A Credit Default Swap Was Confusing Mainly

When An American Declares Bankruptcy, When He Hits Bottom, He Can Reinvent Himself. There's A Story He Can Tell. We Tolerate Reinvention. We Encourage Reinvention. That's What This Country Has That Europe Does Not. It's Not Just A Crisis; It's An Opportunity.

The Incentives Are Still Rotten, And People Are Still Paid To Do Things They Shouldn't Be Doing. The Reforms Did Not Really Address The Incentives, The System Is Still Dysfunctional And There Are Still Behavioural Issues That Need To Be Addressed.

I'd Stumbled Into A Job At Salomon Brothers In 1985, And Stumbled Out, Richer, In 1988, And Even Though I Wrote A Book About The Experience, The Whole Thing Still Strikes Me Me As Totally Preposterous-which Is One Reason The Money Was So Easy To Walk Away From.

All Of A Sudden The Market Is All About Algos And Routers.

The Institutions At The Centre Of Capitalism Are Bigger Than They've Ever Been, The Pay Is Much Greater, The Ability Of Society To Get Its Arms Around It Is Much Less. The Political Clout Of The Financial Class Is Unbelievable. I'd Say The Story Is Darker Than When I Was There. When I Was There It Felt Like A Comedy - And Now It Feels More Like A Tragedy.