Bear Stearns Anniversary

March 15, 2010


a) Leverage kills

b) If it quacks, it is a duck

c) Market efficiency

d) Big banks are like nuclear power stations

e) Statistical models are like bikinis: what they reveal is suggestive, but what they conceal is vital

f) Bagehot and Keynes were both right

g) Rent-seeking is not wealth creation

h) Much of the capital they put at risk belongs to others

John Cassidy is a staff writer at The New Yorker and the author of ‘How Markets Fail’


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