Wednesday, February 27, 2008
One profound and one consoling point from Martin Wolf's column in the FT this morning.
Profound: '...the financial system is a subsidiary of the state.'
Neo-liberalism foundered long ago because of its failure to accept this obvious truth.
Consoling: 'A more fundamental lesson still concerns the way the financial system works. Outsiders were already aware it was a black box. But they were prepared to assume that those inside it at least knew what was going on. This can hardly be true now.'
The 'smartest guys in the room' always turn out to be the thickest. Treat the Alpha Male as you would an incontinent child.
Posted by Bryan Appleyard at 10:09 am