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Posted Thursday, May 28, 2009 | Tagged: finance
Food for thought from Nick Paumgarten’s New Yorker article “The Death of Kings”:
A prevailing belief is that there has been some conspiracy on Wall Street to bilk people out of their money. If there was a conspiracy, it was an extremely broad, disorganized, decentralized, and, in some measure, inadvertent one. In other words, there was no conspiracy, unless that’s what you call the establishment of an oligarchy, over several generations and with the assistance of a blinkered populace.