George Selgin on the New Deal and the History of Banking Crises

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  Welcome to Macro Musings, where each week we pull back the curtain

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  and take a closer look at the most important macroeconomic issues of the past, present, and future.

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  I am your host, David Beckworth, a senior research fellow at the Mercatus Center at George Mason University,

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  and I'm glad you decided to join us.

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  Our guest today is George Selgin.

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  George is a senior fellow

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  and director emeritus of the Center for Monetary and Financial Alternatives at the Cato Institute.

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  George is also a returning guest of the show, so please check out his past episodes.

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  George, welcome back to the program.

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  Thank you, David.

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  I'm glad to be back.

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  It's great to have you on.

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  Now, today, we're going to cover a number of topics with you.

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  We're going to catch up on the Fed's balance sheet.

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  You're one of the earliest guests discussing this.

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  You, in fact, introduced me to Bill Nelson, who's been on the show many times since then.

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  But you're the reason I got on this topic.

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  And some folks know I spent a lot of time discussing the Fed's balance sheet,

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  and we'll talk about that, Kevin Warsh's task force on it, and your thoughts on that area.

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  Also, George, we're going to talk about Main Street lending facility that was used during the the pandemic,

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