A Cure for the Ailing Financial Industry

Our financial system is beset by a whole host of chronic illnesses, chief among them: gluttony, amorality, and opacity. Band-aids won’t mend it; the patient requires immediate surgery. Unfortunately, we can’t apply the scalpel until we X-ray these ailing financial institutions and deeply understand the source of their sickness. In other words, we...

Mother Nature Doesn’t Do Bailouts

“Mother Nature doesn’t do bailouts.” -Glenn Prickett, senior vice president at Conservation International. Thomas Friedman began a recent New York Times column by quoting from a brilliantly insightful fake 2005 story from the Onion. The article cited an employee of “Fenghua Ningbo Plastic Works Ltd.,” expressing his disbelief over...