Michael Lewis At It Again

In his latest column, his wit shines once more: 
If you haven’t figured it out by now, America has hired the wrong Paulson. There are two of them, Hank and John. Hank turned Goldman Sachs from an investment bank into a busload of tourists going to a casino, with borrowed money.
Goldman might have been the smartest investment bank but [...]

Wolfe’s on Greenwich Time

I can’t think of another novelist whose opinion on social matters is sought out like an oracle’s. (Could it be because he’s the last great hope for social realism in literature?) Imagine newspapers calling up Philip Roth and asking him about hedge funds. Would anyone care? Anyhow, here’s the oracle of social realism in today’s [...]

Hedge Fund Managers Deserve Their Salaries Because They’re Smarter

The ever insightful Richard Posner writes: 
I do not think that the government does bear much responsibility for the crisis. I fear that the responsibility falls almost entirely on the private sector. The people running financial institutions, along with financial analysts, academics, and other knowledgeable insiders, believed incorrectly (or accepted the beliefs of others) that by [...]