VF on the Wall Street Near-Death Experience

This article from the November issue of Vanity Fair provides a very detailed account of last Autumn’s crisis on Wall Street.

7 replies on “VF on the Wall Street Near-Death Experience”

VF actually did a great article on Iceland a few months ago v-a-v the crisis, by Michael Lewis (he of Liars Poker fame)

@Kevin Denny

While Vanity Fair has plenty of celebrity/Hollywood coverage, it also has excellent coverage of economics, business and politics, with long-format articles from ‘celebrity’ economists such as Joe Stiglitz, Jeff Sachs and the best financial journalists.

Did anyone hear Joe Stiglitz’s interview on PrimeTime?

I noticed Stiglitz comments that the US was doing ‘very well’ prior to the financial crisis, as measured by GDP. The problem is, the way we measure performance has severe problems. In fact, the US appeared to be doing so well measured in the way we did in the past, that other countries began to imitate it.

Stiglitz noted that 40% of all corporate profits in the US were related to financial services. That is a staggering proportion.

If you google ‘mit world larry fish’ there is an interesting video in which Fish talks to students at MIT. One of the points that Fish tried to get across was, heh guys, we need to preserve this area of employment in the US – financial services – because it is one of the few areas we are still competitive globally in.

I could see interesting connections between what Larry Fish and Joe Stiglitz are saying.

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