Today on the podcast, Michael Covel speaks with Andrew Huszar. Huszar is a Senior Fellow at Rutgers Business School and also a former Morgan Stanley managing director. In 2009, he managed the Federal Reserve’s 1.25 trillion dollar mortgage-backed security purchase program. Covel and Huszar talk about looking at the short term; black swans; Huszar’s history and how he came to work for the Federal Reserve; the changing of the banking model in the US from the 1980’s to the late 2000’s; quantitative easing; why Huszar ultimately left the Fed at the beginning of 2011; how the Fed has become over five times bigger in recent history; the current source of Wall Street money; the idea of an overly financialized US economy; and the need for long-term structural changes in the US. You can follow Andrew Huszar on Twitter at @AndrewHuszar.