Let's Get It Right

Back in the summer,1 I warned that the financial markets were headed for serious problems. But even my worst fears pale in comparison to what actually happened: nothing less than a near-death experience for western finance. The markets survived the collapse of Bear Stearns & Co., Inc., in February of 2008. But, the aftershock created a series of tsunamis that overwhelmed the world markets; institutional

Back in the summer,1 I warned that the financial markets were headed for serious problems. But even my worst fears pale in comparison to what actually happened: nothing less than a near-death experience for western finance.

The markets survived the collapse of Bear Stearns & Co., Inc., in February of 2008. But, the aftershock created a series of tsunamis that overwhelmed the world markets; institutional failure after institutional failure flooded the system. In Septembe

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