A couple days ago we had a piece up on National Review Online. Professor Arnold Kling and Nicole Gelinas both comented on it.
Mr. Kling was off to such a great start, and then without warning he’s just gone plain silly.
Some of his confusion is unsurprising. Everyone, but everyone who comments on the crisis seems to [...]
Listen right here to Richard Vigilante on Business for Breakfast, explaining the ongoing problems with our financial systems – and the reason we’ll see more market crashes in our lifetimes:
Gabcast! Richard Vigilante on Business for Breakfast
It seems like whenever the government or its apologists want to distract attention from government’s responsibility for the financial crisis they start talking about hedge funds. Thus Bloomberg’s headline today about Volcker’s testimony: “Volcker Says Hedge Funds Should be Allowed to Fail”
Well, when weren’t they? The only hedge fund that ever moved the U.S. government [...]
As we show in Panic, the fundamental theorem of Modern Portfolio Theory, which has been the cause of every major market crisis of the past 20 years, is that returns are a linear function of risk: more risk (volatility) equal higher returns. If the hedge fund movement has one uniting principle, it is rejecting this idea.
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