Looking for the New Volcker’s Regular readers of this blog know that I could hardly be a harsher critic of modern-day Wall Street: its practices; its obscene pay for little or no economic contribution (“Wall Street is Worthless“); and its corrupting influence on our government and society generally. And I’ve got plenty of company. As...Read More
“But isn’t that . . . ‘Socialism’??” He who frames the question wins the debate. I’ve been struck in recent months, talking to various people about the economy, by two things: One. The generally limited vocabulary people have when it comes to understanding all things financial — even people who are otherwise very sophisticated, well-educated,...Read More
George McClellan Redux? Politicos will recall that much was made of Barack Obama’s admiration of Abraham Lincoln during and just after the 2008 Presidential campaign. In particular, Obama was said to have been influenced by Doris Kearns Goodwin’s book, “Team of Rivals,” which studied Lincoln’s management style. Clearly, in picking former adversaries like Hillary Clinton...Read More
“The Flash Crash” Imagine a beef processor that was linked to an e.coli-tainted shipment that ultimately killed 100 people. A week after the outbreak, the authorities were still trying to determine how e.coli got into the beef processor’s facility. In the meantime, the facility was operating “normally,” and continuing to process and sell beef to...Read More
An Independent Voice on Financial Reform (Hmm, I wonder why . . .?) Senator Ted Kaufman, Joe Biden’s replacement in the Senate, has rapidly emerged as perhaps the leading Congressional advocate for real financial reform (Chris Dodd’s version doesn’t come close). Not a few people have noted that Kaufman’s path to the Senate — he...Read More
The Quick & Simple Way to Fix Wall Street[Editor’s Note: in a post last week, “Financier, Heal Thyself? Don’t Count On It,” I promised a part 2. This is it. Heads up: if you read this blog purely for real estate content, or want a post with a little levity — skip this one.] Want...Read More
