A financier recalls his time at Lehman. Funny and scathing: '... the part of Wall Street that I
worked in was simply transferring wealth from the less sophisticated
investors... to the more sophisticated.... Of course, the traders had
all sorts of excuses and jargon to deal with this truth. “Oh no,” they
would say, “We are important providers of liquidity that create stable
financial markets. We’re a crucial part of a system. And besides, if we
don’t do it, someone else will.” These are the lies that people tell
themselves so that they can buy larger homes.'
A common reaction by those introduced to the Public Choice perspective is: what's the point of ever giving policy advice if you assume all politicians are rogues? Acemoglu and Robinson suggest, however, that politics must be factored into policy advice.
Meritocracy, the experience. Also, postmodernism the experience, and drugs, the experience.
¡Steve Bong salutes Lady Thatcher!