Why Erdogan's "Peculiar Politics" Makes for Bad Economics

On What'd You Miss this Week, Scarlet Fu and Joe Weisenthal spoke with Adam Tooze, a history professor at Columbia University. Tooze, who has made an academic specialty out of studying financial collapses, offered his take on the ongoing economic crisis in Turkey and explained why President Erdogan's "peculiar politics" have made for bad economics.

Tooze also gave us a preview of his book Crashed: How a Decade of Financial Crises Changed the World, and gauged where we are nine years into a bull market. Everyone is anticipating some kind of a recession on the horizon, he told us, which is true to historical form. Tooze tamped down fears the next one will rise to the level of the crash, predicting it would "be a bout of the flu rather than a heart attack." Tooze explained "what we had in 2008 was a full cardiac arrest."