Jason Hartman talks with James Adams, a former Waffle House employee… and also a former Wall Street analyst. His new book, Waffle Street: The Confessions & Rehabilitation of a Financier, is the real story of working on Wall Street during the housing market crash. After James left the Wall Street scam, he got a job at Waffle House. His experience there led to his book, which is now a movie starring Danny Glover. James explains loans and debt in regards to the central banking system, the issues created by continuously printing money, and has a word of caution in regards to which major nation might be the first to collapse in the NEXT crisis.
[1:25] James’ original title for the book
[5:02] While some areas of the book are dramatized, the crisis was on a bigger scale than anyone could imagine.
[6:25] Haphazard underwriting and an improbable US housing decline made many US financial institutions to reassure clients until the crash happened
[9:23] The ripple effects of leverage because of how out of whack rent to home price ratios were
[12:05] James fears the treasury balance sheets of G8 countries could be the cause for another meltdown.
[14:23] Central banks are creating electronic liabilities.
[16:10] What needs to be done to the banks before we can even begin to solve our underlying problems
[21:59] Printing money works until it doesn’t
[22:38] Japan has many factors that are working against their long term success
[23:58] Are options on Japanese debt a good idea?
[26:05] The Waffle Street film is trending well on Netflix and is experiencing good distribution.
[27:10] James has another movie and works as a Senior Research Analyst