Paul Krugman has something to say today, something to which we should all attend. In his Op-Ed, he points out that the Bernie Madoff ponzi scheme really wasn't so different from what the financial industry as a whole has been doing these last twenty years. Michael Lewis describes just what that was in his excellent article on the end of Wall Street as we know. (The kicker's a dream, though I did spend a good chunk of the middle trying to reconstruct myself just how short selling works.) In any case, Krugman makes a very clear, very important point about money and culture and it is this:
"I believe, is that there’s an innate tendency on the part of even the elite to idolize men who are making a lot of money, and assume that they know what they’re doing."
Yes.
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