Reader Contribution: A Worm’s-Eye View from Wall Street
by The Editors
The Conversation
December 16th, 2008
A Cato Unbound reader who works on Wall Street (and has asked to remain anonymous) sent us this detailed essay offering a professional “worm’s-eye” perspective on the financial crisis. The essay add to this month’s issue by exploring some of the complex mechanisms behind the “acid decay of trust” the author contends caused Wall Street’s meltdown.
Read: Reader Contribution: A Worm’s-Eye View from Wall Street
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Financial Accelerator vs. Monkey Psychology
by J. Bradford DeLong
The Conversation
December 16th, 2008
Lawrence White writes: Professor DeLong says little to emphasize the cluster of malinvestments, the rafts of investment projects — particularly in real estate — that have turned out to be wealth-squandering mistakes, leading to the writing down of financial claims that funded them… I protest. White misses my point. We have, at most, $2T of [...]
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