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Leonard Oโ€™Reilly's avatar

I donโ€™t know where Razib Khan finds the time to read and publish all that he does, but Iโ€™m glad that he does since a lot of it I find interesting.

My comment is on the Yglesias piece, since that sort of thing is in my wheelhouse. I remember the conviction back during the GFC(!?) that heads would roll on Wall Street. I never believed any of it because, while I thought the reasons for the severity of the crisis were many, the root cause was a broad devaluation of lending standards. Wall Street was too clever by half in accommodating this credit binge with CDSs and CDOs and MBSs and the like, but there was nothing criminal in their fiendishly clever ways of taking advantage of an environment characterized by high leverage and poor credits betting that housing prices could never go down.

Our ( Canadaโ€™s ) interim ๐Ÿ™PM, Mark Carney, claims the crisis was the result of a misplaced faith in efficient markets. That sounds innocuous, but isnโ€™t, since it is such wrong-headed academese that it speaks to a lack of faith in markets period.

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Jazzme's avatar

I'm gonna start eating maggots. High in protein and fat. Rotting flesh not so much. Thanks for the info.

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