Tag Archive for Derivatives

Yes, Ezra, There Is No Santa Claus

Ezra Klein asked (and answered) in the Washington Post today, “Why are the markets down today? No reason.” What would you expect him to say? He’s a mainstream media journalist, and therefore, by definition, clueless. I took a moment to answer his rhetorical question/answer with the real explanation (as I see it) in the comments…

A Lawyer’s Perspective on… Promoting and Preserving Failure in America

It was with considerable sadness that I learned, during the financial crisis, that people I knew – economists, investment professionals, bankers – had given bad advice to their companies and their clients. They had not seen a housing bubble developing. They had not seen a highly over-leveraged banking system. They had not questioned the viability…