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POPSBetter, Not Just More, Regulation A lot of people are framing this current mess as "we had too little regulation, now we need more." I tend to think this misses the point. Sarbanes-Oxley was passed six years ago. That's more regulation. Had Sarbanes-Oxley been just beefed up would it have stopped the crisis? Along with this professor, I worry that the discussion about regulation is going to focus on the size of regulation, rather than its quality.
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POPSCategory 4 Financial Storm From JP Morgan's congressional testimony a few years after a major bank panic in 1907. An exchange between Morgan and his inquisitor for the government, attorney Samuel Untermyer. Untermyer: "Is not commercial credit based primarily upon money or property?" Morgan: "No sir. The first thing is character." Untermyer: "Before money or property?" Morgan: "Before money or property or anything else. Money cannot buy it...because a man I do not trust could not get money from me on all the bonds in Christendom."
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POPSThe Oracle of $200 Oil Goldman Sachs made headlines with his prediction of oil as high as $200 a barrel. What does this mean? $6 a gallon at the pump. Is this rapidly becoming a self-fulfilling prophecy? The somewhat breathless coverage here reminds me of an old parable from the 90s. An analyst named Henry Blodget predicted in 1998 that Amazon.com stock would hit $400 (when it was currently trading at $250ish). In a frenzy, Amazon hit it within a month. Of course, it went on to collapse spectacularly in 2000. A decade later, Amazon's never returned to trading at that level...
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