So this is a message to bankers and anyone else who at least putatively cares about capitalism and commercial exchange. I am probably among the most sympathetic to both and to the institutions that support them. I am losing sympathy. Nay, I have lost it. This is the stuff from which revolutions are born and you will have brought it on yourselves. The problem is that capitalism when done right yields real value, real benefits to us all. So when it dies, when you have killed it, as with all of your other financial chicanery, we will all pay the price.In memoriam ...
Thursday, January 27, 2011
Alison Snow Jones About The Fat Tail Risk Of Capitalism
I was not sure I should say anything about Maxine Udall (girl economist), however Steve Randy Waldman and his commenters inspired me (while some guys have all means right). I have been bashing bankers lately, but Alison was simply brilliant to point out the fat tail risk of bank bailouts and capitalism (my emphasis):