For years we were told that Wall Street had to pay its top executives sky-high bonuses in order to retain the best talent. I guess when your industry is imploding, folks are willing to stick around for a little less money. Goldman Sachs is getting a lot of cred for announcing on Sunday that its [...]
After Alan Greenspan’s big admission that his intellectual edifice had crumbled, the journalistic world is on the lookout for other confessions from the prominent deregulators of the 1990s. Well, Phil Gramm isn’t going to comply: “There is this idea afloat that if you had more regulation you would have fewer mistakes,” he said. “I don’t [...]
Forgot to post this Friday. My new column is online and in the issue with BHO in FDR garb on the cover. It begins: If you had quizzed economists on the topic a decade ago, most would have told you that passing legislation to stimulate the economy was pointless. Getting the timing right was too [...]
