Pope Benedict XVI was the first to predict the crisis in the global financial system…Italian Finance Minister Giulio Tremonti said. The prediction that an undisciplined economy would collapse by its o...
The U.S. financial markets had always been either corrupt or about to be corrupted.
The difference in Billy wasn’t what had happened to him, but what hadn’t. He had a life he hadn’t led, and he knew it. He just hoped nobody else noticed.
The line between gambling and investing is artificial and thin. The soundest investment has the defining trait of a bet (you losing all of your money in hopes of making a bit more), and the wildest sp...
The consumer loan piles that Wall Street firms, led by Goldman Sachs, asked AIG FP to insure went from being 2 percent subprime mortgages to being 95 percent subprime mortgages. In a matter of months,...
There is nothing more satisfying to me, he said, than to create a complete self-contained world when a computer is controlling it.
They actually spent time wondering how people who had been so sensationally right (i.e., they themselves) could preserve the capacity for diffidence and doubt and uncertainty that had enabled them to...
They end when the career ends,
This gorgeous financial myopia was common in the Valley, and one of the chief sources of its success.
This was only one of many recent changes along the capitalist food chain. Wall Street had gone from being the celebrities of the money culture to being its lackeys.
Those who know don't tell and those who tell don't know.
To Redelmeier the very idea that there was a great deal of uncertainty in medicine went largely unacknowledged by its authorities. There was a reason for this: To acknowledge uncertainty was to admit...
Walking through the ruins, she saw all over again what she had seen so many times: how much better Americans were at responding to a disaster than preventing it.
What people remember about the past, they suggested, is likely to warp their judgment of the future. We often decide that an outcome is extremely unlikely or impossible, because we are unable to imagi...
When they made decisions, people did not seek to maximize utility. They sought to minimize regret.
When you are a pessimist and the bad thing happens, you live it twice,
When you’re a conservative Republican, you never think people are making money by ripping other people off,
Why, for example, wasn’t AIG required to reserve capital against them? Why, for that matter, were Moody’s and Standard & Poor’s willing to bless 80 percent of a pool of dicey mortgage loans with the s...
Writing a check separates a commitment from a conversation. —Warren Buffett
Years later he would say that when he'd decided to become a professional baseball player, it was the only time he'd done something just for the money, and that he'd never do something just for the mon...
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