# Multimedia 

Multimedia 

---

- [Podcasts](/podcasts)
- [Cato Video](/multimedia/cato-video)
- [Video Series](/search/category/video-series)
- [Events](/multimedia/events)

[ 

Download Episode 

](https://assets.pippa.io/shows/5e28e0d8963f166217546493/8481bf07-ae1d-4bc6-85a3-0635c931167b.mp3)Subscribe:

[ 

Apple Podcasts 

](http://itunes.apple.com/podcast/cato-daily-podcast/id158961219) [ 

Spotify 

](https://open.spotify.com/show/4dHRhKEljj8zcLdl3Gvsv7) 

Cato Weekly Podcast • February 13, 2023 

# *Why Shadow Banking Didn’t Cause the Financial Crisis*

In his new book, *[Why Shadow Banking Didn’t Cause the Financial Crisis](https://www.cato.org/books/why-shadow-banking-didnt-cause-financial-crisis)*, Norbert Michel explores the main problems with the conventional story about the 2008 crisis and explains why it does not justify expanding bank‐​like regulations throughout financial markets to mitigate systemic risks.

[![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) 
This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Norbert Michel Cropped](/sites/cato.org/files/styles/author_picture/public/2025-01/norbert-m-cropped.jpg?itok=8WIx97Dk)](/people/norbert-michel) 

##### [Norbert J. Michel](/people/norbert-michel)

Vice President and Director, Center for Monetary and Financial Alternatives, Cato Institute

[ 

](https://x.com/norbertjmichel) 

[![Square face shot of Caleb O. Brown.](/sites/cato.org/files/styles/author_picture/public/2021-01/cbrown_sq.jpg?itok=zSWLm8kR)](/people/caleb-o-brown) 

##### [Caleb O. Brown](/people/caleb-o-brown)

Former Director of Multimedia, Host and Executive Producer, *Cato Daily Podcast*, Cato Institute