Hasan Minhaj Doesn't Know Why the Stock Market Hasn’t Crashed Yet - with Paul Krugman
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Nov 12, 2025 
Join Nobel Prize-winning economist Paul Krugman, former New York Times columnist, as he shares his insights on today’s economic landscape. He discusses the stock market's surprising resilience amid chaos, calling it largely psychological. Krugman expresses skepticism about crypto, labeling Bitcoin as impractical, and reflects on the implications of rising inequality. The conversation dives into the Federal Reserve's role, the challenges of deflation, and the true meaning of free trade, all while questioning whether capitalism and democracy can coexist.
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Why The Market Still Stands
- Stock markets reflect psychology and expectations, not objective policy harm.
- Tax cuts for the rich and market beliefs can keep stocks elevated despite risky policies.
Two Economies: Assets Versus Wages
- The U.S. economy produces very different outcomes for asset owners versus wage workers.
- Periods of falling or rising inequality can occur depending on policy choices.
Focus On Jobs Not Industry Nostalgia
- Don’t promise to bring manufacturing jobs back as if production equals employment.
- Focus policy on creating enough good-paying jobs, not restoring old industry counts.
