around in my brain. One of my beliefs here is that Barack Obama, when he took office, had to make two Faustian bargains. And so a Faustian bargain is basically a deal with the devil. And he knew that two things couldn't happen during his presidency. One is that there couldn't be any more major attacks on America. So he doubled down on W's privacy programs. The other is he knew that the economy had to go up and he also knew that nobody across the aisle, nobody wanted him to succeed or was going to be helpful in any way whatsoever. So he handed the economy back to the people who broke the system and said, here, you fix it. I know you're going to get wealthy doing it, but I also know and he was right because we're just now at the end of the longest bull market in US history. He knew that it would keep going up. So that's disappointing. The derivatives still plague the financial system. We're not as visible because we've sort of seen this. And then the ratings agencies are still alive. Like, how is that even possible that Fitch, Moody's and Standard and Poor's exist in their same way? When Enron went under, you all remember the Enron Fiasco in 2002, their accounting firm was Anderson. There is no more Anderson because 55,000 people went under when Enron failed. The accounting firm that had signed off on their books also went under. Awesome. There appears to be no good legal recourse for this in this kind of situation. So we did what we did. We protect, we generally, when these things happen, we protect the wealthy and hurt the vulnerable. A general rule of thumb might be that capitalism privatizes gains and socializes the losses. It doesn't pay to not have a lot of power in these sorts of situations. Because so little changed after the global financial crisis, people became more and more convinced that the system is rigged. I've got to say, from you watching me do this, you probably know, I think they're really right. And so Bernie and Trump were the only people saying that during the last American electoral cycle. So a couple of that with austerity measures that came in after the global financial crisis precipitated all these economies to go south, and all of a sudden we start seeing populism and authoritarianism come in after the whole crisis. So there's a contributing factor here that led to, I think, Trump's election. Finally, and I'm, again, no banker or anything like that, what might we have done after the global financial crisis? Well, Elizabeth Warren, John McCain and others were trying to reinstate Glass-Steagall in 2013. Failed to do that. That would have been really useful. We might require all derivatives to be registered, visible securities, so that we could see what's going on and see where the toxic assets are. We might have shut down the ratings houses and tried to reinvent investment ratings in some credible way. And there's probably other things. I'd love to hear what you would do, what you would add to this list. But there's plenty of things we might have done, none of which happened, including send some of the people who caused this thing to spend a little time behind bars, sort of thinking about what they did so that they don't wind up being folk heroes who made off like bandits. Those are the lessons from SNP and finance. These are all parts of ways we snip long-term relationships and finance, paving the way for the global financial crisis, which is my first sort of big SNP essay. Because I actually think that those interdependencies are the very fabric of society, the idea that we're responsible for things, whether it's my retirement account or my mortgage, or whether it's the land that we sit on and the aquifer under it and the clean air above it. Those ideas are the things that make up the fabric of society. And society is actually really important. So we're busy at this point weaving a whole new fabric, which is another set of videos that I'll do at some other point later on. But for now, thank you very much for listening. I would love to hear your comments. Please add them below or tweet at me or whatever else. And happy hunting.