Tuesday, September 16, 2008
Morality and markets
As I work right near the Lehman Brothers building, I've been spending some time wondering about what's going on over there. On one hand, when people make bad bets, there have to be consequences, both in the spiritual and financial life. This incentivizes people to make good choices. On the other hand, a whole gaggle of people who didn't make bad choices, including, I suspect, a large number of successful traders, will now be out of jobs because someone else made a bunch of bad decisions. Not cool.