Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
March 30, 2012
Imagine resigning from a $500,000 a year job with an open ended future, on principle. Greg Smith, a young Goldman Sachs derivatives salesman, did just that and wrote an OP-ED column published in the New York Times. The next day the story was on the front page. But there is an even bigger story.
Greg Smith said about Goldman, “I...